Title insurance fees – Milford real estate & home buyers tips

 So you don’t understand what all these fees the title company is charging you?  And you really want to know what they are?

1)   Title closing costs – this is the cost the title company charges you to close the loan.  I would call it their “fee” or “overhead cost”.  This cost varies among the different title companies.    It is usually from $350 -$600 depending on the company.

2)   Title insurance – Your mortgage company requires you to buy a mortgagee title policy to protect them from a bad title.  They don’t want to loan money on a home that has liens on it.  So they require you to buy a insurance policy in case anything is missed.  The Title insurance cost depends on the type of policy you get and more importantly on the amount of the title policy.  The higher the loan amount the higher the title insurance.

3)   Courier fees or overnight fees.  They usually have to wire money or send packages.  They pass these fees on to you.

4)   Recording fees.  The county that you live in charges the title company to record the mortgage and the deeds.  Again all the title company is doing is passing on the fees to you.

These are the four major title insurance fees that you will see on the HUD settlement statement when you buy or sell Milford real estate.  I hope this installment of Metro Detroit home buyers tips helps explain and what to expect when you look at the closing statement and look over title insurance fees.

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