| Cost |
Customarily
Charged By/To: |
Description |
| Owners
Title Policy |
Title:
To Seller |
Fee
for the title policy. Calculated using the sales price.
May be reduced if home was purchased or refinanced in
the last 5 years. Insures that the title is as agreed
to at closing |
| Lenders
Title Policy |
Title:
To Buyer |
Title
policy issued to lender to cover the amount of the loan.
Based on the loan amount unless it is a negative amortization
loan. |
| Sub
Escrow Fee |
Title:
to Buyer & Seller |
Fee
to administer the payoff of loans or property taxes of
the seller and collection of funds from the new lender |
| Document
Transfer Tax |
County,
City: to Seller |
Fee
charged on all properties that transfer title - based
on sales price. |
| Record
Release/Reconveyance |
County:
To Seller |
Charge
to record the release/reconveyance |
| Federal
Express |
Federal
Express: to Buyer & Seller |
Charge
to deliver all time sensitive documents and monies |
| Title/Wire
Fee |
Banking
Instituion: to Seller |
Charge
to wire funds to escrow, seller, lenders, etc |
| Electronic
Recording |
County:
to Buyer |
Charge
to electronically record the document |
| Record
Grant Deed |
County:
To Buyer |
Charge
to record the grant deed |
| Record
Trust Deed |
County:
To Buyer |
Charge
to record the trust deed. |
| Messenger |
Messenger
Service: To Buyer and Seller |
Charge
to special messenger documents during the escrow: Fee
varies with distance |
| Lender's
Endorsement |
Title:
to Buyer |
Charge
for endorsements required by lender to cover "outside
the normal" risk circumstances |
| Cost |
Customarily
Charged By/To: |
Description |
| Escrow
Fee |
Escrow:
to Buyer & Seller |
Covers
liability assumed as well as standard processing costs. |
| Damand
Fee |
Escrow:
to Seller |
Charge
to request a statement & process involved in getting
a payoff figure
to escrow on the outstanding amount of the current loan.
One demand fee per loan. |
| Process
HOA Docs & Transfer Fee |
Escrow:
to Buyer & Seller |
Fee
for processing required to assign membership for HOA a&
copying all governing documents |
| Document
Fee |
Escrow:
to Buyer |
Covers
the cost of all processing required to meet new lender
requireents |
| Loan
Tie-In Fee |
Escrow:
to Buyer |
Covers
the cost of all processing required to meet new lender
requirements |
| Federal
Express |
Federal
Express: to Buyer |
For
document packages to out of County Lenders. |
| Cost |
Customarily
Charged By/ To |
Description |
| Origination
Fee |
Lender:
to Buyer |
Charge
for lending money at 1% of the loan amount |
| Documentation
Preparation |
Lender:
to Buyer |
Paid
to lender for preparation of final loan documents |
| Tax
service |
Tax
Service: to Buyer |
Fee
charged to buyer to set up property taxes with the state |
| Wire |
Banking
institution |
Charge
for the wiring of funds to title for closing |
| Underwriting |
Lender:
to Buyer |
Fee
to direct lender for the process of approving |
| Tax
impounds |
Lender:
to Buyer |
Collected
to create an impound reserved account for the lender to
pay property taxes twice a year |
| Insurance
impounds |
Lender:
to Buyer |
1yr
+ 2 months hazard insurance collected for impound reserve
account |
| Appraisal |
Appraiser:
to Buyer |
Paid
directly to appraiser for appraisal of property |
| Credit
Report |
Lender:
to Buyer |
Paid
to credit bureau for report containing 3 credit scores |
| Processing |
Lender:
to Buyer |
Paid
to mortgage broker for processing loan package from application
to closing |
