At a recent REIA meeting a representative of a Title Company presented this scenario and I was wondering if the fees and such seemed good. I know the fees differ from area to area but if anyone from Northern NJ can chime in that would be great as well.
We are doing a double close in which I have to bring money to the table (wet close I think this is called)
1st Part of Double Close (Seller to Me)
Purchase Price: $150,000
Closing Fee: $350
Title Insurance: $0 (Actually costs $1650 but this is going to be passed on to MY buyer)
60 Year Search: $75 (which will be refunded to you if my buyer uses same title company)
Lender Processing Fee: $350
Realty Transfer Fee: $600
Total: $151,375
If you need to borrow money for your purchase, they will offer hard money @ 2pts. Stipulation being that you only need the money short term (<48hrs).
This is how I understood what she was saying, does it make sense? Is it wise to “skip” on the title insurance for the short period (<48 hrs) you are on title?