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Wow, have you been asleep at the wheel too?   I am talking about the outrageous increases in Title Insurance in my area!  Someone at the office was kind enough to send me some updated info from our local 'Behemoth' title insurance company (CT&T) and my eyeballs almost popped out of my head.

Have you noticed this too in your area?

$200,000 coverage was $885.00 and is now ..... $1095.   That's around a 24% increase!

$500,000 coverage was $1,335.00 and is now ..... $1695.

Title Insurance FeesResidential Closing Fees (aka the closing table to use with pens included, very nice chairs at no extra charge) was $485.00 and is now $750.  Coffee is probably no longer included!

And my all time closing favorite the ever popular 'PUD Endorsement' was $105.00 and now it's $135.



Can I get at least a 'muffin' with my $135.00 'PUD' please?




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Lyn Sims

Schaumburg Homes for Sale

Lyn Sims (847)230-7324 at RE/MAX Suburban

 



I proudly serve and sell real estate in the Northwest Suburbs of Chicago.  If you are thinking about purchasing or selling your home in the communities of Schaumburg, Elk Grove Village, Hoffman Estates, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.

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All data and information provided on this blog is for informational purposes only. Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use.

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Title Insurance Fees ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com

 
 

Lyn Sims  ●  Schaumburg IL Area  ●  Northwest Chicago Suburbs  ●  (847)230-7324

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11 Comments on Title Insurance Fees - How much?

MAY
01
2009
1,040,293 Points 32 Featured Posts Outside Blog Called Shot Master

WOW Lyn...I new some things went up, but that is a large amount.   I am also surprised at your closing fee.  Last year, my closer, (the best in the business in my opinion)  charged $275.  I think she is at $300 this year, and that includes mini candy bars, and cookies if you are there in the morning!
4:58pm • #1
170,043 Points

Title fees have gone up. Beware when purchasing a bank owned property at title. They jack up the fees when the banks are on contract with these title companies
5:22pm • #2
116,129 Points Outside Blog

Lyn:

I think you deserve at least a muffin with those increases.  Those are quite hefty.  Any explanation as to why such a large increase?
5:23pm • #3
460,544 Points 1 Featured Post Outside Blog Called Shot Master

Your title coverage sounds low compared to ours.  I think it is around $1500 for 200,000.  But the closing fee of $750 sounds high.
5:26pm • #4
156,315 Points Localism Sponsor

In your state are attorneys required to prepare the title insurance, close the file, etc?
5:32pm • #5
Hit Router

I'm going to have to check closer at our rates.  Thank you for the heads up.
5:34pm • #6
543,347 Points 39 Featured Posts Outside Blog

Lyn,

I was interested in seeing the comments on this post...A good example of how Title Insurance and Title Fees vary so widely from State to State and even regionally within some States...!!! In PA we have an 'all inclusive rate' which includes the cost of the search, settlement and insurance...!!! Thanks,   Fran
5:37pm • #7
550,743 Points 22 Featured Posts Outside Blog Called Shot Master

Fran:  Your the guy that knows, thanks for stopping by to tell us what happens in PA.  Sounds better than our way here in IL.

Bill:  No cookies, stale coffee, high fees only.  Nice carpeting & surroundings though.

Katiejo:  You are right, REO'S in my area are being forced into selective title insurance & fees from the 'intermediate' company. So in other words the 3rd party also tries to hike up the closing costs.  In fact, title was brought down thru one company and we closed physically at this company because that title company doesn't exist in Illinois.
5:43pm • #8
550,743 Points 22 Featured Posts Outside Blog Called Shot Master

Shirley:  Only the finest furniture provided for that $750.  The best laminate in Illinois!

Heather:  Yes, attorneys bring down the title and are at the closings here.  They knock me over trying to stampede for the muffins.

Wayne:  Check in your area, like I said I was very surprised and this increase was in January.
5:47pm • #9
MAY
02
2009
628,324 Points 313 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

It doesn't make sense especially when most of the title companies have let the best employees go and have shut down numerous branches and operations. So why the increase in fees???   UUUUrrrrrgggggg!!! 
2:53pm • #10
MAY
03
2009
550,743 Points 22 Featured Posts Outside Blog Called Shot Master

Yes Brad and you know that industry very well!  You make a good point, when things are slow - yeah, let's raise the rates!  When I was at my last closing, there were alot of closing rooms open with only one person (my closer) staffing the whole place.  It was like a ghost town.
8:03am • #11

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Lyn Sims - Schaumburg Homes

Schaumburg, IL

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Schaumburg Real Estate - Northwest Suburbs - RE/MAX Suburban

Address: Schaumburg, Hoffman Estates, Elk Grove Village, Streamwood, Roselle, Bloomingdale Illinois in the Northwest Suburbs of Chicago

Office Phone: (847) 230-7324

Cell Phone: (847) 230-7404

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