Monday, June 24, 2013
New Closing Fee Coming in Indiana
UPDATE 7/3/2013 Fee is now reported to be $25.00 per letter provided
Before they hand you the keys at the closing table, they will be collecting an additional fee starting July 1, 2013. It's called the Closing Protection Letter (CPL) fee.
Title insurance premiums will be regulated by the Indiana Department of Insurance.
Residential real estate transactions will be subject to the inclusion of a Closing Protection Letter fee for buyer/borrower, seller and lender, if applicable. The estimated fees are as follows:
Buyer - $100
Seller - $50
For more information on these changes, go to the Indiana Department of Insurance website at www.in.gov/idoi , then click on the tab titled "Insurance Laws & Bulletins" on the left hand side of the home page and see Bulletin 199.
Prepare to be confused.