Escrow Thursday: Will I Have To Pay Fees to the Escrow Company?

Will I Have To Pay Fees to the Escrow Company?

Escrow holders, or companies, are just like any other business. The fees they charge are not regulated by the State. They will charge fees commensurate with the costs of producing the service, the liability undertaken, and the overhead expenses which will include a profit factor. The fees will vary from company to company and county to county. The Escrow holder will follow its minimum fee schedule which will provide for extra charges based upon the differing elements of your escrow. An additional fee will be charged for an unusual expenditure of time on a given transaction.

The escrow holder has no control over the costs of other services that you may need for you transaction. Other services could include title insurance policy, lender charges, insurance, recording fees and any other fees that do not directly involve the escrow holder.

Your escrow officer can provide you with an estimate of the escrow fees and costs as well as fees charged by other parties in the escrow transaction if they can get the information.

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