How much for settlement fees?

Comparing rates and services among title companies is the best way to save money on closing costs. To make this easier for consumers, the Real Estate Settlement Procedure Act requires all title companies to disclose their fees as a lump sum. Know your total costs up front with a Quick Quote.

 † Federal Title charges $750 for purchase transactions.

The following services are included:

  • Title abstract

  • Courier costs

  • Tax certificate

  • Admin fees

  • Closing fee

  • Notary fees

  • Title insurance binder

  • Recording service fee (if applicable)

  • Power of Attorney (if applicable)

Please note: The lump sum does not include the following services, as these are additional services not required for all transactions.

1.  Location survey*^

 * Only applicable for single family homes
 ^ Survey prices may vary with location

A location survey may be required by your lender. Cost is $225 in DC, $225 in Maryland and $360 in Virginia.

2.  Simultaneous 2nd Trust settlement fee

An additional fee of $300 applies if you obtain a second mortgage (i.e., home equity line of credit) simultaneously with your transaction.

 † Prices applicable to Montgomery County, MD; Prince George's County, MD; Arlington County, VA; Fairfax County, VA; City of Alexandria, VA and the District of Columbia. All other jurisdictions, please use our Quick Quote.

Settlement fees are fixed, meaning they will not change regardless of the purchase price of your home. They are not the only fees, however, associated with closing costs. Consumers must also pay transfer & recordation taxes (buyer & seller, respectively) and a title insurance policy premium. These costs vary depending on the purchase price of your home.

By law, it is the buyer's right to choose what title company handles their closing. A little shopping can save a homebuyer thousands of dollars.

We encourage you to grab a Quick Quote today for an accurate and anonymous estimate of how much money you will need to bring to the closing table.

Updated on 01-18-2010 | This information is deemed reliable, but not guaranteed.
 

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