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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Title Searches for Homes
Hey Ladies,
Ok, I just read a post that stated the title search was 10K. I'm curious as to what exactly it is, how do you go about getting it and how much it really cost. Thanks
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Posted 11/14/06 12:00 PM  |
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Prudential Douglas Elliman Real Estate
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dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
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Re: Title Searches for Homes
I am in the title business and that seems like a lot of $$$. BUT, it could be based on the coast of the home, how big it is, what was searched and the extent of the search.
Do you have more details?
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| Posted 11/14/06 12:01 PM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: Title Searches for Homes
no, but let me ask you this. How much generally would a title search be on a 300K house? Also, how would I go about getting it or can you give me a brief idea? Thanks
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| Posted 11/14/06 12:02 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Title Searches for Homes
our Good Faith Estimate on a $370 purchase price is about $6k for title fees.
eta: settlement fees were in that # too.
it looks like all title fees total $2600. the rest was the attorney fee estimate and mortgage recording tax
Message edited 11/14/2006 12:10:57 PM.
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| Posted 11/14/06 12:05 PM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: Title Searches for Homes
ok, when are title fees due? At closing?
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| Posted 11/14/06 12:07 PM |
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dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
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Re: Title Searches for Homes
Posted by kerrycec03
no, but let me ask you this. How much generally would a title search be on a 300K house? Also, how would I go about getting it or can you give me a brief idea? Thanks
Again, it depends because different towns require different things (flood, fire, smoke, bankruptcies, patriot searches, new surveys etc.). For a $300K home on LI that is NOT a co-op, townhome, or condo the price should be about $4K, maybe more or less. Again, it depends on what you need. If you need a new survey it can be a lot more $$.
Usually the attorney requests title and gives it to the title company to run the title search and construct title report. You as the purchaser can request title from any title company you want and you attorney has to use the one you want or he can give it to the company he uses.
HTH
Message edited 11/14/2006 12:11:05 PM.
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| Posted 11/14/06 12:10 PM |
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dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
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Re: Title Searches for Homes
Posted by kerrycec03
ok, when are title fees due? At closing?
Yes.
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| Posted 11/14/06 12:11 PM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: Title Searches for Homes
ok, thanks. We are looking at Townhouses in Holbrook (township of Brookhaven) for around $275-$3K. I hope its around 4K. My father is our attorney and would be able to help us better with that. I heard 10K and freaked. That is insane but I do understand that the value effects it.
Now, are Townhouses cheaper? I saw you stressed that. I was just curious. I'm trying to research everything before we go in January to make sure we are straight with all of our costs.
Message edited 11/14/2006 12:14:19 PM.
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| Posted 11/14/06 12:12 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Title Searches for Homes
I thought ours was about $1000? maybe $800?
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| Posted 11/14/06 12:13 PM |
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dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
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Re: Title Searches for Homes
Posted by kerrycec03
ok, thanks. We are looking at Townhouses in Holbrook (township of Brookhaven) for around $275-$3K. I hope its around 4K. My father is our attorney and would be able to help us better with that. I heard 10K and freaked. That is insane but I do understand that the value effects it.
Yours might be less than $4K. Let me know if you need anything or have any other questions. Good Luck! 
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| Posted 11/14/06 12:13 PM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: Title Searches for Homes
Posted by dandr10199
Posted by kerrycec03
ok, thanks. We are looking at Townhouses in Holbrook (township of Brookhaven) for around $275-$3K. I hope its around 4K. My father is our attorney and would be able to help us better with that. I heard 10K and freaked. That is insane but I do understand that the value effects it.
Yours might be less than $4K. Let me know if you need anything or have any other questions. Good Luck!
Now, are Townhouses cheaper? I saw you stressed that. I was just curious. I'm trying to research everything before we go in January to make sure we are straight with all of our costs.
Thanks so much for all your help. I truely appreciate it!
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| Posted 11/14/06 12:14 PM |
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dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
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Re: Title Searches for Homes
Posted by kerrycec03
Posted by dandr10199
Posted by kerrycec03
ok, thanks. We are looking at Townhouses in Holbrook (township of Brookhaven) for around $275-$3K. I hope its around 4K. My father is our attorney and would be able to help us better with that. I heard 10K and freaked. That is insane but I do understand that the value effects it.
Yours might be less than $4K. Let me know if you need anything or have any other questions. Good Luck!
Now, are Townhouses cheaper? I saw you stressed that. I was just curious. I'm trying to research everything before we go in January to make sure we are straight with all of our costs.
Thanks so much for all your help. I truely appreciate it!
Again, some townhomes require different things, so it may be cheaper.
Once you are about to sign the contracts, let me know and I can give you an estimated title bill before you sign if you want me to.
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| Posted 11/14/06 12:17 PM |
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jambalady
Is it summer yet?
Member since 8/06 7392 total posts
Name:
Holly
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Re: Title Searches for Homes
Hi. Don't freak out. You are referring to my response to the closing costs post. The 1.8% mortgage recording tax is only if you buy a house/condo in the 5 boroughs and is based on the amount of your mortgage. our mortgage was $540,000 and our house is in Queens.
If you are not buying in the 5 boroughs this does not apply. It also does not apply for coops.
Sorry to give you a scare, but as the previous poster stated, it depends on many different factors including where you are buying, what you are buying and the size of your property, amount of mortgage etc.
I don't know what the situation is outside of the 5 boroughs but hopefully it's much less than what I paid!!
on a side note, at least my yearly taxes are only $3000!!!
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| Posted 11/14/06 12:19 PM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: Title Searches for Homes
thanks ladies!
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| Posted 11/14/06 12:21 PM |
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dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
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Re: Title Searches for Homes
Posted by jambalady
I don't know what the situation is outside of the 5 boroughs but hopefully it's much less than what I paid!!
on a side note, at least my yearly taxes are only $3000!!!
It is less than what you paid outside of the boroughs, but your property taxes are less.
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| Posted 11/14/06 12:22 PM |
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