1100)             Title Charges

1101)      Settlement or closing fee                    to                                

The lender and closing agent are allowed to charge a settlement or closing fee.  The amount of this charge could be split between the buyer and seller, or paid in full by the buyer or the seller depending on how the contract is written.  There may be an amount shown in both columns.

1102)      Abstract or title search                           to                                

There is most often a fee charged to either bring an abstract date, if the state is an abstract state, or at a minimum a title search fee.  The lender must be sure that there is no flaw in the claim of the title and must check to see if the property is clear of any mortgage, liens, or encumbrances.

      1103)      Title examination                   to                               

There is most often a fee for an attorney to examine the abstract or read the chain of title.  All lending institutions require this service and it is usually charged to the buyer and shown in the appropriate column.

      1104)      Title Insurance Binder                to                          

Some loans require title insurance be purchased to guarantee that a property has a clear title.  This insurance protects the lender and sometimes the buyer against a clouded title.  For an additional premium, the buyer can obtain insurance coverage.  This is generally a fee charged to the buyer and is shown in the appropriate column.

1005)      Document preparation                    to                                

The lending institution is allowed to charge a document preparation fee.  This fee may be for preparation of the note and mortgage documents.  This is generally charged to the buyer and is shown in the appropriate column.

      1006)      Notary fees                          to                          

There are documents signed at closing that must be notarized before being recorded in the land records.  The closing agent or lender usually charges this fee to the buyer and is shown in the appropriate column.

      1007)      Attorney’s fees                         to                         

This line is included for any attorney’s fees that were accumulated during the course of the sale of this property or other legal services or closing services.  This could be charged to the buyer or the seller, depending on who incurred the fee.

      1008)      Title Insurance                       to                               

This is a fee that is charged for the premium on title insurance.  It is generally a buyer’s expense a buyer’s expense and is shown in the appropriate column.

      1009)      Lender’s coverage                       to                               

This is a fee for the title insurance.  It is the fee charged for the lender’s coverage of the policy.  It is generally a buyer’s expense.

      1110)      Owner’s coverage                       to                               

This is a fee that is charged to the borrower for the homeowner coverage of title insurance.  It is generally a buyer’s expense.

1111-1113)    Extra blank lines for items unique to this closing of this particular loan.

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