Settlement Fee | Homeowners (Selling)

By January 23, 2013 Sell

Seller’s guide (fees)

DC/Maryland/Virginia


Service Fee
Settlement fee (all inclusive*) $425
Mortgage Payoff/Release Procurement $185 (per lien)

 

Additional/and Other Services Fee
Seller Remote Closing/Document Delivery** $125
Seller Pre-Settlement Closing meeting*** $100
Seller NotaryCam Closing Meeting**** $150
Title Clearing Services***** $200/hour
Power of Attorney Document Preparation $150
FIRPTA Withholding $450
MD Non-Resident Withholding $125
Seller-side “Split” Closing (An additional $150 deed preparation fee will apply for the drafting/preparation of an attorney-certified deed of conveyance)  $650

 

* Includes deed preparation, notary fees, courier/wire costs and E-document storage/delivery, but does not include additional services set forth below.

** For sellers NOT attending the closing meeting in our offices and requiring documents to be prepared and delivered electronically for execution and notarization in advance of the actual settlement date/time. Please note: This method requires the sellers to arrange for their own meeting with a notary public and to return the signed and notarized documents to Federal Title at least 3 business days prior to the actual settlement date.

*** For sellers attending a closing meeting in our offices and requiring advance document preparation for execution and notarization of the closing documents prior to the actual settlement date/time.

**** Not currently available for Maryland properties. For sellers NOT attending the closing meeting in our offices and requiring documents to be prepared and delivered electronically for execution and notarization in advance of the actual settlement date/time. Please note: This method allows the sellers to electronically sign documents, via webcam, from the comfort of their home or office without having to arrange for a physical meeting with a notary public. A NotaryCam meeting must be made at least 3 business days prior to the actual settlement date.

*****In the event that liens require additional title clearance proceedings, upon notification to the seller, there will be an additional charge of $200/hour for the additional services rendered.

Additional info sellers should know

To prepare for settlement, we will need several pieces of information well in advance of closing. To ensure a smooth settlement, please take a moment to review this page.

Under contract?

We encourage you to use our Sellers Calculator tool to better prepare for your upcoming closing. This tool offers a comprehensive breakdown of all closing costs including agent commissions, transfer/recordation taxes, payoffs, etc.

Individuals using Power of Attorney

Note Fannie Mae recently issued new restrictions on use of Power of Attorney. Please read this article and contact our office with any questions.

If you must use Power of Attorney, please contact us.

READ MORE: Power of Attorney Pitfalls

Other required documentation

If the property is owned under one of the following types of ownership, our office will require the following documents at least 5 business days prior to closing.

Estates
  • Copy of Last Will & Testament of decedent (if any)
  • Copy of Letters of Administration and Death Certificate
  • Name, address and phone number of Attorney for Estate (if any)
  • Copy of Proof of Death in the form of a death certificate of any co-owner whose interest is transferred immediately to you upon his/her death (an original Death Certificate is not needed)

Power of Attorney CANNOT be used when title is held in the name of an Estate.

Corporations
  • Copy of Articles of Incorporation
  • Copy of Corporate Resolution (authorizing signatory)
  • Copy of Certificate of Good Standing (current within one year)
Limited Liability Companies
  • Copy of Articles of Organization
  • Copy of Operating Agreement
  • Copy of Certificate of Organization
  • Copy of Company Resolution (authorizing signatory)
Revocable/Irrevocable Trusts
  • Copy of Trust Agreement and all addenda
    (Please contact us if you’re unable to fax all pages.)

Power of Attorney CANNOT be used when title is held in the name of a Trust.

If participating in a 1031 (Reverse or Starker) Exchange
  • Provide the name and contact information of your Exchange Agent/Qualified Intermediary so we can coordinate 1031 Exchange documents and proceeds transfer.
READ MORE: Reverse or Starker (1031) Exchange

Reminders for settlement

    • Call your various utility companies and let them know the date of settlement.
    • Each person named on the title must attend closing and bring photo identification.

      NOTE If a scheduling conflict arises, contact us to make arrangements to sign the settlement documents in advance.

 

  • Be sure to bring all keys to the property to your closing appointment.
  • If you are able to locate your owner’s title insurance policy and/or location survey, please fax (202-362-5901) a copy to our office.

If you have any questions regarding any of these services, please contact us by email, or call us at 202-362-1500.

Updated 11-6-2018 | Information is reliable but not guaranteed.

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