It's safe to call or email me if you need to know what it will cost
to buy or sell that piece of real estate in Ohio.
Email them to: rachel@gatewaytitle.com
Call me at Gateway Title: 440-546 9660
I really do enjoy helping you and
answering your questions.
Tuesday, January 29, 2013
She said::"SHARPEN YOUR PENCIL" - REALLY?
I get calls from buyers and sellers everyday.
They ask a million questions about all phases of real estate.
Much of the time it is about closing costs.
I always take the time to explain who usually pays for what and how much.
Now, this is not something I just throw out there. Many of the fees
depend on the price or if it is a refinance. the amount of the loan.
That being said, I'll explain to you how I figure costs.
1. Examination of records to determine the condition of the title.
2. Escrow fee to cover the cost of escrow officer who handles all of the paper work
and funds required, clears the title so that buyer gets marketable title, prepare paper work
from the lender for buyer, get deed for seller, pay all of the bills,
make sure the buyer gets the property
and disburse to seller their money and more...
3. Title insurance premiums in Ohio are all the same since Ohio is a "rated state".
The cost of the insurance is based on the price or mortgage amount.
TOTAL closing costs will be more than the above three items.
We have to collect up front from buyer and/or seller for transfer tax, filing fees, lenders' mortgage fees,
real estate commissions and other recording fees, cost of survey, wire fees, overnight fees..and it goes on and on.
What ever the contract states - we do!
So -there are TWO fees that I control:
TITLE & ESCROW
So, depending on the information you provide, based on the selling price, I can figure out an estimate of closing costs for both buyers and sellers.
Just give me call.
But.... please remember, there are many costs I collect not many are actually mine!
They ask a million questions about all phases of real estate.
Much of the time it is about closing costs.
I always take the time to explain who usually pays for what and how much.
Now, this is not something I just throw out there. Many of the fees
depend on the price or if it is a refinance. the amount of the loan.
That being said, I'll explain to you how I figure costs.
1. Examination of records to determine the condition of the title.
2. Escrow fee to cover the cost of escrow officer who handles all of the paper work
and funds required, clears the title so that buyer gets marketable title, prepare paper work
from the lender for buyer, get deed for seller, pay all of the bills,
make sure the buyer gets the property
and disburse to seller their money and more...
3. Title insurance premiums in Ohio are all the same since Ohio is a "rated state".
The cost of the insurance is based on the price or mortgage amount.
TOTAL closing costs will be more than the above three items.
We have to collect up front from buyer and/or seller for transfer tax, filing fees, lenders' mortgage fees,
real estate commissions and other recording fees, cost of survey, wire fees, overnight fees..and it goes on and on.
What ever the contract states - we do!
So -there are TWO fees that I control:
TITLE & ESCROW
So, depending on the information you provide, based on the selling price, I can figure out an estimate of closing costs for both buyers and sellers.
Just give me call.
But.... please remember, there are many costs I collect not many are actually mine!
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