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TITLE INSURANCE ESTIMATOR provided by CUMBERLAND TITLE SERVICES, LLC

Sale of Residential 1-4 Family Property

ALTA Loan and Owner's Policy
LOAN POLICY   Premium   OWNERS POLICY   Premium TRANSFER TAX (Borrower)
Loan Amount:     Sales Price:    
Endorsements*   $50       $50  
        Simultaneous Issue   $50  
Additional Endorsements**            
Survey Affidavit***            
               
        Less cost of Loan Policy      
Total Loan Premium       Total Owners Premium      

*Includes Endorsements: 8.1 (Environmental), 9 (Restrictions, Encroachments, etc.), Secondary Market

**Add $25.00 each: 4 (Condominium), 5 (PUD), 6, 6.1, 6.2 (Variable) Ballon, 7 (Manufactured Housing), 14.3 (Reverse Mtg), 116 (Designation of Improvements). Call for any further endorsements

*** Survey Affidavit. Please add $50.00 if this is a condominium or if you do not require a Mortgage Loan Inspection

Refinance of 1-4 Family Residential Property

ALTA Loan Policy
LOAN POLICY   Premium
Loan Amount:  
Endorsements*   $50
Additional Endorsements**  
Survey Affidavit   $50
     
Total Loan Premium    

*Includes Endorsements: 8.1 (Environmental) and 9 (Restrictions, Encroachments, etc.) or Secondary Market

**Add $25.00 each: 4 (Condominium), 5 (PUD), 6, 6.1, 6.2 (Variable) Ballon, 7 (Manufactured Housing), 14.3 (Reverse Mtg), 116 (Designation of Improvements). Call for any further endorsements

†Please note that this calculator is for estimating purposes only. Fees may be less than shown.

Fee Schedule – Effective July 1, 2010
Applies to Residential 1-4 Family Properties

FIRST MORTGAGE TITLE EXAM AND CLOSING (Exam $225 - Closing $350)
   ***This now includes all courier and wire fees*** 		$575
FEES THAT MAY BE NECESSARY TO A TRANSACTION, BUT MAY NOT APPLY TO ALL TRANSACTIONS(please see common circumstances below that may result in more accurate estimates)  
DOCUMENT PREPARATION           
Deed $150
Discharge $  85
Partial Release $100
Power of Attorney $  95
 MAIL AWAY FEE TO PARTY (includes courier fees) $  95
MISCELLANEOUS  
“Stand Alone” Second Mortgage Title Exam and Closing $525
Second Mortgage Closing with First Mortgage and HUD Preparation $175
Second Mortgage Closing with First Mortgage without HUD Preparation $100
City of Portland Tax Search Fee (charged by the City of Portland for each tax status request) $25-50

SOME COMMON CIRCUMSTANCES THAT MAY LEAD TO ADDITIONAL SETTLEMENT COSTS IN THE TITLE INSURANCE SECTION OF THE NEW GFE

  1.  Are both borrowers in title?  If not, will you need to convey title?  Does a borrower need to be taken off title? If so, the following costs may apply:
    1. Deed Preparation (see fee sheet)
    2. Recording fee (estimate $20.00)
    3. Transfer Tax (if the transfer is not between spouses or parents and children, Maine State Transfer tax may apply)

  2. Will all borrowers be present at closing?  If not, the following costs may apply:
    1. Prepare Power of attorney (see fee sheet)
    2. Recording Fee (estimate $22.00

  3. Will this be a mail away closing for the borrowers? If so, the following costs may apply:
    1. Prepare package for Mail Away (see fee sheet)
    2. Courier Fees are included in fee

  4. Other title matters that may affect the total title costs section:
    1. Undischarged mortgages of record (recording and preparation charges)
    2. Private mortgage holders (recording and preparation charges)
    3. New construction requiring updates to title

As always, we are happy to assist you in preparing an estimate.  Please call us at 207-899-4900 or send us an email: closings@cumberlandtitleme.com

DISCLAIMER:  The information presented here is for informational purposes only. It is not, nor is it intended to be, legal advice, nor for the formation of a lawyer/client relationship. The transmission of a question and the receipt of an answer, does not create a lawyer/client relationship. The reader is encouraged to seek independent legal counsel before consummating any real estate transaction, legal action or relying on anything in this article and/or answers received. Laws can and do vary widely from state to state and hence the information contained herein and/or an answer to a question you may pose may not apply to your jurisdiction