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Good Faith Estimate (GFE) | Title Charges

By Dustin R Burke, Adonai Financial

Title Charges is the section of the Good Faith Estimate where fees associated with the title of the property and closing of the purchase/refinance of the property. The Good Faith Estimate is a RESPA required document.

The most common title charges are listed below.

1101 - Closing or Escrow Fee: are fees charged by the settlement agent for the collecting and dispersing all the monies exchanged between the parties to a real estate purchase or refinance transaction.

1105 - Document Preparation Fee: are fees charged by the settlement agent for reviewing and preparing the documents needed to complete the transaction.

1106 - Notary Fees: are fees charged to have certain required documents notarized.

1107 - Attorney Fees: are any legal fees charged in relation to the loan or closing of the property.

1108 - Title Insurance: are fees charged for the cost of insuring the title of the property. Title insurance is required by most banks to insure that the bank's lien is in the property lien position. Having a residential real estate transaction without title insurance is rare.

As you can imagine, there more information than I can put here. If you would like more information about fees on a GFE or items discussed in this section please send me an email to dustin.burke@adonaifinancial.com.

"Adonai Financial, your friends in the mortgage business!"

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Adonai Financial Corporation

http://www.adonaifinancial.com/

---The content of this blog is my opinion---

Posted by Dustin R. Burke on 03/10/2008 11:33 PM

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good faith estimate, mortgages, title insurance

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