Home Buying in Queens>Question Details

Mark, Home Buyer in New York, NY

Title insurance question

Asked by Mark, New York, NY Thu Nov 13, 2008

I recently put in an offer on a 2-family house in Sunnyside, Queens. My offer was accepted and we went into contract, so my attorney ran title searches on the property (as it turns out there were several violations on the title). For a variety of reasons, things did not work out and I did not purchase the property...

I still owe the attorney for the title search related to this property and contract.. How much is a reasonable amount to expect to pay for the title searches? I expect the bill any day now, but don't know what is a reasonable amount to expect to pay.

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Answers

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In case you are wondering, my attorney charged me $500, which was about 40% of the agreed $1200 rate.
She did a lot of work in terms of back and forth related to negotiating the contract and getting back my deposit, so I am ok with that.

She also charged me $650 for the title searches which was more than I had expected, but since I got my deposit back (I was a little afraid I might not) I was ok with it. She deducted the fees from the deposit which was sent to her attention, so there was not much I could do about it anyway.

Thanks to all for your answers!
0 votes Thank Flag Link Tue Dec 2, 2008
Mark, it all depends on your lawyer. I have had situation personally that my lawyer didn't charge me anything; I felt obligated to give him something since he worked hard to get the transaction through. So, I just brought in gifts for him and his assistant.

Ali, from professional opinion, yes you should get your down payments back if there is a fault in inspection or for mortgage and such as long as it specifies the purchase is contingent upon passing these items. So, please make sure they are written down. If you work with a Realtor, they usually take these steps and of course, you need to have a lawyer who will explain you the procedure and protect you. Good luck!
0 votes Thank Flag Link Tue Dec 2, 2008
Hi..can I ask you, in your case since you had signed the contract, you must have paid the downpayment check in the escrow account, did you got that back when there were title problems? If there are some problems in the appraisal/inspection of the property, and my mortgage company has a problem because of this, will I receive my downpayment check back?

Thanks
0 votes Thank Flag Link Tue Dec 2, 2008
You should expect to pay anywhere between $250 and $500. I was in a similar situation and since the contract didn't go through the charged me $250. I paid the title insurance company though not my attorney; he said that by law they are required to charge my only 50% on the agreed price (which was $500) had the contract gone through.
0 votes Thank Flag Link Tue Dec 2, 2008
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