Utah Closing Costs - Title Insurance

Title Companies have different rates that they charge for each category, (such as recording and document preparation fees) but the final closing costs are very similar from one company to another. Because of this, the list here in not all-inclusive, but these are the standard charges you may incur when closing on Real Estate.

Title Insurance*
Sellers:	The sellers provide the buyers a policy of title insurance.
Buyers:	The buyers provide a policy of title insurance to the lender if a mortgage is involved and possibly to the seller in a seller financed transaction. The lender may also require additional coverage or endorsements to the title policy.
Overnight Delivery Fee ($20 - $100)
Sellers:	Mortgage payoffs are sent via overnight delivery service to better track payoffs and to stop interest from accruing. Closing documents for out-of-state sellers will be sent and received via overnight delivery service.
Buyers:	Mortgage or loan documents often come from, and need to be sent back to out-of-state mortgage lenders. In these cases, it is not uncommon for the borrower to pay the overnight courier fees. Closing and loan documents that need to be sent to out-of-state buyers will be sent via overnight delivery service.
Recording Fees ($100 - $200)
Sellers:	The sellers pay for the preparation and recording of any reconveyance or release documents.
Buyers:	The buyers pay the recording fees for the warranty and trust deeds.
Prorations**
Sellers:	For closings in all but December, the sellers credit the buyers with the prorated amount of property taxes. Other prorations such as condo fees, sewer/water assessments, etc., may be charged or credited to the sellers depending on what has been paid or what is owed.
Buyers	For closings in December, the sellers will have already paid the property taxes for the entire year. The buyer will pay to the seller, the prorated amount from the date of the closing until the end of the year. Condo fees, sewer/water assessments, or any other prepaid items may be prorated and charged to the buyers.
Settlement or Closing Fee ($125 - $150)
	For a closing to take place with the Title Company, there must be Title Insurance and the Escrow Officer must have a current license with the state of Utah. Both Buyer and Seller will usually pay a settlement fee. VA Loans: The veteran is not allowed to pay any settlement fee.
Document Preparation Fee ($35 - $75)
	A document preparation fee is charged for additional documents that are required to perform the closing.

* Title Insurance Premium is dependant upon borrower's loan amount and eligibility for re-issue or discounted rates. Quotes available upon request.

** The Proration amount depends on several factors such as date of closing and purchase price of property. Quotes available upon request.

HELOAN	8.250% APR
HELOC	8.250% APR
3/1 ARM	5.250% APR
5/1 ARM	5.750% APR
7/1 ARM	6.000% APR
FHA/VA	5.750% APR
15 Year Fixed	5.875% APR
30 Year Fixed	6.000% APR

TITLE RELATED CLOSING COSTS