Rates and Fees

 

What are the typical deal rates and fees?

Closing costs are approximately six percent or more of the purchase price of the property.

Title costs include fees for a title search, the lender’s title insurance, and buyer’s title insurance.

Settlement fees are for the lender’s agent—usually a lawyer or title/escrow company representative.

Loan charges include origination, appraisal, and survey fees.

Taxes and government fees include transfer taxes and the buyer’s share of yearly property taxes.

 
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Who pays for what?

Seller

  • Real estate commission

  • Administrative compliance fee

  • Closing fee (if shared with buyer)

  • Owner’s premium

  • Recording fees for well disclosure, satisfactions of mortgage, and any other documents necessary to clear title

  • State and county transfer tax

Buyer

  • Administrative compliance fee

  • Lender fees (loan origination fee, appraisal fee, credit report fee, etc.)

  • Closing fee

  • Lender’s Title Insurance premium and service fee

  • Recording fee for deed, mortgage, and other documents necessary to ensure clear title

 

The charges quoted on this web site are estimates only, and should not be relied on as accurately reflecting the charges for a specific transaction. The actual charges may vary, depending on the availability of discounts, requests for special coverages or services, or other matters specific to the transaction. Please contact Detroit Title and Escrow or your agent for charges associated with a specific transaction.