Purchase Transaction

These fees are to be used for good faith purposes only and are subject to change in connection with lender requirements, contract and loan amount adjustments.

Total settlement fee is $600 and includes the following services:

• closing / settlement fee
• Title Abstract Feee
• Electrical / Technical / Administrative Fee
• Title Binder
• Tax Certificate
• Notary Fees
• Courier

Please note: The settlement fee does not include the cost of a survey as it is an additional service and may not be required for all transactions. If it is required by your lender the cost is approximately $225 in Maryland.

** Additional charges will apply when there are two loans. There is a $100 fee in addition to the settlement fee for closing second mortgages.

** Powers of Attorney - there is a $75 charge for preparation of a power of attorney.

Title Insurance

** REUSSUE CREDIT - SAVINGS!!!
When the home you are purchasing has an existing owners insurance policy, you are entitles to a discount on the new policy. We will ensure, where such coverage exists, that you receive a reissue rate on your new insurance.

Recordation and Transfer Charges

There are typically three government taxes which are charged when transferring real estate in Maryland: a state recordation tax, a state transfer tax, and a county transfer tax. (Note: not all counties collect a transfer tax.) Maryland state law dictates that, unless otherwise provided in the contract, transfer and recordation taxes are to be split equally between the purchaser(s) and seller(s). If the purchaser(s) is a first time homebuyer(s) in the State of Maryland, Maryland law exempts the purchaser(s) from paying any state transfer tax and requires the seller(s)to pay a transfer tax of .25% of the purchase price.

When refinancing, typically only state recordation taxes are collected. These taxes are collected on the difference between the principal of the existing loan being paid off and the principal of the new loan.