Question on Title Charges portion of HUD-1

[Jeff Sanders]

Greetings, I am closing on my first flip property on Monday and tonight I finally got the HUD (big hairy mess, foreclosure had already started, seller got notice but failed to mention it, but that's another story) and I was a bit surprised at some of the buyer closing costs and wanted to see what others think.

Background: I am buying the house for $190k, all cash, no financing. All the closing folks were selected by the agent who is representing me on the buy.

Here are the details of HUD section 1100 (skipping $0 lines)

1101: Title services and lender's title insurance - $750 (buyer)
1102: Settlement or closing fee - $450 (left of line)
1103: Owner's title insurance - $667.50 (buyer)
1106: Owner's title policy limit - $190k (left of line)
1107: Agent's portion of the total title insurance premium - $534 (left of line)
1108: Underwriter's portion of the total title ins. prem. - $133.50 (left of line)
1109: Title examination - $225 (left of line)

So, all told the title costs to me are line 1101 & 1103, which comes to $1392.50. That seemed high to me but any feedback I can get from the experts would be greatly appreciated.

Thanks

Jeff

[Chris Martin]

If you find out who did the last title insurance policy, the closer can ask for a 'reinsurance rate' from that carrier and your cost will be less. My closing attorney's paralegal always tries, and often succeeds, to get a discount.