File Tracking
| Masters Title & Escrow | Fees |
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For residential transactions, we typically charge only two (2) fees: Title search, survey (if required) and any other necessary third party fees are billed at cost. Fees for commercial transactions vary, but ours are very competitive. For a no-obligation quote which includes our fees, any applicable title insurance premium(s), and all state and local transfer and recordation taxes for your upcoming transaction, use the Title Quote link to the left. In the unlikely event that a competitor has offered you fees which are lower than quoted by us, please send us a copy of the estimate (often a preliminary HUD-1 form or Good Faith Estimate itemization) and we will match the offer. Remember, it is only the total settlement charges that matter, not individual line items. Our settlement fee may be higher than the next guy, but our total should be lower. Some competitors throw in hundreds of dollars of junk fees and spread them around the settlement statement. It is easy to engage Masters as your settlement agent: (1) tell your real estate or mortgage professional that you have selected Masters or (2) identify Masters as settlement agent in your sales contract. New orders can be made online, sent to This e-mail address is being protected from spambots. You need JavaScript enabled to view it , or faxed to 202 521-1802.
1The Settlement Fee is often split between the parties in purchase transactions -- check your sales contract. This fee is not only for conducting the settlement, but for all of the administrative work Masters undertakes in getting the transaction to the settlement table. |
FAQ
Close All | Open AllWe would need to review the sales contract to answer this question. Sales contracts typically allocate settlement charges between the parties in some fashion.
Read More ...Our fille tracking system is the perfect tool for buyers/borrowers to stay on track to the settlement table. The system is accessible around-the-clock, allowing buyers/borrowers and their agents and lenders to monitor the progress of a file through defined stages as various documents are made available for downloading.
It is also useful for sellers to use to monitor the buyer's progress toward closing. One of the most frustrating things for a seller is uncertainty -- has the buyer ordered title services? is my title clear? is the file clear to close? what is my loan payoff? how much money will I net at closing? These issues are easily resolved by logging into the secure system and viewing relevant documents.
Read More ...A title must be deemed "good and marketable" before the settlement process can continue. The results of the title search identify (among other things): the current record owner of the property; any liens on it; and any limits on how an owner can use the property. Our attorneys will examine and confirm the documents and information in the title search report to determine what—if anything—must be done in order to clear the title to the property so that the buyer can obtain its (and its lender's) goal of "good and marketable" title.
Read More ...Whether or not you get a survey on your property depends on the type of property you are purchasing. If you are purchasing a condominium, a survey is not required. If you are purchasing a townhouse or single family home, most lenders will require a survey. Surveys are generally not required for refinances, although a survey affidavit may be. For transactions involving commercial property, an ALTA survey will often be required. These projects are costly. Again, if a prior survey exists, this can cut your costs.
If a survey is required, you will have the option of a location drawing or "upgrading" to a boundary survey. A location drawing is sufficient for most residential lenders but it does not mark and cannot be relied upon to establish property boundaries or corners.
Read More ...Most lenders require a location drawing of the property in order to ascertain that: others (such as adjoining property owners) have not encroached on the property being purchased; improvements on the property neither extend beyond the lot's legal boundaries nor are placed over easements of record; and there are no violations of building restriction lines or other regulatory restrictions.
Our attorneys review the completed drawings, and if any problems are found we work with all of the parties involved to try to find an acceptable solution that allows the closing to move forward.
Read More ...Title insurance protects against a loss to the lender or the owner in the event that the title to the property is other than as insured. Title insurance is an essential part of virtually every transfer of ownership of residential or commercial real estate. It is purchased at settlement, and the title insurance policies are issued shortly thereafter. Although it can be one of the higher costs of closing, buyers should be aware that it protects them against potentially disastrous losses.
There are two (2) types of title insurance policies: lender's and owner's. Lender's title insurance is required by lenders to protect their interest in the property from possible title defects. Buyers have the option of purchasing owner's title insurance to protect the buyer's investment, which often is greater than the loan on the property. While the lender's policy expires when the loan is paid off, the owner's policy coverage can continue as long as the owner has a vested interest in the property (and depending upon the type of owner's coverage purchased, even longer).
With both owner's and lender's title insurance, there are essentially two (2) levels of coverage, Basic and Enhanced. Some lenders require their coverage to be at the Enhanced level; others only require Basic coverage. Owners can elect whether to obtain Basic or Enhanced coverage, or none at all. Click here for a comparison of Basic and Enhanced owner's coverages courtesy of First American Title Insurance Company. Enhanced coverage (Eagle) is approximately 20% more expensive than Basic (ALTA) but you will see that it covers significantly more risks.
It is important to know that title insurance premiums are paid only once, at the closing. Owners title insurance may be purchased after the closing, but only after another full title search is undertaken and any necessary affidavits are executed.
Read More ...Unless otherwise agreed, all buyers, sellers, and their respective real estate agents will attend the closing which is conducted by the settlement officer. Lender representatives occasionally attend.
Read More ...A refinance closing takes approximately 40 minutes and the settlement of a sale / purchase lasts approximately one hour. If any complications arise or if there are several buyers or sellers, it could take longer.
Read More ...Included within the subject of "junk fees" that often appear on the HUD-1s created by other title companies are notary fees, courier and/or overnight delivery expenses, wire fees and title binder fees. Generally speaking, Masters does not pass on such costs or charge such fees to our customers.
Read More ...Our team is in contact with our office network (voice and email) around the clock. Please contact us any time.
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