Closing Costs

Understanding closing costs is important, so you are not taken by surprise when you prepare to close the transaction.

Your title insurance is based on the purchase price of the property. The rate is set by the Pennsylvania Insurance Commission, and is standard with all title insurance companies.

The title insurance premium usually amounts to less than 1 percent of the purchase price of your home, and less than 10 percent of your total closing costs. So, although the title company or escrow office usually serves as a meeting ground for closing the sale, only a small percentage of the total closing fees are actually for title insurance protection.