Norhteast-Ohio-Title
 
 
 
Ohio-Title-Agent
 
Definitions of Seller(s) Closing Costs
 
Definitions of Buyer(s) Closing Costs

Payoff Current Mortgage(s)- First Mortgage loan that must be paid off. Also includes second mortgages, such as Equity Lines of Credit, which must be cleared at title transfer.

Tax Proration- A debit from Seller's Net Proceeds and credited to Purchaser(s) for taxes accrued but not yet due and payable.

Rent Proration/Security Deposits- In the instance of rental property, current monthly rents are prorated and security deposits are credited to purchaser(s) at closing.

Deed Preparation- Attorney fee for preparing Deed.

County Transfer Tax- Tax payable to County Auditor at title transfer. Varies from County to County.

Recording Cancelled Mortgage- Recording fee to County Recorder for filing mortgage release(s).

Title Examination- Title Company service fee for examining the subject property in the public records.

Owner's Policy Premium- Insurance Premium that protects the owner against land ownership problems and potential loss of property.

Commitment to Insure- A document that binds the title company to issuance of a title insurance policy upon satisfying requirements stated therein.

Escrow Fee- Service fee for facilitating the transfer of property by following the written instructions of buyer, seller, and lender, holding and disbursing funds and documents on their behalf, and assuring all of the conditions of the parties and mortgage lender have been satisfied and title is properly transferred.

Transfer Service Fee- Work fee for updating title and transferring the property at the County Recorder's office.

Hold Signature Fee- Service fee for coordinating and ensuring that all mortgages and liens have been released, so that the title policies can be issued.

See Buyer(s) Closing Costs for service fees that buyers are prohibited from paying on FHA and VA transactions.

 

Recording Deed and/or Mortgage- Fee charged by the County Recorder for filing the deed and mortgage.

Loan Policy Premium- Title Insurance Premium for insurance protecting the mortgage lender against loss in the event of a title claim.

Lender Document Preparation- Lender fee for preparation of the loan documents and mortgage deed.

Tax Service Fee- One time fee payable to the company that coordinates payments of real estate taxes.

Special Tax Search- Lender directed service fee for title company's search of local City Ordinances to ascertain if there are pending items for assessments that have not yet been certified to the County Auditor.

Conditional Filing Fee- Title company service fee for work performed at the County Recorder's office to update current title status and ensure correct filing of the title and mortgage documents.

Recording Fee/Assignments- Recording fee payable to County Recorder for filing the document that is used to transfer the interest of a mortgage lender to another lender.

Mortgage Origination Fee- A one time set up fee charged by the lender for originating the loan.

Mortgage Discount/Points- A fee charged for applying certain features to the loan such as: reduced interest rate, cash out, waiver of escrows, etc.

Appraisal Fee- Fee payable to an Appraiser for performing a written report of estimated value of real property.

Credit Report Fee- Fee payable to credit reporting agency for issuing a credit report on the borrower(s).

Survey Fee- The fee charged by a Registered Surveyor at the request of the lender, to perform a site inspection of the property to determine if improvements are located within the boundary lines. (Not a Boundary Survey.)

Interim Mortgage Interest- Per Diem Interest collected at closing for the period between closing and the beginning of the following month.