Residential Closing Fees & Costs
At Griffin & Jordan, we are pleased to help you with your title and closing. In general, there are two types of closing transactions – financed transfers and cash sales with no lender involved. As a part of your financed transfer, your lender will provide you with estimated closing costs. Both types of transactions have similar fees associated with them. Each client’s case is unique and there may be issues that require more than the usual amount of legal work; as a result, the fee for those cases would be higher. The fees outlined here apply to typical real estate transactions. These fees include:
Conducting Closing and Title Work
Review of title based upon an acceptable abstract or title opinion provided for review; full search of title and/or update of the title at the appropriate Registry of Deeds; update of title following closing; preparation of any closing documents; ordering mortgage inspection sketch and examination of same; preparation of loan closing documents as required by lending institution; obtaining figures for closing statement; and conducting closing; delivery of documents to Registry of Deeds for recording estimated to be $750.00.
Closing Agent Only (with another attorney doing the title work) $425.00
Title Work Only $350.00
Deed preparation with current owner search at Registry $200.00
Mortgage Deed and Note $350.00
Mortgage Discharge $100.00
Other fees associated with closing are:
- Transfer tax – the buyer and seller each pay half based on the purchase price at $2.20 per thousand dollars (rounded up to the nearest $500.00).
- Recording fees for deeds, mortgages and releases – $22.00 for the first page and $2.00 for each additional page plus $4.50 per document for e-recording.
- Mortgage Loan Inspection sketch – prepared by a surveyor is estimated at $250.00 in the greater Bangor area. These limited survey sketches provide a visual examination of the buildings and improvements within the confines of the described lot.
- Title insurance premiums are based on the purchase price and loan amount; please call the office for a quote.