title escrow fees

Val Vandervort of Veritas Homes continues the discussion with Melanie Luders of Fidelity National Title Escrow. This time they discuss title escrow fees and how they are shared in a Mid Peninsula real estate transaction.

Val: Talk with us about how title escrow fees work in San Mateo County

Melanie: So, basically, in San Mateo County, it is a buyer pay county which means when a buyer comes in to purchase a property, they are paying the title and escrow fees.

Val: How does it work in Santa Clara County?

Melanie: Santa Clara County is a seller pay county, so the seller would pay the escrow fee and the owner’s policy of title insurance where the buyer pay their lender’s policy.

Val: So, I always think the the nightmare scenario is that you're selling a home in Santa Clara County and buying in San Mateo. You’re double doing it there. But it's all worth the move typically.

Val: Let's talk about an example of what cost might be. So, let’s say a two-million-dollar purchase in San Mateo County. You're getting a loan that's 80percent of the purchase price. Right. So, a one-point-six-million-dollar loan.

Melanie: So, approximately the fees will run about $7500. They do vary a little bit and I want to add in there that does not include any lender’s cost that you might have in property taxes so maybe some auxiliary type of products is a home warranty things like that so that's kind of a rough number.

Val: buyers on occasion ask ask the question, “Is this the best price I can get? Can I go shop and find out about another title company?”

Melanie: So, the way I would answer that our fees are not negotiable. As title insurance in the state of California, we do have to file all of our fees with the insurance commissioner of California. So, therefore, they're posted. Once we get into an escrow process, our fees are based off the purchase price and your loan amount. You probably should look into other title companies, but what we have to offer at Fidelity National Title is the strength of our company. We are a Fortune 300 company and we are here for the long haul. So, if you have an issue with title on your home ten years into your ownership, we will definitely be here. Other title companies in the past are not here anymore to take care of those claims.

Val Vandervort and the team at Veritas Homes are available to further discuss residential title and escrow in San Mateo County. Call Val at 650-740-6025 to set up a consultation.

To learn more about residential title and escrow, watch the first video with Val and Melanie, "Residential Title and Escrow in San Mateo County."