Got some answers from Title Company
1) The Abstract and Title Exam are separate fees. The abstract is the actual purchase of the title work from the abstractor and the Exam is the review of that title work.
2) The Recording Fee and Recording Service Fee are also separate fees. The Recordings Fees on line 1201 is what the County charges to put the Deed and Deed of Trust on record. The recording service fee is what we have to pay our abstractor to take it to the courthouse and work with them to get it on record.
3) Item â€œ1108.Title Insuranceâ€ is calculated by
$4.68 per $1000 for first $100,000 of Sales Price PLUS
$4.08 per $1000 after that PLUS
$100 simultaneous issue fee = $4.68x100 PLUS $4.08x265 PLUS $100 = $1649.20
This question was posted multiple times and received quite a lot of answers. I'm closing the other threads and the other answers to this question can be found at the links below.
Customer Service Representative
What i've learned as a federal litigator is that civil contracts love to use confusing and ambiguous language and HOPE you accept the common meaning of the term. Or, in this case, they let a third party, like an agent, explain THEIR charges and fees. In such a case if the explanation is incorrect the Title Company is not at fault because THEY didn't mislead you.
Force their hand. Make them explain everything to you and don't accept any answer that doesn't make sense to you. You have a right to FULL DISCLOSURE! And upon a satisfactory explanation, if you feel good with the deal, go with it, and if not, call their bluff.
They don't expect you to walk away at this point over a couple of thousand dollars. But in these times, that extra thousand may well be the straw the broke the camels back. However, they are in a bind also due to the current market situation... they NEED to sell.
I really have no advice on this one because regardless what anyone says to you or how they try to explain it away, those fees are redundant and made up. You didn't see the news special on this a couple of weeks ago? There was a hour long special on this very topic.... it was totally scandalous!
Put your poker face on a try to bluff them or play ball their way. Thats all you can do. Sorry, but by you asking the question your God given common sense already told you that something is wrong here. All I've done here was verified your concerns. Again, sorry. And good luck.
Items 4 and 5 are set in stone. Those are tax rates set by the city, county and state.
Your real estate agent didn't explain all these things to you? And either did the settlement agent?