Home Buying in Greenwich>Question Details

Jj, Home Buyer in Greenwich, CT

I brought a 750,000 house in stamford, I put 20% as down payment.I get bank loan of $600,000.

Asked by Jj, Greenwich, CT Thu Dec 16, 2010

My attorney charged me "Agent's portion of the total title insurance premium for $1501.80 besides the lawyer's fee of $1100 I pay her. Is that the right item charge?

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Anna Brocco’s answer
Generally attorney fees and title work are separate--ask your attorney for clarification regarding any questions you may have relating to any monetary issues--none of us is qualified to directly answer the question, as none of us are directly involved in the transaction.
0 votes Thank Flag Link Fri Dec 17, 2010
why did you need an attorney? didn't your attorney give you a bill with all your fees listed clearly? Did you call your lawyer back and ask about the fee's?
0 votes Thank Flag Link Fri Dec 17, 2010
Hi there

Attorney fees are separate from title insurance fees. Title insurance policies protect a real estate buyer against defects in the title - thus benefitting the purchaser. This is not a fee that is shared between the purchaser and the agent. Mortgage lenders require that a buyer purchase title insurance policy to protect the mortgage lender, and you as the buyer can also purchase title insurance to protect yourself...

If a defect is found in the title, insurance does not automatically correct it.
0 votes Thank Flag Link Fri Dec 17, 2010
Hi Jj,
All legal fees are the discretion of the attorney. When hiring an attorney fees should be discussed as part of your due dilligence. There is a very wide range of what different lawyers will charge for the same service. I have worked with attorneys vary as widely as $650 - $1250 - $2500.
Title Insurance IS often arranged by the closing attorney on the buyer's behalf and once again those rates vary depending on the title insurance carrier. A buyer can shop out different title insurance quotes and select his own title insurance directly with a carrier and let the attorney know whom he has selected. Most buyers do not bother to do this, they often leave it up to the lawyer. I believe the lawyer does make an additional fee as the agent for the carrier providing the title insurance.
Did you ask your Realtor for guidance on these matters and some general rules of thumb regarding the normal range of fees to expect for your attorney and title insurance policy?
I hope this helps you understand things a bit better...at a glance it would seem that those rates mentioned are not too 'out-of-the-park!'
0 votes Thank Flag Link Thu Dec 16, 2010
Hello Jj,
Yes, that is probably correct as your title insurance premium is a separate charge to you from your attorney fee owed for handling the transaction. You should have your attorney explain it to you so that you have full understanding of all fees involved for closing before you sign.
I hope this is helpful.
Good Luck!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Thu Dec 16, 2010
The title insurance is a separate fee from the attorney's fees to handle the transaction. The title insurance cost will vary depending on what type of policy you get. If you have any questions about the fees, you should ask your attorney to explain them. I'm sure he/she will be happy to do so.
Web Reference: http://www.danrossre.com
0 votes Thank Flag Link Thu Dec 16, 2010
Im not sure i fully understand the question and charges. I'd be happy to talk in more detail if you want to add it here or email me at scott@elwell.com
Web Reference: http://www.GreenwichCT.com
0 votes Thank Flag Link Thu Dec 16, 2010
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