Closing Settlement Agent
 

Should I use Peninsula Land & Title for closing or pick my own?

I assume you are buying a new house? If so, they didn't charge me anything, but that was 6 years ago.

It sounds like you answered your own question. "You are not required to use the listed provider". But, 5 percent sounds outrageous.

I got confused. 5% is the sales commission pct.

Does that mean settlement company did not charge you anything?

Have not closed yet.They do charge a closing fee. Which is standard practice.

I bought a new house from The Villages and paid cash. They didn't charge me any fees. The only thing I paid at the closing were the prorated property taxes and amenity fees that I would have had to pay anyway if they hadn't already paid them in advance. But, The Villages didn't charge me anything to handle the settlement or deed preparation or transfer.

If you buy a new house from The Villages and pay cash, they shouldn't charge you any closing fees.

I believe you’ll find that Peninsular Land & Title is owned by the Developer. They’re integrated into the closing process, making it ‘one stop shopping’ to close on a new house. You have the right to choose your own title company for closing, but you’ll likely make the process more time-consuming and expensive.

Remember the well-proven phrase regarding the closing process… If it ain’t broke, don’t fix it.

Pick your own, it's cheaper.

They sure were smart enough to keep their fingers in all the pies

dittos, we did cash also, & had very little 'fees' to contend with

We used the Villages Title company. Just made everything super easy. Did a mail away close (we signed everything in another state) and then my husband just showed up on closing day for the walkthrough and to pick up keys. It was super painless.

Call Title Companies for Their Closing Fees
 

Also make sure if you choose another company that they can close in the allotted time frame. We had 30 days. Peninsular Land & Title has the process down to an art.

Just like your nose. Pick your own.

Original post of kingofbeer:
“Reading The Villages sales contract, I see Settlement Service as 5% of purchase price. This seems way out of range. Normally you pay a reasonable fee for closing (less than $500) because the they make money on the title insurance they sell. Contract says you are NOT required to use the listed provider. I have contacted the title company that handled the closing on my last house and am waiting to hear back from them. Am I required to use Properties of the Villages, Inc for closing?”

@kingofbeer Are you asking your question to buy title insurance from a title company? If yes, many people buying new homes in The Villages do not buy title insurance. I suggest that you read other threads on this topic.
If not for title insurance, then why use a different closing agent? Integrity? If yes, you can hire an independent lawyer to review your closing documents before closing to give you comfort and still use The Developer’s closing agent.

Pick your own! Horrible service, and they refuse to fix their mistakes. I sold Real estate for 20 yrs in Michigan and have never felt with the incompetence that I felt with closing with this company. They also refused to let me read title policy prior to close ( not legal in Mi, not sure if it is here)numbers were wrong, wanted to put in my trust name and ( insane, simple change) they told my seller it would take at least 30 more days. If my seller head not been as honest and wonderful as he is and refunded me moneys he was over paid( because again, they refused even though we had proof their numbers were wrong) I would have walked out. My wonderful seller would have been very hurt and it would have cost him thousands had I not closed, only reason it did.

Always learning. I suppose even useless to me knowledge can have value. We bought roughly 10 years ago. As I recall it was Mclin and Burnsed closing agent? They were attorneys representing the builder. As I recall the CONTRACT was like 20 pages. Every second or third page you stated that you read the previous page of legalese and UNDERSTAND IT. At the time we through my wife's business had paid for legal representation. I got a very hostile response when I told them I was bringing my attorney. The conversation was we only allow 15 minutes for every closing. It is a CONTRACT you are signing. It is a significant amount of money.
There are endless posts, I did not know I agreed to that. It was in the contract you SIGNED otherwise you did not agree to that.

I do not claim to be an expert. Most of CLOSING COSTS are paid to the BANK if you take a mortgage. Even title insurance is not required if you are not taking a mortgage. For us at the time we bought mortgage money was dirt cheap so we took a mortgage and invested the money. It worked out very well. Buying today, homes are far higher, mortgage interest rates while still historically low are far higher and this is the first year in 15 that the stock market is down.

For those who purchased a new house from the developer, and paid an attorney to review the contract, did your attorney provide any value for his fee other than to provide you with some peace of mind?

I purchased a new house from the developer, paid cash for the house, and the developer covered all fees associated with the ownership transfer to me. I saw no need to hire an attorney or another title company.

Perhaps, my post was not clear. We did not PAY our attorney to be there we had a great deal through my wife's company it cost us NOTHING. As far as I understand it at closing the contract WRITTEN BY THE BUILDER is a take it or leave it thing.
CHANGES? There is no one there to ok changes. Any changes you make, voids the contract.

If, I understand it, you have set up a TRUST, to avoid PROBATE when you and you significant other pass away. We just did the same. Our deed needs to be changed to the name of the trust. Thanks, this reminded me, the 30 days expected is now 60 days time to follow up.

If, I understand it perhaps because a knowledgeable real-estate broker and or attorney was NOT used the sales contract was NOT properly written in the name of the TRUST. At closing people representing the Title company and or the bank are just CLERKS. They do not have the power to CHANGE what the paper says.

Issues a closing seem to be more common than they used to be. We bought our first and only home ??? 40 plus years ago. The contract was FOUR PAGES.
We bought a new home in the villages, as I recall the contract was like 20 pages and you sign like every second page that you have read and understand the previous page.

I understood your post. But, if the developer's contract is a take it or leave it deal, why bother to bring an attorney, even if you don't pay them? I would just like to know if anyone has benefited by having an attorney.

Some Things Never Change