Have you noticed this too in your area?
$200,000 coverage was $885.00 and is now ..... $1095. That's around a 24% increase!
$500,000 coverage was $1,335.00 and is now ..... $1695.
Residential Closing Fees
(aka the closing table
to use with pens included, very nice chairs at no extra charge)
was $485.00 and is now $750. Coffee is probably no longer
included!And my all time closing favorite the ever popular 'PUD Endorsement' was $105.00 and now it's $135.
Can I get at least a 'muffin' with my $135.00 'PUD' please?
Schedule of Rates
Lyn Sims (847)230-7324 at RE/MAX Suburban
I proudly serve and sell real estate in the Northwest Suburbs of Chicago. If you are thinking about purchasing or selling your home in the communities of Schaumburg, Elk Grove Village, Hoffman Estates, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.
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Title Insurance Fees ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com
WOW Lyn...I new some things went up, but that is a large amount. I am also surprised at your closing fee. Last year, my closer, (the best in the business in my opinion) charged $275. I think she is at $300 this year, and that includes mini candy bars, and cookies if you are there in the morning!
Title fees have gone up. Beware when purchasing a bank owned property at title. They jack up the fees when the banks are on contract with these title companies
Lyn:
I think you deserve at least a muffin with those increases. Those are quite hefty. Any explanation as to why such a large increase?
Your title coverage sounds low compared to ours. I think it is around $1500 for 200,000. But the closing fee of $750 sounds high.
In your state are attorneys required to prepare the title insurance, close the file, etc?
I'm going to have to check closer at our rates. Thank you for the heads up.
Lyn,
I was interested in seeing the comments on this post...A good example of how Title Insurance and Title Fees vary so widely from State to State and even regionally within some States...!!! In PA we have an 'all inclusive rate' which includes the cost of the search, settlement and insurance...!!! Thanks, Fran
Fran: Your the guy that knows, thanks for stopping by to tell us what happens in PA. Sounds better than our way here in IL.
Bill: No cookies, stale coffee, high fees only. Nice carpeting & surroundings though.
Katiejo: You are right, REO'S in my area are being forced into selective title insurance & fees from the 'intermediate' company. So in other words the 3rd party also tries to hike up the closing costs. In fact, title was brought down thru one company and we closed physically at this company because that title company doesn't exist in Illinois.
Shirley: Only the finest furniture provided for that $750. The best laminate in Illinois!
Heather: Yes, attorneys bring down the title and are at the closings here. They knock me over trying to stampede for the muffins.
Wayne: Check in your area, like I said I was very surprised and this increase was in January.
It doesn't make sense especially when most of the title companies have let the best employees go and have shut down numerous branches and operations. So why the increase in fees??? UUUUrrrrrgggggg!!!
Yes Brad and you know that industry very well! You make a good point, when things are slow - yeah, let's raise the rates! When I was at my last closing, there were alot of closing rooms open with only one person (my closer) staffing the whole place. It was like a ghost town.