Choosing a [New] Title Company.
Looking for a Title Company to settle in with for consistent service, changing providers for an upgrade or value-add, or a savvy seller/buyer looking for a service provider you can trust to close your sale and accomodate your needs? Don’t skip the vetting process.
For Realtors®:
Anyone affiliated with your business should match or exceed your level of passion, industry expertise, and accessibility. Your Title Company should certainly not be excluded from this standard. In fact, of all vendors in your circle of services providers used throughout a transaction, the title company, it’s closer, and staff should be an extension of your team.
“…the title company, its closer, and staff should be an extension of your team.”
For Sellers or Buyers:
During contract negotiations either the seller or buyer is selected as the party to pay for the owner’s title policy along with the provider of settlement/closing services. As the party who pays, you’re afforded the ability to choose a provider your can trust to close your sale or purchase
“As the party who pays, you’re afforded the ability to choose a provider your can trust…”
10 Questions to Ask a Title Company before choosing:
What are your office hours?
Standard business hours aren’t standard in the real estate industry. Make sure your title company provides the hours of accessibility to accomodate a range of [client] schedules.
If needed, can you meet a client (me) away from your office?
Make sure your title company is willing to accomodate [client] needs in a variety of ways including courier services, mobile notaries, and mobile closings.
With what methods and frequency do you communicate the status of your files and to whom?
This answer can be a stopping point for the interview if you don’t get the answer you’re looking for. Communication is always the pain point we hear of in the closing process with regards to title companies. This characteristic should also be flexible, communications should correspond with the needs of the parties involved –some can be much needier than others.
What are your rates?
The Title Insurance premiums are State regulated, so these are promulgated based on the sales price of the property.
(e.g. $5.75 per $1,000 for the first $100,000 of sales price; $5.00 per $1,000 $100K to $1 Mil; and so on per Chapter 69O-186, Fla. Admin Code; FS 627.782).What is your closing fee, do you charge wire fees, what other fees do you charge on every transaction?
The primary “settlement fee” generally ranges from $300-$500, and in the case of this particular fee remember to balance frugality with “you get what you pay for”.
However, it is all too common these days to see a handful of additional fees that nickel and dime away your [client’s] sale proceeds or closing cost budget.
What other services do you have that I may not be aware of?
Don’t patchwork together your transaction anymore than necessary. With an inherent multitude of moving parts to keep on track, your title company should ease the burden for some of these with either a seamless circle of referral vendors or in-house resources at your disposal.
Do you have an attorney partner or on staff that can address legal issues that arise?
There is a reason many title companies tout their “attorney-owned” status. Many times any issue that arises will fall beyond the scope of services a title company is legally allowed to provide to keep a deal together or on track. Title agents are limited to legal work only that is incident to the issuance of title insurance.
What do you expect from me? [for clients or Realtors®]
Your expectations of one other should match in any good [business to] business relationship. Accommodating individual needs should be top priority, per transaction, per client, per Realtor®.