800 E. High St. Pottstown, PA 19464

Tales from the Trenches - Episode 1

Just say NO to conveyancing fees!
Attention Buyers and Sellers! There is a new unnecessary fee that is making the rounds among title insurance companies and it’s called a “conveyancing fee.” A true story: at a settlement today representing a seller, we noticed there was a charge to the seller in the amount of $150.00 for a “conveyancing fee”, which was agreed to by the seller’s realtor, payable to the buyer’s title company. We informed all present to remove that fee charged to our client. When asked why, we informed all present that conveyancing is done by the buyer’s title insurer and this conveyancing is included in the title insurance premium at NO COST TO THE SELLER. When we asked the Seller’s realtor why she would authorize a charge for her client that was already paid for by the buyer (Alex, I’ll take “Ripoffs” for $400), she said “because all title companies do it - it’s a normal charge.” We told her that paying for something that is already paid for by someone else is “not right” (but with somewhat stronger words) and that she should pay it herself, and not our client. What’s all the fuss, she said? It’s simple math: If this title agency charges $150.00 per closing for an unnecessary fee and they conduct 100 closings per year that translates to $15,000.00 in monies unnecessarily taken away from Sellers. If there are 2,000 title companies in Pennsylvania, then there is potentially THREE MILLION DOLLARS ($3,000,000.00) in monies unnecessarily taken from Sellers on an annual basis! That’s why Heartland Abstract, Inc., our title company, does not participate in this “everybody does it” game. We don’t charge these duplicative, unnecessary, “junk” fees to our clients. Why? Because it’s WRONG. When interviewing any realtor, ask them if they allow their clients (you) to pay a conveyancing fee. If the answer is “yes”, please disassociate yourself from them because any realtor that “represents” you and allows you to pay for items that someone else has already paid for, is clearly not representing your best interest. Knowledge is power. Contact Heartland Abstract before you decide to list your home or buy a home. We will give you the tools necessary to keep more of your money in your pocket.

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