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Updated over 10 years ago,
First deal: Estimated Closing Statement from title company (FSBO/all cash): 13% of purchase price. Is this right?
Nine days after opening escrow, I received an estimate (actually the Buyer's Estimated Closing Statement) from our title company yesterday. It was emailed to me same morning the fedex package to the Seller went out. I had been requesting an estimate since the day we opened escrow.
This is for a 14k property, FSBO, all cash. No clouds on the title. I (the buyer) am paying all closing costs.
Owners Policy $605.00
Escrow Fee/ Title Services $1,075.00
Transfer Tax $15.40
Recording $93.00
Tax Proration: $9.70
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TOTAL$1,798.10 (12.84% of the Purchase Price)
Based on subsequent estimates I received over the phone today (I didn't realize that you could get a rough estimate over the phone, as this title company took nine days to provide one), the combined owners policy and escrow fees are $500-$600 higher than other title companies. This is for me, the buyer, paying both sides of fees.
I requested from my title company a fee schedule of the Owners Policy and a fee breakdown of Title Services, and the company has refused to provide. I don't even know what Owner's Policy I'm purchasing. There is a fee schedule posted online, but policy fee in the estimate is 50% higher than posted online.
The Seller has already fedex'ed his forms back.
At this point, what recourse do I have? Are title companies not obligated to provide timely estimates and accurate fee schedules?