EFFECTIVE MAY 1, 2015
Costs incurred with closing a real estate transaction in our market are customarily divided as shown below. However, many of these items are negotiable. The cost estimates below are in fact, only estimates, may differ from what you actually pay, and are subject to change without notice.
Note: (B) = Buyer; (S) = Seller
(B/S) Closing Fee – Typically split evenly between buyer and seller
Residential Properties $300
Commercial Properties $500 – minimum charge, may be higher based on complexity
Mobile Homes $400 – includes cost to obtain 936R from county and transfer and/or
cancel mobile home title. Mobile home properties outside of
Payne County will be charged an additional $100 courier fee.
(S) Bring abstract to date – See Oklahoma Abstract rate sheet for current abstracting rates. Abstract bill will include an additional $10 for property tax statement and additional $30 storage fee for abstracts that are being held in storage.
(B) Title Examination - $200 for our in-house attorney. Buyer may select a title attorney of their choice, cost will vary. For the protection of both buyer and seller, our company policy prohibits the closing of a real estate transaction without a current title examination.
(B) Title Insurance – One-time premium protects against defects in title (known and hidden).
Lender’s Policy – Issued in an amount equal to the loan amount, protects the lender against loss.
Owner’s Policy – Issued in an amount equal to the purchase price, protects buyer during length of ownership.
See attached rate sheet for title insurance premiums. Simultaneous issue of both an owner’s and lender’s policy is an additional $100, not the full rate for both policies.
(B) Title Endorsements – ALTA 9, 100, or Zoning Endorsement if required by lender. $75
(B) Final Title Report for Title Insurance – Required for all closings where title insurance is being issued. $200
(B) Buyer’s Name Check – Required for all transactions where title insurance is being purchased or bank financing is being used. $75
(S) Pre-Closing Gap Check – Required for all closings to insure no new documents have been filed against the property or record owner prior to closing. $50
(B) Email Document Delivery – Covers the cost of paper/printing for loan documents. Applies to all closings where lender is emailing loan documents for us to print & copy for the borrower. $25
(B/S) Email Document Delivery – Charged to the applicable party. Covers the cost of sending closing documents by email to buyer or seller who will not be present at closing. $25
(B/S) Express Fees – Charged to the applicable party on all closings where documents or abstracts are to be shipped by FedEx. $25 for payoffs and out of county recordings, $35 for loan packets and abstracts.
(S) Outgoing Wire Fee – Charged to send outgoing wires for payoffs, proceeds, etc. $15
(B) Incoming Wire Fee – Charged for any incoming wires for loan funds, buyer funds, etc. $11
(S) Uniform Commercial Code Search (UCC) – Most standard purchase contracts require seller to provide UCC search to buyer. $75
(B) Recording fees to county clerk for deed and mortgage – Each document to be recorded is charged at $13 for the first page and $2 for each additional page.
(B) Mortgage Certification Fee to county treasurer - $5 per mortgage instrument to be recorded.
(B) Mortgage Tax to county treasurer - $0.10 per $100 of mortgage amount (assumes a term of 5 or more years).
(S) Documentary Stamps to county clerk - $1.50 per $1,000 of sales price.
(B/S) Mortgage Inspection Certificate – Contract determines which party is responsible for payment. Cost ranges from $165 to $400 depending upon property location.
(B) Termite Inspection – Often required by lenders. $85 to $125.
(S) Document Preparation/Curative Work - $25 per curative document required and/or $25 per hour of additional work performed to satisfy title requirement(s).
(B/S) Contract Preparation – If you are doing a “For Sale By Owner” transaction and would like us to assist you with preparing a sales contract - $75
PAWNEE COUNTY PROPERTIES:
Pawnee County properties will include an additional $50 courier fee in lieu of the
usual $25 shipping fee for documents to be recorded as they must be hand delivered for
recording. We will perform closings at Meurer Abstract in Pawnee for an additional cost of $100.00