Home Buying in 11211>Question Details

torresdorothy, Home Buyer in 60545

I am paying cash for a $72,000.00 house in IL and I was told that I need to purchase the Title, which will cost me $1200.

Asked by torresdorothy, 60545 Thu Oct 4, 2012

From what I've been reading it seems as though I might be paying way to much. Thanks, D

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5
Hi,
If that's the price for the title, I cannot imagine the total closing costs....
3 votes Thank Flag Link Thu Oct 4, 2012
You're probably not purchasing title... you're purchasing title insurance...

It's insurance for that your lender requires, the the title company insures is clear... if a cloud (problem) should show up on your title at some later date... the title company is taking responsibility for clearing it up.

The seller also offers YOU a title insurance policy (for which they paid more than you're paying) insuring YOU that your title is clear.
0 votes Thank Flag Link Fri Oct 5, 2012
Alan May, Real Estate Pro in 60201
MVP'08
Contact
Dear torresdorothy:

Real estate law and closing costs vary from state to state and closing costs. You need to direct this question in the appropriate zip code. For some reason your question is coming in to the Brooklyn NY forum, not IL. Either way, you can also contact some Title companies in the area your looking. Shop around to get estimates from several different title companies and see what they say. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Thu Oct 4, 2012
If you are unhappy with the quote, consider shopping other title companies...
0 votes Thank Flag Link Thu Oct 4, 2012
The place to inquire would be other Title Companies:
Just walk in and talk to them; they won't bite.
0 votes Thank Flag Link Thu Oct 4, 2012
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