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Old 03-30-2012, 06:58 PM
 
3 posts, read 5,035 times
Reputation: 10

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I just sold my home in Flushing. I'm out-of-state, so I had the attorney handle the closing for me. I just received the HUD-1 statement and checks in the mail today. A couple of questions...

1. In New York City, who pays for title search, buyer or seller?
2. The charge for the title search is $15,472.50 on a sale of $650. This seems extremely exorbitant. Is it?
3. There are also $150 for ACRIS preparation (Title Closer), and $100 for a Title Closer Tip. What are these???

I looked back on other HUD-1 statements for purchases and sales of homes I've had in the past, and title searches were somewhere around $2000. If the $15,472 is extremely exhortibant, who can I complain to and what recourse do I have?
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Old 03-31-2012, 09:35 AM
 
Location: Manhattan
17,735 posts, read 23,466,706 times
Reputation: 7883
Oh my GODDDDD! $15K for a title search??? Is this a TYPO??? It seems BEYOND exorbitant.

(Buyer pays, but everything is negotiable.)

This amount has actually taken my breath away. First step is look for ANOTHER title company's offer.

Somebody is ripping you (or the buyer) off BIG time.

From bankrate.com the range of costs is given as:
Highest cost of title work: $625, Lowest: $50
Highest cost of title insurance: $2,075, Lowest $25

Here's the link:
http://www.bankrate.com/brm/news/mortgages/20031106b1.asp (broken link)
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Old 03-31-2012, 09:54 AM
 
3 posts, read 5,035 times
Reputation: 10
No, that is not a typo. I did some research and found it is the buyer that pays. Also, did the math on the settlement sheet (not a typical HUD-1) that was provided and that amount was not deducted from my money.

The attorney's office was less than good. The paralegals he has are boneheads.

Thankfully, it's over and I didn't have to pay the title search fee.

Thanks.
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Old 03-31-2012, 12:31 PM
 
Location: Manhattan
17,735 posts, read 23,466,706 times
Reputation: 7883
And the buyer actually PAID that preposterous amount???? So hard for me to comprehend.
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