Abstract – A title insurance professional must perform a title search and produce documentation on the home’s title. The abstract is a concise summary of that search and official documents related to the immovable property. ($100-$200 depending on the length and complexity of the abstract)
Government Recordation Charges – The recording fee is paid to a government body which enters an official record of the change of ownership. ($85 for the Cash Sale/Deed, $225 for a mortgage, and these charges will vary slightly from parish to parish)
According to the IRS:
"These are recorded on your Closing/Settlement statement (HUD). Many other settlement fees and closing costs for buying the property become additions to your basis in the property and part of your depreciation deduction, including:
- Abstract fees
- Charges for installing utility services
- Legal fees
-
Recording fees
- Surveys
- Transfer taxes
- Title insurance
- Any amounts the seller owes that you agree to pay (such as back taxes or interest, recording or mortgage fees, charges for improvements or repairs, and sales commissions)."
Please feel free to post any additional details or questions in the comment section.
