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enewedded
LIF Infant
Member since 3/09 272 total posts
Name:
Ellen
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title fees
i think my lawyers security is a nut job.
she is telling me that my title bill will be
11,000
PLEASE TELL ME THIS IS WRONG
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Posted 4/20/09 11:52 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: title fees
yeah, that is not right.
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| Posted 4/20/09 12:00 PM |
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Aries14
Can't plan life...
Member since 8/08 2860 total posts
Name:
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Re: title fees
hmmmm... I know it is expensive but that seems over the top. I want to say ours was maybe $3 or 4,000???
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| Posted 4/20/09 12:00 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: title fees
maybe she meant 'total' bill ??
As in total of the closing costs?
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| Posted 4/20/09 12:01 PM |
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thiadora
Happy Little Girl
Member since 5/05 3830 total posts
Name:
Thia (Cynthia)
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Re: title fees
That could actually be correct. The title bill includes the mortgage tax [because the title company needs to collect that money in order to record your mortgage(s)]. A relatively small percentage of that goes to the policy premiums. The bill is really mostly mortgage tax.
The bank may also be picking up future taxes from you if your are closing within 60/90 days of when the next tax period is due.
If you want to see where the money is going, ask her to send you a fee breakdown.
ETA: Title premiums are state regulated. The mortgage tax varies by county. Here is a calculator that you can use to get a feel for it. However, there may be additional search charges imposed by the T.Co. This would not take those into account.
NYS Rate Calculator
Message edited 4/20/2009 12:06:21 PM.
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| Posted 4/20/09 12:03 PM |
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bigspender
Back to school
Member since 4/07 1385 total posts
Name:
Irene
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Re: title fees
My title bill was about that. It includes recording tax. school taxes and title fees.
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| Posted 4/20/09 12:04 PM |
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enewedded
LIF Infant
Member since 3/09 272 total posts
Name:
Ellen
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Re: title fees
OK so the purchase price of my house is 210000.00
the bank sent me a estimated closing cost of 11,868.98 plus 2105.13 for escrow. now the lawyer is another 11000.00. this just seem like WAY TOO much money to pay at closing.
(that is a total of 24,974.11)
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| Posted 4/20/09 12:41 PM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: title fees
I thought the title was included in closing costs and that for $210,000 house it would be a total of around 10K unless it was a short sale then it can be higher because another bank is involved I think (another reason I am starting find short sales and foreclosures unless you go with the bank that the house mortgage is currently in is really not a bargain)
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| Posted 4/20/09 1:07 PM |
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enewedded
LIF Infant
Member since 3/09 272 total posts
Name:
Ellen
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Re: title fees
also wanted to add the the 24000 total in the above post is in addition to my down payment.
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| Posted 4/20/09 1:13 PM |
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MrsGmomof3
...
Member since 6/08 3290 total posts
Name:
Irrelevant
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Re: title fees
That actually sounds about right. When we bought our house 7 years ago, we paid $300 for the house and our TOTAL closing costs were around 20K.
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| Posted 4/20/09 1:55 PM |
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