Finding the Right Title Agency

Pick Without Remorse

As a real estate broker, I’ve advised hundreds of families on which title companies to use. In my experience, many sellers are unaware they have a say in which title company handles the closing and even conducts the closure itself. Most listing agents indeed have solid recommendations for the title firm they’ve worked with in the past because of the trust and rapport they’ve developed with them over the years. However, it is more crucial than ever to pick an excellent title business in today’s wild real estate market, when every dollar of closing expenses, every little delay, and every mistake in the closing process can be the difference between closing the deal and losing the Buyer.

Real estate agents (those representing Buyer and Seller or transaction agents) and Buyer and Seller rely on a title company to carry out many tasks behind the scenes of a real estate transaction, such as investigating the various costs and fees associated with the transfer of the property, the details of the multiple loans, taxes, commissions, and prepaid expenses, and more.

Early in my career, I learned the value of a title company that is proactive in troubleshooting, constant in its attention to detail, and provides a high level of service.

As the manager of a real estate brokerage team, I am now in the enviable position of being able to choose my preferred title company. Because I treat every deal as if it were the most important one in the world—of course, for the people involved—I only work with the most qualified experts in their fields to guarantee that every facet of the transaction goes smoothly. Here are four things to keep in mind while picking a title company:

Reputation and precedence; there is no doubt that patterns of the past are repeated in this field. While top-performing brokers consistently give exceptional service through well-established, efficient procedures and processes, slackers keep making the same mistakes they always have. Similarly, sloppy title companies tend to have a track record of sloppy work. Get both positive and negative recommendations from people you know, including relatives, coworkers, and mortgage brokers. Since, like with insurance brokers, you’re not purchasing the insurance from the title firm, the most critical factor in reputation is whether or not they are reliable in answering your questions and concerns, both when you first phone and when you call again. If a title rep. (sales rep. )takes you out to lunch, ask what percentage of their business comes from purchases of newly built homes, commercial transactions, land sales, refinances, FSBOs, or broker-brokered resales.

Given the precarious status of the national economy and the local property market, it is becoming increasingly evident that the title company’s financial stability is of paramount importance. As a Seller, you take on significant risk if your title firm fails.

1. If the title company fails to show up on the closing day, the transaction will be delayed, creating logistical and financial difficulties for the buyer and seller.

Earnest money and mortgage proceeds may be held up while a bankruptcy court sorts out the accounts if the closing title company is holding onto them.

Third, the seller, not the title company, may be responsible for rectifying any escrow mistakes made by the former if the latter goes out of business before the closing.

4. The seller may be liable for claims made by the buyer in the future if the title company’s list of title exceptions on Schedule B-2 does not match the seller’s title exceptions on the warranty deed.

Second, you should feel confident that the title firm is familiar with the typical problems seen in your industry and the best ways to resolve them. If you’re considering a short sale, do they have any connections with lenders or the loss mitigation departments of banks? Will the same point of contact be available to you from the beginning to the end of the deal?

The proximity of the title company’s office to the property’s center may also be necessary. At the beginning of my career, I would select a title company for each listing based on my rapport with the regional rep and the proximity of the title company’s satellite office to the property’s location. Due to the title company’s excellent customer service, thorough understanding of the closing procedure, and proven ability to complete closings in locations most convenient to my clients, I now almost exclusively employ their services.

Finally, it’s essential to consider the title company’s pricing structure. Title insurance premiums and closing costs might vary widely from one provider to the next. For example, closing costs on a second mortgage can exceed the sum of the individual title fees and other service fees. It’s important to talk openly about all of the costs involved. Of course, many fees, such as the transfer charge, recording fee, doc prep fee, state stamps, etc., are non-negotiable and imposed by the specific County, State, or lender.

The title business is rarely noticed when everything goes smoothly during a real estate transaction because of their quiet, behind-the-scenes labor. However, the more problems that arise during a transaction, the more prominent the escrow officer becomes. When multiple parties have failed to maintain communication or have lost their goodwill, it is not rare for a good title company to preserve a transaction from dissolving. As a real estate agent, the title firm you choose can significantly impact your career. As a property seller, choosing the title company is crucial to ensuring a smooth transaction. Green Real Estate Investments

Bob Maiocco, Broker Associate, is the Real Estate Expert in Denver.

Bob has worked in real estate since 1992, during which time he has assisted countless families in moving to Centennial State. He makes it a point to know everything there is to know about the market, such as when the next Triathlon is, or the newest recreation center opens in Denver and Evergreen Real Estate [http://www.denversrealestatenews.com/golden-mountain-estate-for-sale/]. As one of my clients put it, “I love it when any of my families (past clients) call on me to find out when the next party is or if a new trail is opening soon..”

Bob and his family, including his wife Alisa and sons Jack and Tyler, are regulars in the Jefferson County Open Spaces. Bob is a tribunal interpreting covenants and limits, where Jack and Tyler play soccer, football, and lacrosse.

When it comes to helping my clients locate the perfect homes for their families, I take great satisfaction in providing them with the most excellent tools available, consistently outstanding at negotiating, and listening exceptionally well.

The search for a new home can be an emotional experience fraught with serious legal ramifications. Bob’s previous customers consistently remark on how reassuring it was to work with him because of his thorough knowledge of the law and his knack for finding the “Needle-in-the-Haystack” home that is perfect for them.

I’m so happy to be able to persuade others to make the same decision I did and call Colorado home. I’m excited to get to know you and share how my access to cutting-edge tools and expert market insight may assist you in making the most informed choice.

Evergreen Property Investments.

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