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Hi all - I'm a first time homebuyer and just received an invoice estimate from the title company with the fees they will be charging for our closing. The amount seems pretty high (total of almost $4,000). I know the actual insurance premium is state regulated, but there are LOTS of other line items, i.e. "tideland search", "alta 8.1", "alta 9.0", "transaction management platform", "wire transfer charges", "Federal Express charge", etc., etc. Can anyone please shed some guidance on what your experience was in New Jersey. I'm worried that we're not being aggressive enough.
Talk to your lawyer. That is literally what you have hired them for during this process.
Looking back at it we paid about $3,500 for the title, flood certifications, credit report, appraisal, title insurance, transfer fees, and recording charges.
Are you doing the title insurance yourself directly? From my experience, this is usually done through the lawyer in NJ. From what I remember, we paid between $3,500 and $4,000 but that included lawyer's fees.
Our lawyer is arranging it - I asked for an invoice estimate so we can keep track of what our closing fees are. That being said, I still wanted to check with other folks about whether this amount/these types of fees are standard or not. I'm not going to wholeheartedly trust my attorney when our interests are not completely aligned (in other words, she's just going to use the same title company that she normally does - the whole real estate world seems pretty incestuous so I just want to make sure we're not being taken for a ride). Thanks for the replies!
Our lawyer is arranging it - I asked for an invoice estimate so we can keep track of what our closing fees are. That being said, I still wanted to check with other folks about whether this amount/these types of fees are standard or not. I'm not going to wholeheartedly trust my attorney when our interests are not completely aligned (in other words, she's just going to use the same title company that she normally does - the whole real estate world seems pretty incestuous so I just want to make sure we're not being taken for a ride). Thanks for the replies!
We're closing on a house in South Orange next week, and I can say that the closing costs in NJ are many, and substantial. Everytime I've researched a fee it seems legit, so you're most likely alright. We've owned co-ops in the city previously, and none of that had anywhere near the expense or hassle of what we've been dealing with!
Good luck, and hope they don't quite take all of your money!
That sounds about right. Title companies are a racket.
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