What’s a normal cost to close with a title company?
I’ve got a new title company that’s telling me it’ll cost $800 to close on a simple land deal.
That seems high, but what do I know? How much do you all expect to pay when closing on a vacant lot with no mortgages?
That seems very reasonable, on average we pay between 800 and 1200. It probably also depends on if you’re getting title insurance that cost is adjusted based on the sales price. One thing I’ve learned when shopping around is to watch for the escrow charge. We used a title company out in AZ that had multiple offices. One office charged a $650 escrow fee, while the other charged just $200.
Keep in mind when you’re paying the title company you’re paying for the deed creation & recording, title insurance if you’re getting it, the title search itself and for them to handle the escrow, signing etc.
Sounds normal to me.
Thank you @Nicole. Are there title companies that will allow you to close with them without making you buy title insurance? I thought they all required this, but maybe I am wrong.
Hi Sally, if you are paying cash you shouldn’t be required to by title insurance. We usually do regardless just for peace of mind. If you’re using a mortgage to purchase the properties then yes it will be required to get as it insures the lender against defects as well.