unexpected charges from the title co.

WhaWhat is the name of your state? IL

I sold my townhome in chicago. During the closing, the tile co. (The First American Title)held $500 because they said they were not sure if I pay my water bill. Three weeks after the closing, my attorney told me that I would get $290 back out of the $500. It turns out water dept. has to credit me $196, so I told my attorney I should get my $500 back. He later told me that I would get $415 out of the $500 , because the tile co. charges money for holding money. I had my watermeter read before the closing, so I don't understand why the title co. held my money and then charged me for that. And on the internet they states they charge $10 to get the water certicate, and at the closing I found out they actually charge $40. t is the name of your state? IL

[HomeGuru]

Originally posted by seeker1000
WhaWhat is the name of your state? IL

I sold my townhome in chicago. During the closing, the tile co. (The First American Title)held $500 because they said they were not sure if I pay my water bill. Three weeks after the closing, my attorney told me that I would get $290 back out of the $500. It turns out water dept. has to credit me $196, so I told my attorney I should get my $500 back. He later told me that I would get $415 out of the $500 , because the tile co. charges money for holding money. I had my watermeter read before the closing, so I don't understand why the title co. held my money and then charged me for that. And on the internet they states they charge $10 to get the water certicate, and at the closing I found out they actually charge $40. t is the name of your state? IL

**A: ok, thanks for writing.

[Souix]

Originally posted by seeker1000
WhaWhat is the name of your state? IL

I sold my townhome in chicago. During the closing, the tile co. (The First American Title)held $500 because they said they were not sure if I pay my water bill. Three weeks after the closing, my attorney told me that I would get $290 back out of the $500. It turns out water dept. has to credit me $196, so I told my attorney I should get my $500 back. He later told me that I would get $415 out of the $500 , because the tile co. charges money for holding money. I had my watermeter read before the closing, so I don't understand why the title co. held my money and then charged me for that. And on the internet they states they charge $10 to get the water certicate, and at the closing I found out they actually charge $40. t is the name of your state? IL

***This is common for the title company to hold back funds when they don't know how something gets paid and by whom. Once they find out they pay the bill by prorating it. Since they didn't have to do that, they charge a holdback fee anyway to cover the expenses they incurred to do so in their bank account. I hope that is the question you wanted answered***

[HomeGuru]

Hopefully.