Real estate gurus Real Estate Services

Title services provide all parties involved in the real estate transaction with peace of mind that the ownership of the home can legally be transferred from one owner to the other. It also protects the buyer and lender against future claims to the property. 

Your lender will require their own title insurance policy in order to approve a mortgage. This policy protects your lender from any issues that can arise from an additional legal claim on the property. This portion of the title services are paid by the buyer.

This type of title insurance covers the buyer against any other claims against the property. The buyers policy is typically covered by the seller, however depending on the contract negotiations, it is possible the buyers can be responsible. 

Title charges will vary depending on the city, state, attorney and title company. Most states do not require or recommend an attorney when purchasing or selling a home. In non-attorney states, typically most of the title fees are state mandated. States such as Illinois, the title charges will vary depending on the relationship the attorney has with the title company. It is recommended that you ask your attorney what the fees will be and how they are compensated through the title company. The seller and/or sellers attorney will pick the title company that will be used for the transaction. In Illinois if there is no selling attorney typically you can expect to pay between $900.00-$1,500.00. If there is a selling attorney you could expect to pay $3,500.00-$4,000.00.

This is a tax charged (city and/or state) when ownership of home is transferred from one owner to another. This fee is normally calculated on a % of the value of the home. Depending on the city, the buyer, seller or combination of the 2 can be the responsible party to pay the transfer tax.

When the property's ownership changes, there are legal documents that need to be recorded with the county. The county does charge a fee for doing this.