What are the Fees for Title Insurance?
Anyone who has recently shopped for a home can tell you that there are more fees associated with the final cost of the house than just the sale price. In most situations, homebuyers can typically expect to spend from two to five percent of their loan on closing costs, including the title insurance fee. A Florida real estate attorney can help you determine how much title insurance fees are and who pays for them. The attorneys at Nasseh Sirounis Law can help you calculate all closing costs and your expenses for title insurance.
What are the Fees for Title Insurance?
Title fees are a set of fees associated with the closing costs when buying or selling a home. The fees help pay the title company to adjust, insure and review the title of the property. Essentially, the fees pay the title company to perform a title search to look for potential issues with the titles, including liens. The types of fees included in titles and closing costs include:
- Title search fee, including an examination of public records related to the property.
- Title settlement fee, including the costs associated with paying the title company for administrative costs related to title searches.
- Lender’s title insurance, including protections for the lender (not the buyer) from any claims on the property.
- Owner’s title insurance, including protection for the owner from any claims or liens on the title that the title company missed.
- Attorney fees if you choose to hire an attorney.
- Abstract and recording fees, including a summary of the title search with details and documents associated with the investigation.
Where to Locate Title Fees and Explanations
When looking for how much your title fee will be, they can be found in various documents related to the purchase of your home. Standard documents where you can find a list of title fees include:
- The closing disclosure, which breaks down the total closing fees, including title fees, is in a complete itemized list.
- The loan estimate form lists all closing costs, title service fees, and how much cash you need to have at the home’s closing.
A Florida real estate lawyer can help you find the documents containing your title fees and explanations.
Who Pays for the Title Fees?
Depending on where you live, it is customary for the seller to pay for the buyer’s title insurance while the buyer pays for the lender’s title insurance. The buyer is also responsible for paying recording fees and title search fees. Though most of the time, this is who pays for the title insurance and which title insurance policy, there are locations and situations where it is reversed. A Florida real estate law expert can help guide you as to who pays for which title insurance policy and can help secure the policy on your behalf.
On Average, How Much Are Title Fees?
Title fees are affected by various factors, including the company, the location, and the home’s total purchase price. In general, title fees range between two and five percent of the total loan amount for the home’s purchase. Depending upon the situation, it might be possible to negotiate who pays which closing costs and title fees. A Florida real estate attorney can help negotiate these terms on your behalf.
How a FL Real Estate Attorney Can Help
Florida real estate lawyers can help negotiate the terms of your home buying contract, including who pays for which title fees. Additionally, the attorney can look over the contract, look for discrepancies, and verify any title search work conducted by the title company. Bottom line, when buying a home, working with an attorney can help secure title insurance for you, which is well worth the costs compared to the potential legal fees related to unexpected issues with the property’s title.
If you are buying a home soon, call to speak with an attorney to learn more about title fees and approximately how much they will cost. One of our FL real estate attorneys are dedicated to helping you throughout the entire home buying process, including title-related issues. Call our offices at Nasseh Sirounis Law today to schedule an appointment to speak with one of our experienced Florida real estate attorneys.