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We just paid them and struck it up to experience. The Real Estate Agent we used asked us what Title Company we wanted to use for our closing. I said, "I don't know, who do you recommend?" She recommended a company with offices in her building 2 miles from my home. OK, I said.
Now that the closing is done and I have to some time to think about it I wonder if the closing at the Title Company we used could have been cheaper if I would have called all over town and asked about fees for these things above. Maybe there was a kick back from the Title Company to our Real Estate Agent. Would the competitors I called have given me their prices if I called? Would the prices be that much different from one Title Company to another?
We sold our house in Virginia.
Thanks in advance for your feedback.
Last edited by AHomeSeller; 12-27-2012 at 08:54 AM..
Those are piddly fees. The Escrow fee around my area is about $300-350. But we don't have an Archival fee. The other fees are right in line with things.
You'll need to be more specific about where you are, what state, because things are different everywhere. Keep in mind that the 3 of the 5 fees you listed are third party fees and the title company has no control over those. The attorneys charge what they charge. The couriers charge what they charge. The release of lien is either what the county is charging or your lender to release you from the property.
Well, you may have been able to save on some of those fees, but I'm not sure what is customary in Virginia. For a settlement at a title company here in my part of Michigan, I would only expect a settlement fee of $200 or $250, plus recording fees and transfer taxes. None of those other fees would be normal.
Seller Attorney Fee: $195 - I'm not sure what they did for you. If they didn't represent you, that may just be a fee to write up the deed, which in my view would be rather excessive. I don't think I've ever been charged extra for a Title Company-prepared deed. Otherwise, I'd just prepare it myself or have my actual attorney do so. Release Processing Fee: $140 - I'm not sure what this fee is for (lien, mortgage discharge?) Digital Archival Fee: $25.00 - Again, in Michigan, I have never encountered such a fee. Here, deeds are digitized at the recorder's office as a normal part of recording. Courier/Delivery Fee: $95 - There may be special requirements in Virginia, but here I can either take deeds directly to the Register of Deeds office or the title company might do so, either as part of the settlement cost or for a nominal fee ($10 or so).
Next time, shop around just so you're satisfied that you're getting the best deal. And make sure to get all settlement statements ahead of time so that you can review them and ask questions, if need be.
But you should be glad that you didn't close in Michigan because then you would have likely paid for a Title Insurance Policy for the purchaser. You didn't include that as one of the fees you paid, but that cost is customarily paid for by the Seller in Michigan--and that would have likely been more than all of your fees combined.
Last edited by jackmichigan; 12-27-2012 at 10:08 AM..
I was not so interested in finding out if the fees were low or high, but instead was interested if the fees charged by one Title Company in specific State/Metro Area is going to be pretty much the same in all other title companies. Maybe most fees are State Specific or most of the Title Companies get together in a smoke filled room and set the fees they ALL CHARGE. So the only difference from one Title Company to another is service location and the personality of the people you work with.
Well, you may have been able to save on some of those fees, but I'm not sure what is customary in Virginia.
I think you'd just need to call around. Some title companies may try to pad their fees more than others. They can't really get together in a smoke-filled room and decide which fees they'll all charge--that would be out-and-out collusion. If and when they fix fees, they tend to do that rather inconspicuously.
By the way, I have found little difference in what title companies charge in my area--but I still check.
In my area (the same as FalconheadWest above), looking at the fees of various title companies they vary a little, but not much, and the cost of title insurance itself is set by the state based on the sales price, so that is the same at EVERY title company. Escrow fees for the seller are in the $250-$300 range with attorney's fees for the seller being in the $100-$175 range. So you might have saved as much as $100-125 dollars (those courier fees are pretty high), but not knowing Virginia real estate laws and practice, I couldn't really say. In general, though, the title companies are reasonably competitive with each other as far as charges are concerned, and what you really need to be concerned with is how proficient they are at providing a smooth transaction in spite of the bobbles that can occur along the way in any deal.
One of the most important things to remember about such fees is that they can vary greatly form state to state even city to city in the same state. I have to agree that you can shop around for title agencies, but the fees rarely vary much in the same market. It wouldn't make much sense for one agent to charge a higher percentage than another, since they would not likely stay in business too long.
I rarely see an closing statement with drastically different fees in my area, which coincidentally are similar to your fees. However, the best way for you to find out is to call a couple local ones and see.
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