FireSide charges the refinance borrower a “flat rate” of $500.00 on all closings for the following services:
- Settlement fee
- Ordering and reviewing the title examination to insure that how title is vested and what liens against the property must be dealt with. The title exam is done by an independent third party title abstractor who provides us with the raw data to prepare the title binder / commitment.
- Preparation of the title binder and submission of same to the lender. The title binder tells the lender that the title insurer will insure the lender’s loan, so that if it is ever discovered that there is some defect in title, the lender will be made whole, i.e. the loan will be paid off by the title insurer.
- Courier and Fed Express fees.
- Release preparation fee.
In addition to these flat rate charges, the purchaser/refinance borrower will be charged for the cost of title insurance.
On all refinances, the borrower will be required to purchase “lender’s title insurance” insuring the lender that if they loan the borrower the money, they will hold a first trust lien on the property securing the loan. FireSide, through its underwriter, First American Title Insurance Company, offers said coverage at a “refinance” rate. The “refinance” rate is thirty percent (30%) less than the cost of regular lender’s title insurance.
To calculate the cost of title insurance and your recording fees for your refinance, please use the “Get a Quote” button at the bottom of the page.
Purchases: Borrower / Purchaser
FireSide Settlement charges the borrower/purchaser a “flat rate” on all closings of $500.00 for the following services:
- Settlement fee
- Order and review a title examination. The title examination is prepared by an independent third party title examiner. Upon receipt, we review the exam to determine what liens have to be paid off and what deficiencies corrected so that the Purchaser shall obtain good title to the property and is able to purchase an owners coverage title insurance policy to protect their investment.
- Preparation of the title binder and submission of same to the lender. The title binder tells the lender that the title insurer will insure the lender’s loan, so that if it is ever discovered that there is some defect in title, the lender will be made whole by the title insurer, i.e. the loan will be paid off by the title insurer.
- Issuance of the insured closing letter (ICL).
- Courier and Fed Ex fees
In addition to these “flat rate” charges the Borrower/Purchaser shall be charged the following for the purchase of title insurance:
LENDER’S COVERAGE TITLE INSURANCE PREMIUM CHARGES:
To calculate the cost of Lender’s title insurance please insert your loan amount into the “Get a Quote” application at the bottom of the page.
OWNERS COVERAGE TITLE INSURANCE PREMIUM ENHANCED COVERAGE
To calculate the cost of Owner’s title insurance coverage (enhanced policy) please insert the contract price in the “Get a Quote” application at the bottom of the page.
Regular coverage owners title insurance is available for 20% less than the cost of enhanced owners coverage. Please contact us for an explanation of the difference.
RECORDING FEES FOR PURCHASERS
To determine your state and local recordation taxes please insert the purchase price and loan amount in the “Get a Quote” application at the bottom of the page
FireSide charges the Seller a settlement fee of $250. The law firm of Edward D. Hubacher, PC charges the Seller a fee of $200 for legal documents prepared to consummate the transaction. Courier and overnight delivery fees and release preparation / verification fees are additional if needed.
The Commonwealth of Virginia charges the seller a transfer tax of $1.00 per $1000 based on the sales price or assessed valuation (whichever is higher) of the property being sold. In the Northern Virginia counties of Arlington, Fairfax, Loudoun and Prince William as well as the City of Alexandria, the State charges a congestion relief fee of $1.50 per $1000 dollars based on the higher of the sales price or assessed valuation.
THESE ARE OUR VIRGINIA CHARGES. IN MARYLAND AND THE DISTRICT OF COLUMBIA WE CLOSE THROUGH PASSPORT TITLE WHO HANDLES THE BACK OFFICE WORK FOR OUR TRANSACTIONS. EDWARD D. HUBACHER IS A LICENSED MARYLAND AND DC ATTORNEY, AS WELL AS A LICENSED MARYLAND AND DC TITLE AGENT AND OVERSEES THE ENTIRE TRANSACTION. PLEASE CONTACT US FOR MARYLAND AND DC RATES.