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Real Estate Settlement Pricing: A Theoretical Framework

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  • Kevin E. Villani
  • John Simonson

Abstract

This paper examines the pricing of real estate settlement services. Prices charged by real estate brokers, title insurers, private mortgage companies and other settlement service providers have been a public policy issue for a decade. The Real Estate Settlement Procedures Act of 1974 did little to alleviate public concerns or change pricing practices.The paper provides both a conceptual framework and some observations on how prices for settlement services are determined. It concludes that the demand has little to do with the services themselves, but rather depends on the demand for housing. This creates an environment for unnecessary services to be performed and for prices to be far in excess of cost. Copyright American Real Estate and Urban Economics Association.

Suggested Citation

  • Kevin E. Villani & John Simonson, 1982. "Real Estate Settlement Pricing: A Theoretical Framework," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 10(3), pages 249-275.
  • Handle: RePEc:bla:reesec:v:10:y:1982:i:3:p:249-275
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    Cited by:

    1. Benito Arruñada, 2001. "The role of title insurance under recording and registration," Economics Working Papers 565, Department of Economics and Business, Universitat Pompeu Fabra, revised Sep 2002.
    2. John D. Benjamin & G. Donald Jud & G. Stacy Sirmans, 2000. "Real Estate Brokerage and the Hosting Market: An Annotated Bibliography," Journal of Real Estate Research, American Real Estate Society, vol. 20(1), pages 217-278.
    3. Benito ArruÒada, 2003. "Property Enforcement as Organized Consent," Journal of Law, Economics, and Organization, Oxford University Press, vol. 19(2), pages 401-444, October.
    4. John D. Benjamin & G. Donald Jud & G. Stacy Sirmans, 2000. "What Do We Know About Real Estate Brokerage?," Journal of Real Estate Research, American Real Estate Society, vol. 20(1), pages 5-30.

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