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Trying
to determine how much money you will need for, or will receive from,
a real estate transaction can be a daunting task but you need to
establish the bottom line, in order to compare apples to apples.
The document that will contain all the fees and charges relating
to your settlement will be the Settlement Statement, or HUD-1. A
blank
settlement statement and a detailed, line-by-line
explanation are available on the official FDIC
Web site.
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| Ordinarily,
a settlement company’s charges will appear on lines 1100 through
1113 of the HUD-1, and possibly on lines 1304 through 1306. FGT&E
assesses the following fees for our services: |
|
| Sale
of Property |
| |
Service |
Purchaser
Fees |
Seller
Fees |
| |
Settlement
Fee |
$250
|
$250
(*) |
| |
Release
Administrative Fee
$100
per release (*)
|
|
$100 |
| |
Fee
for Deed Preparation |
|
$150 |
| |
Courier/FedEx/Wire
Fees |
$60 |
$30
(*) |
| |
File
Archive Fee |
$25
(*) |
|
| |
Fee
for Power of Attorney |
$25 |
$25
(**) |
| |
Title
Search Fees (subject to increase for acreage) |
$120
(***) |
|
|
|
| Title
Insurance Premium (per $1,000) |
Virginia:
Expanded Coverage Rate/Resales
(****) Owners Policy Rates |
|
| Up
to $250,000 |
4.68 |
|
| $250,001
to $500,000 |
4.44 |
|
| $500,001
to $1,000,000 |
4.08 |
|
| Minimum
Premium |
240.00 |
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| NOTE:
The rate for any Lenders title insurance policy issued simultaneously
with the Owner's Policy is $50.00. There will also be a $110.00
fee for preparation of a title insurance binder and required
endorsement and a $50.00 title examination fee charged to the
Purchaser. |
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| * |
Payable
to Guardian Title & Escrow, L.C. |
| ** |
Usually
prepared by Nichols Zauzig Sandler, P.C. |
| *** |
Payable
to Examiner |
| **** |
Payable
to Underwriter |
|
|
|
| Refinancing
of Property |
| |
Service |
Refinance |
|
| |
Settlement
Fee |
$350
(*) |
|
| |
Release
Administrative Fee |
$100
per lien released (*) |
|
| |
Courier/FedEx/Wire
Fees |
$60
(*) |
|
| |
File
Archive Fee |
$25
(*) |
|
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Fee
for Deed Preparation — if required |
$150
(**) |
|
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Fee
for Power of Attorney — if required |
$25
(**) |
|
| |
Title
Search Fees (subject to increase for acreage) |
$120
(***) |
|
|
|
| Title
Insurance Premium (per $1,000) |
| Virginia:
Standard Rate/Lender Only (****) |
|
| Up
to $250,000 |
2.90 |
|
| $250,001
to $500,000 |
2.70 |
|
| $500,001
to $1,000,000 |
2.30 |
|
| Minimum
Premium |
200.00 |
|
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|
|
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|
| NOTE:
There will also be a $110.00 fee for preparation of a title
insurance binder and required endorsement and a $50.00 title
examination fee charged to the Purchaser. |
| |
| * |
Payable
to Guardian Title & Escrow, L.C. |
| ** |
Usually
prepared by Nichols Zauzig Sandler, P.C. |
| *** |
Payable
to Examiner |
| **** |
Payable
to Underwriter |
|
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Typically,
the most significant settlement charges you will be assessed on
the HUD-1 will be for real estate agent commissions and fees, appearing
on lines 700 through 705, and lender fees, charges, prepaid items,
and reserves (escrows), appearing on lines 800 through 1009.
Additional
services will entail additional fees and fees are subject to change.
Please contact us by phone, fax, or email to discuss title insurance
or for a comprehensive quote. |
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