Closing costs represent the amount paid to complete a real estate transaction. Closing costs may include, among other things, expenses related to the loan, inspection, appraisal, survey, title insurance, recording, taxes and more.view detailed description | use our refinance calculator
One of our primary roles in the closing process is to provide title insurance. Title insurance provides the buyer or lender with confidence in their new asset or collateral.
We provide the purchaser and/or lender with total assurance that their title to the property is valid and enforceable. And we back that up with an insurance policy issued by a national underwriter for the full purchase price or loan amount.
The purchase price is the contract price paid for the property. The title insurance policy will provide
coverage for this amount.
The mortgage amount is the amount of the loan secured by real estate. The mortgage amount is used to calculate the premium for the lender’s title insurance policy and is also used to determine the amount doc stamps and intangibles tax due on the mortgage.
A property appraisal determines the fair market value of real estate and is generally required by the lender as part of the loan approval process. Appraisal costs vary and can range from $250 to $550 for a residential appraisal.
When a real estate purchase is financed or refinanced, most lenders charge a loan fee(s). Contact your lender to determine the specific loan fee(s) applicable to your loan.
A survey of the property graphically shows the dimension of the real property and may be used to verify boundary lines and to verify there are no encroachments present. The cost for a residential survey can range from $200-$500 depending on the size and complexity of the property.
Endorsements provide additional coverage to a title insurance policy. The most common endorsement is the Comprehensive Endorsement. Some endorsements are a flat fee and others are based on a percentage of the underlying policy premium. Contact us for a list of available endorsements and applicable fees.
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