COST SAVINGS OPTIONS FOR BUYERS w/ financing only:

Bifurcation of Title - Buyer saves at least 40% off closing title fees (~$1000-$1200 in savings)

EV Has, LLC offers a cost saving option for the Buyer.

Typically the Seller’s attorney picks the Title Company to handle the closing and then the Seller’s attorney collects a portion of all the title fees from the both Seller paid and Buyer paid closing costs.

In Illinois, since you as the Buyer are paying for title services you have a statutory right (see 215 ILCS 155/18.1) to pick who you pay. We call this Bifurcation of Title. We have negotiated with a title company for a special reduced rate to give you significant cost savings to the Buyer of up to $1200.

  1. There will be two title companies conducting two separate closings simultaneously.
  2. The Seller's attorney agent will not be entitled to any buyer side fees or split of fees with the Buyer's chosen title company.
  3. The Buyer's chosen title company will prepare all Lender side documents, including Master and CD, and coordinate the wiring of funds and disbursement of funds with the Lender.
  4. The Buyer's chosen title company will issue Lender's title invoice and collect 100% of the escrow closing fee, the Lender's Policy fee, all endorsement fees, and any other buyer side title fees, including DFI policy tax, Lender CPL fee, ILAPLD fee, express delivery and service fees, document preparation fee, wire fee, recording fees, date down fee, and chain of title fee.
  5. Seller's Title Company will cooperate with the Buyer's chosen title company to provide a coordinated Master Settlement Statement to the Lender.
Pros:
  1. EV Has’ Title Company affiliate has agreed to reduce Seller Title Company fees especially Buyer is financing the purchase with a mortgage;
  2. closings are facilitated by knowledge of our partner title company's procedures, expectations and policies; c) there is more control over scheduling the closing.
Cons:
  1. Some Seller's attorneys are so against Bifurcation of Title that they will protest to the extent of delaying the closing. This could be a potential threat to rate lock deadlines and other deadlines.
  2. Because most real estate brokers are not familiar with Buyer's right to Bifurcate Title, they will see it as an obstacle to a smooth closing, rather than a benefit to the Buyer. Brokers need to be brought into the conversation early if you want to explore this route.
Disclosure:

The Buyer will pay lender and buyer title insurance policy fees and endorsements regardless of Title Company. In the conventional closing, these fees are typically split with the Seller's Attorney and Title Company. When we Bifurcate Title these fees are split with EV Has and our partner Title Company. EV Has, LLC will if possible reduce the cost of the title insurance to the buyer and be compensated for it at the same time through split of these fees. if we cannot lower Buyer title insurance fees, we will not recommend this Option. Title insurance fee collected are in addition to the Buyer attorney closing fee as referenced below.

Fees:

The base legal fee for handling your real estate transaction is $750 and shall be paid at closing. In addition to either of the options selected above, the base legal fee for handling the transaction may be more, based on the complexity and resources required to complete your closing.