Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New Jersey
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 05-17-2011, 03:55 PM
 
2 posts, read 7,301 times
Reputation: 10

Advertisements

Hi guys,
My wife and I are going to close one single family house tomorrow morning. Its sold price is $305,000 with $100,000 down payment. I just got the HUD-1 from my closing agent. Please help me to check if there are any abnormal or overpriced charges. Here, I just list the charges from the attorney:

1101:Title Services and Lender's Title Insurance CAP: $1,386
It includes:
1102 Settlement or Closing fee ($700)
1103 Lender's Title Insurance ($451)
1109 Endorsement/Searches ($150)
1110 Overnight mail ($85)

1103: Owner's Title Insurance: $1,310
It includes:
1107 Agent's Portion of the Total Insurance Premium ($1,062)
1108 Underwriter's Portion of the total Insurance Premium ($248)

1201 Government Recording Charges: $576
It includes:
1202 Deed: ($143) and Mortgage: ($283)
1206 Notice of Settlement (2) County ($150)

1304 Survey ($650)

Welcome any inputs!
Reply With Quote Quick reply to this message

 
Old 05-17-2011, 04:09 PM
 
17 posts, read 36,605 times
Reputation: 13
Quote:
Originally Posted by ycyi121 View Post
Hi guys,
My wife and I are going to close one single family house tomorrow morning. Its sold price is $305,000 with $100,000 down payment. I just got the HUD-1 from my closing agent. Please help me to check if there are any abnormal or overpriced charges. Here, I just list the charges from the attorney:

1101:Title Services and Lender's Title Insurance CAP: $1,386
It includes:
1102 Settlement or Closing fee ($700)
1103 Lender's Title Insurance ($451)
1109 Endorsement/Searches ($150)
1110 Overnight mail ($85)

1103: Owner's Title Insurance: $1,310
It includes:
1107 Agent's Portion of the Total Insurance Premium ($1,062)
1108 Underwriter's Portion of the total Insurance Premium ($248)

1201 Government Recording Charges: $576
It includes:
1202 Deed: ($143) and Mortgage: ($283)
1206 Notice of Settlement (2) County ($150)

1304 Survey ($650)

Welcome any inputs!
Settlement fee should be $325 to $375 mandated by Law. Do you have an attorney? They normally rip people off on Mail/Fax stuff.

What kind of property is this? Survey may or may not be necessary, if the seller has one already and less than 10 years old. In cases like Condo/Townhomes, an old survey with a affidavit from Seller will save you that $650.

As a personal opinion, there is no difference between giving this money for Title Insurance/Survey and throwing it in trash. unfortunately, this is something we have to do to get a loan. Did you know, ONLY 5% of title premium is used to pay actual claims. Rest all goes to underwriting companies (15 to 20%) and agents (75% to 80%) . Its a whole title mafia out there.
Reply With Quote Quick reply to this message
 
Old 05-17-2011, 04:27 PM
 
Location: Vermont
5,439 posts, read 16,800,371 times
Reputation: 2650
Is title insurance required?
Reply With Quote Quick reply to this message
 
Old 05-17-2011, 04:36 PM
 
2 posts, read 7,301 times
Reputation: 10
I have my own attorney. Actually, these charges are requested by him. Also, I think the title insurance is necessary for applying a loan in NJ.
Reply With Quote Quick reply to this message
 
Old 05-17-2011, 04:53 PM
 
17 posts, read 36,605 times
Reputation: 13
Quote:
Originally Posted by joe moving View Post
Is title insurance required?
Not if you pay your own cash for the entire purchase.
Reply With Quote Quick reply to this message
 
Old 05-18-2011, 05:21 PM
 
Location: Cranford NJ
1,049 posts, read 4,006,356 times
Reputation: 405
Title insurance saved my arse once when I purchased a property with liens. Two years later I sold the property and the liens had not been paid because the debtor could not be found, title insurance covered it.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New Jersey

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top