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Jason Braddo…,  in 44266

My company gives a seller's estimated closing cost sheet to all the sellers. I would like to know how to

Asked by Jason Braddock, 44266 Wed Sep 17, 2008

describe to the sellers what these amounts cover. If somebody could thoroughly define what a Owner's Policy fee, Simultaneous Issue fee, and Committment fee are that would help me immensely. Thank you.

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Jason,

My company also provides as estimated closing costs to buyers as well as an estimated "net sheet" to sellers. Your title company representative should be able to provide you with a cost schedule.
0 votes Thank Flag Link Mon Dec 29, 2008
Please check w/ your broker or the title company. My understanding is this: the owner's policy of title insurance covers the owner's increasing equity stake in the home should there be a title flaw. The simultaneous issue rate is when the title company issues the lender's policy and the owner's policy at the same time or within 30 days of closing--so there's a discounted cost. The discount, unfortunately, tends to be given to the lender's policy. The commitment fee I couldn't tell you with any clarity.

Good luck!

Tracy Johns
RE/MAX Unlimited
tjohns@unlimitedrealtors.com
0 votes Thank Flag Link Thu Dec 18, 2008
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Flag Fri Jun 24, 2016
I hate to pass the buck but the loan officer should be going over all the estimated closing costs not the real estate agent. the real estate agent should be able to explain them, however if you explain wrong, the liability in case the numbers are wrong are huge. that buyer will come back on you so fast for underestimating or may hit the pavement for an overestimation. You need to sit down with your broker and have them teach you what everything is and means. Basically the owners title policy covers the owners portion, the banks title policy will cover there share but not the buyers. For what it costs for this will overwelmingly wipe out 1 hours lawyers fee in case there is a title issue. Committment fee is a way for mortgage brokers to get opaid up front, it is supposed to be so the buyer doesnt change their mind and go to another mortgage company, use a mortgage compnay that doesnt charge this. Do a little bit of homework and get to know the hud frontways, backways and sideways, afterall this is where your pay will come from. good luck Jason
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu Sep 18, 2008
Hey Jason, Mark is correct. I would check with one of the local title companies. They can give you correct information, and at the same time, you can build your relationship with them. By the way, if your brokerage can't sit down with you and tell you exactly what all these are (or worse yet, if they're not sure), it might be time to think about switching to another brokerage - maybe like Keller Williams who offers a lot of training constantly throughout the year.
0 votes Thank Flag Link Thu Sep 18, 2008
Jason,

Don't take this wrong, I love online interaction and the QA that can go on... But you may want to investigate a new brokerage... this is something you should know and should have been taught to you by your broker. I could explain but it is not all the easy in text, very easy in person so feel free to call and I can go over it for you.

My suggestion that may be even better would be to call your title rep and have them tell you. This will help you build a relationship and may learn even more about the title process.

Not your fault... you just need to learn this as it is a HUGE part of protecting your buyer and seller clients.

Hope this helps!
0 votes Thank Flag Link Wed Sep 17, 2008
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