I am suppose to close on the office condo on wednesday. Purchase price is about $300,000 (25% down and 75% loan). I received the closing statement from my (buyer’s) attorney today and was reviewing it. I have the following questions. Basically I wanted to find out if I should argue the charges:
When I hired the attorney he told me that it will cost me $1250 dollars but I see the following charges in closing statement from my attorney.
A. Attorney fees: 1100
B. Document preparation: 300
c. Overnight mail fees (@30 each): 60
d. telephone, postage, photocopies, faxes: 100
Which totals about 1560. Should I argue or it is fine.
I am charged $1942 for title insurance. Is it reasonable for this size of the deal. My attorney picked the title company. I was not aware of how much it would cost. I think I should have asked for it earlier.
No its not fine. I take it you didnt get the estimates down in writing? The problem I guess is can you go elsewhere without losing out on the deal? You can argue but I doubt whether they will back down and I think they know this. Good luck.
You are right. I did not argue the charges because I found out 2 days before closing. Fortunately it was only few hunderd dollars. I learnt the lesson to always get the estimate in writing.
Title insurance generally runs 5.75% for the first 100k and 5% for the amount above 100k.
That would make it 1200.00 here in florida.
Call Chicago title and ask them what their fees are if you want to see if you were fairly charged.
The title insurance, believe it or not, is a big commission item for the title company.
That has nothing to do with the attorney fees.
There are also filing fees and doc stamps etc.