|Part I: Our Commitment
Besides being committed to keeping our attorney fees at competitive rates, The Galer
Firm, P.C. has begun using its position as a title insurance agent for some of the
largest and most reputable title insurance companies in the Chicagoland area (e.g.,
Chicago Title Insurance Co., First American Title Insurance Co.) to greatly reduce its
clients' title insurance costs. (See more detailed explanation in Part II below.) As you
can see from the sample numbers in the following table (based on current Chicago Title
residential title insurance rates), the savings that result from our new program can be
|We invite you to compare the numbers above with the title insurance quotes provided
to you by other real estate attorneys in the area. We’re confident that by taking a
stand against the ever rising tide of title insurance fees and other closing costs, our law
firm is fulfilling its duty to look after (and not just take from) our clients’ pocketbooks.
Of course, whether an attorney will actively seek to reduce your closing costs (rather
than disproportionately contribute to them) is just one factor you should consider in
selecting an attorney to represent you in your real estate sale. Experience, knowledge,
commitment and communication are equally important, and we thus invite you to peruse
our website – www.galerfirm.com – or give us a call for more information on how we can
be of service to you.
Part II. Your Title Insurance Related Closing Costs
If your property is located in Cook, DuPage, Kane, Kendall, Lake, McHenry or Will
counties, you should be aware that standard practice (and the language in a high
percentage of the form contracts used in the area) calls for you to pay for your buyer’s
title insurance policy, and as a consequence, it is your attorney who will choose which
title company will be used for title insurance and closing services. Thus, the title
insurance related closing costs payable by you as a seller are highly dependent on the
decisions made by the attorney you choose to represent you in the sale.
For example, many sellers in this area are not aware that the nearly universal practice
of attorneys representing sellers of residential property in Chicagoland is to accept a
sizeable ‘title agent fee’ from the title company used in a given transaction. It is true
that the fee paid to the attorney by the title company at the closing is remitted partly to
compensate the attorney for having undertaken a limited regiment of title examination
duties on behalf of the title company. However, it has been said (and we’ll say it again
here) that an attorney’s title agent fee largely constitutes a commission paid by the title
company simply because the attorney brought the title insurance and closing services
business to that title company. (In effect, the attorneys in the Chicagoland area have
become the title companies’ sales agents).
Typically, the title agent fee received by your attorney is based on your property’s sale
price and can equal an amount anywhere from several hundred to several thousand
dollars. Usually, the fee received by the attorney amounts to more than 80% of your
title insurance costs as a seller and more than 40% of the total title insurance costs (i.
e., those of the seller + buyer) involved in the transaction.
In contrast, when representing a seller of real estate in the Chicagoland area, The
Galer Firm, P.C. will use its position as a title insurance agent to drastically reduce its
client’s title insurance closing costs. We will do this simply by accepting drastically
reduced agent fees. As you can see from the table in Part I above, the savings that
result from our new program can be substantial.
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