- 1). Obtain a listing of the fees the escrow company charges for a real property sale or purchase. Escrow companies frequently offer printed schedules listing the fees for each service. Ask your escrow officer or real estate agent for a copy of this schedule.
- 2). Obtain a listing of fees from competing escrow companies. You can do this by asking your real estate agent for a copy of the fee schedule from other local escrow companies or by checking online for printed schedules for escrow companies in your local geographic area. Don't expect fees outside your geographic region to be comparable.
- 3). Identify any fees charged by your escrow company that other companies provide free of charge or for less money per service. Examine your preliminary escrow paperwork and the estimated fees provided by your real estate agent. Many states, including California, require this paperwork as part of the formal real property offer. If your state doesn't require this estimate, ask your real estate agent for a copy of this paperwork. A licensed agent with Multiple Listing Service membership has access to a program to formulate an estimated closing cost worksheet based on your real property purchase.
- 4). Discuss the escrow fee differences with your escrow officer. "Junk fees" is a term used by real estate agents to describe additional fees included in the escrow bill to generate money for the company. These include high-cost postage assessments, messenger fees for real estate transactions within the same city and excessive costs for wiring funds. Isolate the fees included on your escrow bill that are excluded by the other escrow companies. Request your escrow officer remove these arbitrary fees from your escrow bill. Obtain an amended escrow statement listing the waived fees. Do not rely on a verbal agreement.
- 5). Review the final escrow statement to ensure the bill excludes the waived fees. Make a line item review of the charges on your amended escrow statement noting the waived fees.
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