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Title Fees

Cost Customarily Charged By/To: Description
Owners Title Policy Title: To Seller Fee for the title policy. Calculated using the sales price. May be reduced if home was purchased or refinanced in the last 5 years. Insures that the title is as agreed to at closing
Lenders Title Policy Title: To Buyer Title policy issued to lender to cover the amount of the loan. Based on the loan amount unless it is a negative amortization loan.
Sub Escrow Fee Title: to Buyer & Seller Fee to administer the payoff of loans or property taxes of the seller and collection of funds from the new lender
Document Transfer Tax County, City: to Seller Fee charged on all properties that transfer title - based on sales price.
Record Release/Reconveyance County: To Seller Charge to record the release/reconveyance
Federal Express Federal Express: to Buyer & Seller Charge to deliver all time sensitive documents and monies
Title/Wire Fee Banking Instituion: to Seller Charge to wire funds to escrow, seller, lenders, etc
Electronic Recording County: to Buyer Charge to electronically record the document
Record Grant Deed County: To Buyer Charge to record the grant deed
Record Trust Deed County: To Buyer Charge to record the trust deed.
Messenger Messenger Service: To Buyer and Seller Charge to special messenger documents during the escrow: Fee varies with distance
Lender's Endorsement Title: to Buyer Charge for endorsements required by lender to cover "outside the normal" risk circumstances

Escrow Fees

Cost Customarily Charged By/To: Description
Escrow Fee Escrow: to Buyer & Seller Covers liability assumed as well as standard processing costs.
Damand Fee Escrow: to Seller Charge to request a statement & process involved in getting a payoff figure
to escrow on the outstanding amount of the current loan. One demand fee per loan.
Process HOA Docs & Transfer Fee Escrow: to Buyer & Seller Fee for processing required to assign membership for HOA a& copying all governing documents
Document Fee Escrow: to Buyer Covers the cost of all processing required to meet new lender requireents
Loan Tie-In Fee Escrow: to Buyer Covers the cost of all processing required to meet new lender requirements
Federal Express Federal Express: to Buyer For document packages to out of County Lenders.

Lender Fees

Cost Customarily Charged By/ To Description
Origination Fee Lender: to Buyer Charge for lending money at 1% of the loan amount
Documentation Preparation Lender: to Buyer Paid to lender for preparation of final loan documents
Tax service Tax Service: to Buyer Fee charged to buyer to set up property taxes with the state
Wire Banking institution Charge for the wiring of funds to title for closing
Underwriting Lender: to Buyer Fee to direct lender for the process of approving
Tax impounds Lender: to Buyer Collected to create an impound reserved account for the lender to pay property taxes twice a year
Insurance impounds Lender: to Buyer 1yr + 2 months hazard insurance collected for impound reserve account
Appraisal Appraiser: to Buyer Paid directly to appraiser for appraisal of property
Credit Report Lender: to Buyer Paid to credit bureau for report containing 3 credit scores
Processing Lender: to Buyer Paid to mortgage broker for processing loan package from application to closing

Disbursements

Cost Customarily Charged By/ To Description
HOA Transfer Fee HOA Management: to Buyer To transfer ownership and handle new accounting set up
HOA Dues HOA Management: to Seller Paid through month o closing
Fire Insurance Insurance Agency: to Buyer 1 year prepaid premium for Homeowners insurance
Notary Notary: to Buyer Charge to seller for signing of grant deed or certificatin

Payoffs

Cost Customarily Charged By/ To Description
Recording Fee Existing Lender: to Borrower Charge for having reconveyance recorded.
Statement forwarding fee Existing Lender: to Borrower Charge for issuing a payoff statement

Credits and Prorations

Cost Customarily Charged By/ To Description
HOA Dues Seller: to Buyer Calculated from date of COA through month-end
County Property Taxes Seller: to Buyer Calculated from the date of payoff through end of period paid for.

 

 
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