Fees and Rates
If you haven't already done so, please review the Title Insurance and Closing pages to gain an understanding of the process and unfamiliar terms before checking out our rates and fees. You are also welcome to contact me without obligation for specific quotes or if you need further explanation of the process involved.
As an approved attorney, I can save you money on the closing process on most transactions. Here is how the industry works. All Title Agents have contracts with Underwriters which are large companies that underwrite the policies and defend the claims. Underwriters must file rates with the Pennsylvania Department of Insurance and abide by those rates. A majority of the Underwriters are members of TIRBOP (Title Insurance Rating Bureau of Pennsylvania) which files rates on behalf of its members who agree to abide by their rates. As most Title Agents have a contract with one or more of the TIRBOP members, when you close with those agents you will be charged an "All Inclusive Rate." As TIRBOP states on its website, "Pennsylvania is one of the few States where the rate is all-inclusive in that the title insurance charge includes the cost of the search, title examination, escrow and settlement services, and the insurance risk assumed by the title insurer." I have included a link to a Rate Table so you can see what you would pay if used a Title Agent that uses a TIRBOP member to underwrite its policies. Rate Table. (Title rates have increased on May 1, 2016 for the 2nd time in the past five years)
In addition to the all inclusive charge, there is also a charge for each endorsement added to the title policy. This charge may vary but for the typical endorsement required by a lender in a residential loan (PA 100, PA 300 and PA 900), it is $100 per endorsement. Additionally, most lenders require a closing protection letter which is an additional $125.00. Finally, some Title Agents have miscellaneous charges such as for overnight delivery, wire transfers, email documentation fees and/or notary fees. Therefore to find out what a Title Agent is likely to charge, you would go the rate chart and look up the purchase price (or loan amount in a refinance) and find the applicable rate (under Sale or Non-Sale) and then add at least $425.00 to that rate since most lenders will require three endorsements and a closing protection letter. Finally, you would ask the Title Agent if they have any extraneous fees.
I am NOT a Title Agent, but as an Approved Attorney can get you a title policy as well as handle the rest of the closing process (title search, settlement, disbursement). If you close with me, you would not need a Title Agent, while my attorney's fee will always ensure that you pay less than if you used one. The way it works is that there will be one charge for issuance of the title policy at the approved attorney rate (which is less than the all inclusive rate). My fee for the rest of the process is discretionary.
The chart below will help illustrate the difference between using my services and that of a title agent. Using a $500,000.00 purchase as an example, you can see the charges associated with a Title Agent using a TIRBOP member to underwrite the policy, and my own charges using Penn Attorneys for the title policy. This chart is an example of what I may charge. Savings for most purchases between $100,000 and $500,000 will be between 10 to 20 % less than most title agents.
As an approved attorney, I can save you money on the closing process on most transactions. Here is how the industry works. All Title Agents have contracts with Underwriters which are large companies that underwrite the policies and defend the claims. Underwriters must file rates with the Pennsylvania Department of Insurance and abide by those rates. A majority of the Underwriters are members of TIRBOP (Title Insurance Rating Bureau of Pennsylvania) which files rates on behalf of its members who agree to abide by their rates. As most Title Agents have a contract with one or more of the TIRBOP members, when you close with those agents you will be charged an "All Inclusive Rate." As TIRBOP states on its website, "Pennsylvania is one of the few States where the rate is all-inclusive in that the title insurance charge includes the cost of the search, title examination, escrow and settlement services, and the insurance risk assumed by the title insurer." I have included a link to a Rate Table so you can see what you would pay if used a Title Agent that uses a TIRBOP member to underwrite its policies. Rate Table. (Title rates have increased on May 1, 2016 for the 2nd time in the past five years)
In addition to the all inclusive charge, there is also a charge for each endorsement added to the title policy. This charge may vary but for the typical endorsement required by a lender in a residential loan (PA 100, PA 300 and PA 900), it is $100 per endorsement. Additionally, most lenders require a closing protection letter which is an additional $125.00. Finally, some Title Agents have miscellaneous charges such as for overnight delivery, wire transfers, email documentation fees and/or notary fees. Therefore to find out what a Title Agent is likely to charge, you would go the rate chart and look up the purchase price (or loan amount in a refinance) and find the applicable rate (under Sale or Non-Sale) and then add at least $425.00 to that rate since most lenders will require three endorsements and a closing protection letter. Finally, you would ask the Title Agent if they have any extraneous fees.
I am NOT a Title Agent, but as an Approved Attorney can get you a title policy as well as handle the rest of the closing process (title search, settlement, disbursement). If you close with me, you would not need a Title Agent, while my attorney's fee will always ensure that you pay less than if you used one. The way it works is that there will be one charge for issuance of the title policy at the approved attorney rate (which is less than the all inclusive rate). My fee for the rest of the process is discretionary.
The chart below will help illustrate the difference between using my services and that of a title agent. Using a $500,000.00 purchase as an example, you can see the charges associated with a Title Agent using a TIRBOP member to underwrite the policy, and my own charges using Penn Attorneys for the title policy. This chart is an example of what I may charge. Savings for most purchases between $100,000 and $500,000 will be between 10 to 20 % less than most title agents.
|
Cost
Breakdown |
Most
Title Agents |
Jeff
Rosner |
|
Title
Insurance Premium |
$3,305
(all inclusive) |
$747.50
(for both lenders and owners' title policy) |
|
Typical
Endorsements |
$300 |
$75 |
|
Closing
Protection Letter |
$125 |
$125 |
|
Closing/Settlement
Fee |
$0 |
$1,850 |
|
Miscellaneous
Charges |
$0-
$150 |
$0 |
|
TOTAL |
$3,880 |
$2,797.50 |
As you can see from the above chart, the total cost is significantly less when you use me over a Title Agent. I model my rates after the title agent but always make sure to save you money as long as the purchase price or loan amount is greater than $100,000.00. This applies to all refinances and purchases of primary residences. For purchases of investment properties, please contact me for a quote as you will typically pay more for anything under $200,000.
All you need to do is get a quote from your title agent and then contact me and let me know the purchase price (or loan amount for a refinance). You will generally save hundreds of dollars with the added bonus of having an attorney guide you through the process.
Currently, Rosner Settlement Services is charging 25% less for title costs on any purchase or refinance over $500,000 with the standard title insurance policy. Comparison is based on Title Agents using a TIRBOP member to underwrite the policy. Note, this discount does not apply to clients who wish to have the enhanced policy.
Underwriters
Currently I am an approved attorney for Penn Attorneys, a First American company. They have great rates on the standard policy allowing me to offer a larger discount on my fees. For those clients who want the enhanced policy, you will pay the standard rates that a title agent would charge. To view financial strength - go to www.firstam.com/title/about/company-information/financial-strength-ratings.html
Stop overpaying for title costs in PA by using an approved attorney instead of a title agent. Let me give you a quote so you can see the savings.
Jeff Rosner
Rosner Law Firm P.A.
610-660-7792 Office
919-882-9972 Fax
All you need to do is get a quote from your title agent and then contact me and let me know the purchase price (or loan amount for a refinance). You will generally save hundreds of dollars with the added bonus of having an attorney guide you through the process.
Currently, Rosner Settlement Services is charging 25% less for title costs on any purchase or refinance over $500,000 with the standard title insurance policy. Comparison is based on Title Agents using a TIRBOP member to underwrite the policy. Note, this discount does not apply to clients who wish to have the enhanced policy.
Underwriters
Currently I am an approved attorney for Penn Attorneys, a First American company. They have great rates on the standard policy allowing me to offer a larger discount on my fees. For those clients who want the enhanced policy, you will pay the standard rates that a title agent would charge. To view financial strength - go to www.firstam.com/title/about/company-information/financial-strength-ratings.html
Stop overpaying for title costs in PA by using an approved attorney instead of a title agent. Let me give you a quote so you can see the savings.
Jeff Rosner
Rosner Law Firm P.A.
610-660-7792 Office
919-882-9972 Fax