Below is an explanation of the recording fees that can be quoted within LodeStar. These recording fees are either automatically quoted (depending on the loan type) or can be manually added, if needed.
Deed: The recording of the transfer of property ownership from seller to buyer. (**The Deed is automatically quoted on a purchase transaction.)
- This can be used to relinquish interest in a property - Quitclaim, removing/adding a spouse from a deed, etc.
Mortgage/ Deed of Trust: an agreement between a home buyer and a lender at the closing stating the home buyer will repay the loan and that the lender will hold the legal title to the property until fully paid. (**The Mortgage is automatically quoted on Purchase and Refinance transactions.)
- Mortgage Riders will automatically be added based on the specific criteria. See how LodeStar accounts for riders here.
Release of Real Estate Lien: Typically used when a mortgage or other lien (mechanics lien, construction) has been satisfied by the debtor by payment in full of the debt or other agreement.
- This is automatically quoted on refinance transactions for certain counties and states.
Assignment: This is the document that is the legal record of a transfer from one mortgagee to another.
- When the mortgagee sells the debt to another bank, an assignment is recorded.
- Allows the buyer of a property to sell it before they take possession of it
Modification: a way to alter specific loan terms, while leaving other original loan terms intact and enforceable.
Power of Attorney: fees charged when a power of attorney is recorded.
- Allows a party to make legally binding agreements on behalf of the granting party.
Subordination: adjusts and ranks the new loans priority, so one knows which lien gets paid off first.
- This is mostly needed when there are two mortgages and the mortgagor needs to refinance the first mortgage.
- Ensures repayment priority from the borrower.