C. Services You Can Shop For
Where savvy shopping can save you cash.
When it comes to title services, you’ll encounter various fees bundled together. These can vary by state and company, but here’s what to expect:
- Title Search & Examination Fees: $200 - $600. Covers the research into the property’s history to ensure clear ownership.
- Title Insurance (Owner’s and Lender’s Policies): $500 - $2,500. Protects against legal disputes over ownership and unpaid liens.
- Settlement or Closing Fee: $500 - $1,500. In some states (title states), this is handled by the title company, while in others (attorney states), a licensed attorney conducts the closing.
- Title Endorsements: $100 - $300. Additional coverage tailored to specific risks, often required by lenders (like zoning or mineral rights).
- Closing Protection Letter (CPL) Fee: $25 - $75. A safeguard against fraud or errors during closing.
- Recording Service Fee: $50 - $200. Charged for managing the official recording of documents with the local government.
- Courier/Mail Fees: $25 - $75. Covers document delivery during the closing process.
How to Compare Title Work:
Not all title companies are created equal. Beyond just price, you’ll want to look into their service quality, reputation, and the clarity of their fee breakdowns