SETTLEMENT COSTS (MD CLOSINGS ONLY)

Estimated Costs

You can read the article What Will Your House Really Cost?, from the Washington Post newspaper to learn more about the costs involved. Clients may be entitled to certain discounts on their next settlement. Items marked with a red $ may qualify for a discount. A Settlement Sheet is divided into several categories as follows:

• Lender Items to Borrower may include:
  • "Points" 1 point =1% of loan amount
  • Appraisal/Application Fees
  • Credit Report Fees
  • Document Preparation Fees
  • Underwriting Fees
  • Flood Certification Fees
  • Tax Service Fees
  • Processing Fees
  • Interest Rate Lock-In Fee
  
  
• Lender Prepaids:
  • Real Estate Tax Escrows
  • Hazard Insurance Escrows
  • Interim Interest
  
  
• Title Items:

  Buyer's Fees
  Settlement Fee	$300
  Title Search/Abstract	$265 (at cost)
  Title Insurance Binder	$100
  Notary fee/Doc Prep	$50
  Delivery/Fax/Copy/Admin Fee	$65
  Courier Recording Service	$25
  Title Insurance (Owner's and Lender's Policy)	$4.20 per 1000 of sale price + $35 for lender's policy

  
  

  Seller's Fees
  Settlement Fee	$300
  Doc Prep/Notary	$50
  Prepare and Process Release	$170 per loan
  Deliver/Fax/Copy/Admin Fee	$18.75

  
  
  • Title Examination (Avenue does not charge extra)
  • Multiple payoffs (refis)     $35 each
  • Title Clearance (if necessary)     $110-210/hour
  
  
• Montgomery County, Maryland Fees^*

  	Borrower	Seller
  State/County Transfer Tax (1.5 %)	0.75 %	0.75 %
  County Record ($6.90/1000)      (loans up to $500K)	$3.45/1000	$3.45/1000
  County Record ($10.00/1000)      (loans over $500K)	$5.00/1000	$5.00/1000
  Maryland Recording Fees
  Deed	$40
  Deed of Trust	$40
  Releases		$40
  *variances may occur after application of first time homebuyer, low-income homebuyer, and other tax abatements as well as recently pending and enacted tax reductions at state and county levels. County taxes vary.

  
  
• Miscellaneous fees if applicable:

  	Borrower	Seller
  Survey	$175 - MD	N/A
  Termite Inspection	$65
  Additional Wire/Courier/Overnight	$35	$35
  E-Storage Fee	$45