Ready to Buy: Here’s a Guide to Finding the Right Title Company for You
Top 5 Qualities to Look for in a Quality Title Company
Buying a home consists of myriad moving parts; from the Realtor to the mortgage lender, it can be surprising to a new homeowner, just how many different parties are involved in the transaction. And this is exactly why it’s so crucially important that a homebuyer research the individuals and companies they choose to use when buying a home.
Unfortunately for many, one service provider is often overlooked in this process: the title company. If you want to ensure your home purchase goes just as you have planned it, this is one partner that you need to give proper attention and consideration to. After all, the title company handles the title searches, issues title insurance, handles disputes, maintains the escrow accounts, and closes the sale.
To find the right title company for you, here are five of the top qualities you should be looking for in the companies you research.
Google the title company you are interested in to find out more about its reputation online. Check the Better Business Bureau’s website and review sites. Check the company’s Facebook page and Twitter profile, too. See what people are saying about the company and how they respond to questions from customers or prospective clients. The most important things to look for include responsiveness, timeliness, customer satisfaction, and overall friendliness.
Premiums and fees are just a small part of buying a home, but when you aren’t made aware of the fees before you’re charged, it can throw a shadow on the entire process. Some of the most common fees include those for electronic filing, courier services, document preparation, processing, and others.
The amount of these fees varies by the title company, so it’s important that you ask detailed questions to make sure the company is completely transparent with you, so you aren’t surprised later. The title company should be willing and ready to answer any question you might have. If they aren’t, then you should look elsewhere.
When you’re buying a home, a title company is typically referred to you by your real estate agent or lender. While this can be helpful, you don’t want to rely solely on their recommendations because they may be biased. Instead, ask people you trust who they used when they bought their homes. Ask the title company you are thinking about using for a list of referrals, especially for their most recent customers.
Technology plays an important role in housing transactions, but some title companies aren’t as tech savvy as others. Some stalwarts still prefer manual processing, which takes longer and costs more. Therefore, you want a title company that offers the speed and convenience that only digital can provide. From digital sign-in portals to electronic signature and recording capabilities, technology helps you save more time and money throughout the process, including at the closing.
Industry Regulatory Compliance
Title companies are required to follow state laws regarding how their policies are structured. The problem is, not all title companies comply. For the best protection and satisfaction, only choose from compliance-driven title companies – they make insurance compliance a top priority. If a company is hesitant to share its license information or its audit results, then the chances are good that it’s a title company you should outright avoid.
When you’re researching homes, Realtors, lenders, and the like, don’t forget to include title companies in your comparisons. The earlier you can decide on which title company you want to use for your home transaction, the quicker and easier the process will be. Remember, it’s okay to listen to the advice of your real estate agent, but in order to be sure you’re getting a title company that’s right for you, do your own due diligence.