Buyers and Sellers (and the knowledgeable lawyers, Realtors, and mortgage originators that represent them) should all brace themselves as title charges are going up again as of January 1st. When an amendment to the State's Title Insurance laws kicks in. Buyers should expect to pay at least $25 more on each transaction. Sellers will be shelling out at least $50 more. Those are minimum fees folks. Be on the alert for title agents who may charge more.
Make no mistake about it either, the new requirements for Closing Protection Letters are important. We will address the specific reasons why in a future post, but on the bottom line, they afford some parties to a closing aadditional title insurance coverage against losses caused by errors or infidelity of closing agents in the handling of the transaction. Important? Ask anyone who lost money when a mortgage loan was never actually paid off from the proceeds of a sale or loan re-finance, or who's title agent disappeared overnight, never to be seen or heard from again.