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Finding the Right Title Company for You

By: Elite Legacy Education, February 24, 2017

Finding the Right Title Company for You

 

What is a title company and what services do they provide?

Title companies essentially provide closing services for real estate transactions in order to finalize the transfer of the property from seller to buyer. Specifically, they conduct processes to ensure that a title on a property is authentic without any previous claims on it. These are known as encumbrances which affect the ownership of the property. There are a few reasons as to why this may occur, but title companies will reveal any problems and work to clear the slate. Once they have confirmed there are no issues, the title company issues what is known as title insurance. Basically, this ensures that the property is encumbrance free.

Once this has taken place, the title company arranges for the actual closing of the deal. This requires closing papers, escrow payments and the eventual cash disbursement between the two parties and their real estate agents. All of this must be completed before the property is actually transferred over from the seller to buyer. The very final step that the title company completes is to upload the information of the transaction into the property’s public ownership records.

 

When might you need a title company in the first place?

Typically, it is the buyer that gets to select the title company. As such, you would need to seek out a title company when you are looking to either:

  • Buy your own personal residence
  • Purchase an investment property

 

What should you look for in a title company?

The selection of a title company should not be left to chance. In fact, your choice of a title company can have a huge impact on the smoothness of the transaction. Here are some things to keep in mind as you search for a title company.

Reputation and experience of the title company. As always, experience makes a difference in the real estate market. This holds true for title companies too. Not to mention you should consider their reputation over the number of years they have been conducting business. Those companies that are more familiar with the type of deal you are looking to structure will be more beneficial to you. This applies even to real estate investments since there are so many types of deals you can execute.

Location of the title company. We assume you want to make the process as easy as possible for yourself and the other parties involved. With that said, it doesn’t make sense to select a title company that is inconvenient to your location. People won’t want to travel far so take geographical constraints into consideration.

Associated fees and charges. First off, you will want to make sure the title company’s fees and charges are in line with industry standards. Ensure that they are covering the essentials and not adding in too many unnecessary expenses. You should be particularly cautious of low-cost title services as they may be able to offer these discounted services by not taking full precautions.

Depth of title searches and disclosure of findings. Find a company that you can trust to get the job done right. This means conducting a detailed title search to uncover any hidden encumbrances and then fully disclosing anything found in the process. Ultimately, you want to make sure that they do their due diligence to avoid having deals held back at the last minute.

Handling of escrow processes. There will be a lot of money on the table when it comes to real estate transactions so be sure to ask about this aspect of the service. The title company should make sure everything goes as planned and each party receives the appropriate funds.

Choosing the right title company is just one factor that contributes to your success as a real estate investor in the U.S.

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