How to Choose a Title Company
March 20, 2018Buying a property can be somewhat overwhelming. From choosing the right house to filling out a mortgage application, every step of the way seems like a huge, if not the biggest, investment you will make in your whole life. So, if you're left having to pay for title insurance, it is wise to be wary of who you choose to help you close the transaction, especially with the variety of title and escrow companies in the market that offer a variety of services and claim they can get the job done.
For instance, there are plenty of Title and Escrow Companies in the Miami-Dade area, but are they all the same? No. There are certain details about a title company that can make the difference between a smooth closing and a true nightmare, thereby making the task of choosing one a real ordeal.
In this post, we will quickly go through all the roles and services that the right title company should have, plus a couple of traits that could make them more likely to deliver an efficient and reliable service.
The Roles of an Ideal Title Company
- Carry Out Title Reviews:
The first thing your title company must do is effectively review the public records, inquire and do all necessary investigations relating to the real estate. Through these actions, the title company is able to inform all interested parties of any problem that might be considered a risk and could ultimately affect ownership or the buyer's investment.
- Issue Title Insurance:
An ideal title company must provide title insurance in order to secure the buyer from any undisclosed or undiscovered problems that might arise from the real estate transaction. Title insurance is necessary and highly recommended, because not even the most thorough title review can totally guarantee that no problems will surface in the future.
- Be a Closing Agent:
Another important role a title company must be able to fulfill is acting as a closing agent throughout the transaction. This means that they must provide detailed information about the estimated closing costs of the transaction, obtain all required signatures for the closing documents, receive and distribute payments, as well as record any necessary documents, such as deeds and mortgages.
- Serve as an Escrow Agent:
Last but not least, a title company must serve as escrow officers in the real estate transaction when needed. This means they serve as an intermediary in the transaction, holding the documents and money relating to the transaction, and only releasing them once the set conditions have been met.
The Necessary Traits of an Ideal Title Company
Unfortunately, just offering the aforementioned services is simply not enough. The right title company must also have some distinctive traits to ensure everything goes as expected, without any unnecessary mishaps.
Nowadays, reputation plays a huge role in how people buy things. The first thing most consumers do when faced with the task of buying a product or hiring a service, is to see what other people had to say about the supplier.
Choosing a title company shouldn't be any different. So, try looking for family members, co-workers or friends who have gone through a real estate transaction and ask them about their experience with their title company, and most importantly, if they would recommend them.
For further information, take advantage of the internet and search for title companies and their reviews on different websites. Through any search engine, you're just a click away from a plethora of reviews and commentaries of previous customers who have left their honest opinion about a given service.
No matter how obvious it may seem, it's always important to make sure that your title company has enough professional experience—it's more likely that they will be able to identify any risks that might tarnish the real estate transaction and be able to solve any issue/s that arise.
- Local presence:
When it comes to choosing a title company, it's better to choose local. This has mainly to do with legal aspects, as regulations and fees vary from state to state. Another reason is practicality. You need your title company to be nearby as you're going to visit frequently to sign papers, deliver checks, and show proof of identification, among other formalities.
At Key Title & Escrow, an experienced all-in-one Title and Escrow Company in Miami, we know the importance of having a title company you can trust to guide you every step of the way. That's why we have a team of experienced and highly reliable professionals that can offer the services you need in order to quickly and smoothly close your real estate transaction throughout the state of Florida.
To contact us, simply call (305) 235-4571 or fill out the contact form found on this very page and we will gladly address any question you might have. If you want to learn a bit more about us and what we do, follow us on Twitter @KeyTitle_Escrow and find us on Facebook as Key Title & Escrow. Also, be sure to subscribe to our newsletter so you can receive periodic updates on real estate, escrows and other related topics.