We would like to send our appreciation for your interest in conducting business with our firm. We look forward to continuing serving your business in this competitive market. Below are the generic fees for settlement held in our office. These fees are based on Cecil County properties. Some of the fees are adjusted for other counties. Our office follows all regulatory and statutory guidelines for reissue rates/discounts for title policies as well as returning client/property files. Please do not hesitate to contact our office for any and all estimates needed.
- Closing Fee $395.00 this includes document preparation and Consummation Fee (if returning customer there may be a discount given)
- Simultaneous Closing Fee for 2nd Mortgages $150.00
- Refinance Closing Fee $350.00
- Per our underwriter’s new guidelines we are required to offer a reissue rate to all 1 to 4 residential homes even without current owner providing their policy
- Title Examination and Abstract Fee $225.00
- If more than one parcel or title issues revealed additional fees may be incurred
- Wire Fee/Bank Surcharge Fees $25.00 (for each incoming and each outgoing wire per file)
- Title Insurance Binder/Closing Protection Letter $50.00
- If title insurance is required on 2nd loans $25.00 additional fee for second binder issued
- Notary Fee $10.00
- $15.00 for 1st and 2nd combo loans
- Review/Processing/Procurement for lien/payoff satisfactions $75.00
- Each mortgage that needs to be release from record (additional fees may be required if title issues resolve from unreleased liens of record)
- Electronic Delivery/Courier/Express Mail Fee/Postage $25.00
ESTIMATED TOTAL COST ON A BASIC PURCHASE TRANSACTION $750.00
THIS DOES NOT INCLUDE THE TITLE INSURANCE WHICH IS BASED ON A PERCENTAGE OF THE PURCHASE PRICE AND LOAN AMOUNT AND REGULATED BY THE MARYLAND INSURANCE ADMINSTRATION. MARYLAND INSURANCE COMMISSION REVISED RATES EFFECTIVE APRIL 1, 2017
PLEASE NOTE—THERE MAY BE ADDITIONAL FEES ON FORECLOSURE/BANK SALE PROPERTIES FOR THE ADDITION COPIES THAT NEED TO BE MADE AT THE COURTHOUSE AND ADDITIONAL DOCUMENT PREPARATION
Standard Cecil County Recording Fees
- Recording Fee $60.00
- For each instrument to be recorded at the courthouse: Deed, Deed of Trust, Assignments, Power of Attorneys {$20.00 each}, etc.
- If the property is not a primary residence there is an additional $55.00 charge to the Clerk of the Court
- Recordation Stamps $8.20 per thousand (BASED ON THE HIGHEST NUMBER PURCHASE PRICE OR LOAN AMOUNT)
- Based on Sales Prices–standardly split equally between buyer/seller—UNLESS NEW CONSTRUCTION BUYERS NORMALLY PAY ALL
- State Transfer Tax .005 on Sales Price
- 1st MD Resident/Occupying Home BUYER exempt
- Usually split between buyer and seller OR as stated in Sales Contract
- County Transfer Tax .005 on Sales Price
- 1st MD Resident/Occupying Home BOTH BUERY AND SELLER ARE exempt
- Usually split between buyer and seller OR as stated in Sales Contract
POINTS TO REMEMBER WITH HOME BUYERS/SELLERS
GATHER ALL PHONE NUMBERS, BRING PHOTO IDENTIFACTION (cannot be expired), HOMEOWNERS INSURANCE, HOMEOWNERS ASSOCIATION DUES, POSSIBLE TOWN/UTILITY METER READINGS, HAVE PAYOFF INFORMATION EASILY ACCESSABLE, TRY TO LOCATE PREVIOUS LOCATION DRAWINGS AND OWNER’S TITLE INSURANCE POLICY FOR DISCOUNTS. OUR OFFICE MAKES EVERY ATTEMPT TO OBTAIN A COPY OF THE OWNER’S POLICY TO BE ABLE TO OFFER A REISSUE RATE TO THE PURCHASERS FOR THEIR TITLE INSURANCE. OFFERING A REISSUE RATE IS A MARYLAND STATE INSURANCE REGULATION AS OF MAY 2005.
Pursuant to Fidelity National’s Chief Underwriter, it has become more critical that this closing office is to disburse on “good” or “collected” funds ONLY. Therefore, this office is now required to disburse only on funds that have been wired to our account, or have otherwise been deposited and cleared, and have been fully credited to our account. If a cashier’s check is received, it must now be deposited and have cleared our account. We are required to contact our bank and confirm the funds are available with no ability of the funding party to “RECALL” them in any fashion.
PLEASE NOTE: If you would like to have funds disbursed the day of closing, then ALL funds must be in the form of a wire transfer OR there will be a delay in funding until those funds received have cleared our bank’s account.
Please contact our office and we can give you verbal figures as rates have just recently been updated. We look forward to working with you in the near future. Please do not hesitate to contact our office with any further questions or concerns. Holly or I will be glad to assist you and answer any questions you may have.
Thank you,
Susan M. Sprout Knight susank@ardenttitle.com
Holly A. Wright hollyb@ardenttitle.com