RGS Title was over priced for seller Escrow services. Their initial price was over $1,000 for attorney and titled related closing fees. After too much effort with two attempts to obtain price reductions, I was able to obtain their services for $895.
In contrast, my Redfin listing agent provided me a sample of escrow and attorney fees charged sellers by 8 different firms. RGS and one other firm, both bundled everything into one fee, were the only ones that charged sellers over $1,000. The other 6 firms provided the same services for between $650 and $800.
Further, RGS provided contacts for 3 attorneys for me to consider as alternatives to the attorney RGS uses for attorney services. One was mostly retired, another was disinterested, and neither wanted to perform attorney services for real estate closings. I did not contact the 3rd attorney. As it turned out, the attorney RGS uses had the same address as RGS, was the only attorney for the law firm at that address, and also was an RGS employee, the RGS managing attorney. Do you see any potential for over charging or conflict of interest in this type arrangement? In contrast to the $250 attorney fee RGS charged as paying to an independent law firm, the other 6 firms in the sample of closing cost services charged $55 to $195 for attorney fee services.
While a buyers is free to select the title company they wish to use [usually a referral by the buyer's real estate agent], I would recommend that the sellers agent provide the seller and buyer a good, fact based sampling of what different title companies charge for buyer and seller settlement services, attorney fees and, in the case of a buyer, what different title insurance firms charge for lender and owner/buyer title insurance at various mortgage amount and purchase levels. Also, I would recommend that the seller's agent recommend inclusion of a provision in the purchase contract that limits the seller's title company and related attorney fees to no more than $XXX, supported by the type of fact based sampling I recommend.
A seller's real estate agent would show great initiative and provide a valuable service by having this type information on hand for sellers, buyers and the buyer's agents -- possibly limiting the costs involved for both buyers and sellers -- and limit the opportunities for the pick pocket artists that seem so prevalent in real estate and real estate services related businesses, as well as wake up some real estate agents to what is expected as professional, cost conscious services to real estate property sellers and buyers.