Reducing Title And Escrow Fees
When it comes to a home transaction, virtually everything is negotiable. Haggle like a demon and quibble all the way, and don’t forget to sweat the ‘small’ stuff. While you are dickering over the big picture — the appraisal, comparative market analyses, concessions and repairs — get tough on title and escrow costs too.
All the expenses associated with title and escrow costs from tiny recording fees to title insurance premiums can add up to thousands of dollars, and those fees can vary widely from one company to another.
In an even market, local custom dictates who pays for what, but when the market swings in favor of the buyer or the seller, dumping title and insurance costs on the other party is obviously the best way to go.
Title companies are hired, in part, to issue title insurance protection for home buyers and lenders. The company investigates the title to make sure it is clear of any encumbrances, such as liens or judgments; forgeries or fraud and any other title anomalies and then issues a policy to protect you from claims that turn up later. They rarely do, but you have to pay for the search.
Escrow services provide a neutral third party through which is funneled the paperwork, money, transaction instructions and other details of a home purchase or mortgage refinance. The companies hold onto, and then exchange, disburse and transfer deeds, other documents and monies related to the transaction.
In some areas escrow attorneys provide the escrow service, but in any event the two services, as title and escrow, are often purchased as a package.
The services come into play during the ‘closing’ period of real estate transactions when the two parties come together to seal the deal.
Here are some tips to get the best title and escrow services for the best price.
Written by Broderick Perkins for www.RealtyTimescom. Copyright