Bankrate.com just released their annual closing costs survey, which you can read about here:
Disclaimer: I'm the marketing director for Federal Title & Escrow Company in Washington, D.C.
Other fees that title companies charge are reconvayance fee for changing of the deed ownership usually around $150 - Recording fee which is set by the county government per page fee. Then there are the fees for wire, printing of loan doc's, and some title companies have junk fees.
With the new GFE if a lender quotes title fees and they are off by more than 10% higher then the lender has to pay the difference - so lenders do add more to title fees to cover the requirements by Federal Law. The new GFE also on a purchase requires that the Owners Title Insurance be added to the buyers GFE because in some states the buyer has to pay it.
I would suggest that you call a couple of title companies and ask for their fees for your type of loan purchase or refinance - this will give you a better perspective of the fees.
Also, FYI you can pick your own title company to do the title work you do not have to use the one the lender or the seller wants to use. This is the law.
Reference Link: http://titlecompanies.net/
The title policy is generally an expense paid by the sellers and as it is regulated it will be the same
from one comapny to another.
If you are buying a NEW built home than the builder sometimes will not pay these and this is where
a Realtor of your choice comes to play to negotiate this item.
The title comapny charges are normally very minimal and will run very close to about $50-100
difeence from one agency to another.
Hope this help and am a phone call away for any additional questions you may have.
Have a great day.
In all of my years in this business, I have had one buyer pay for it on a resale listing. This is because we had 5 offers in the first week on the market and this particular buyer had a company relocation package that paid for his closing costs and he was able to offer the best terms to our seller. Otherwise, my sellers have all paid this fee and we usually structure it in the asking price of the home, as we do all closing costs. In the end, it really is the buyer who pays for it in the sales price but that is another story. These title policy costs are regulated by the State of Texas and standard from company to company. Hope that helps.
but your question is like: who usually buys the ring for a marriage proposal?
Generally, the man but I guess it could vary
or who pays for the rehearsal dinner...answer: the groom
so my answer is "generally" that is how it's done..
Have your agent do an estimated closing cost sheet for you which is a computerized form available to agents either on their MLS server OR through the title companies in the area. These estimations are usually within $150 - $200 of your actual cost. These cost usually vary this much because of the time of closing and the taxes or insurance that you would be responsible for would be different depending on the month and day you close. Remember that you are responsible for taxes and insurance up to and through the date of closing.
I hope this helped to some extent. I am in the North Texas area now. However I use to live and work in Sugar Land. IF you do not have an agent yet, contact Liz Baker, Broker there in Katy @ 21949-D Katy Frwy, Katy, TX, 77450. Her phone number is (713) 824-9044. Tell her that Kathy Fisher from ACTIVE RAIN referred you to her.
Good Luck and God Bless