Buying a new home can be one of the happiest times of your life and one of the most stressful times of your life as well, especially at closing time. If you’re a first-time buyer, the emotions will triple, and you can add to the mix a great deal of confusion. You’d think the process of buying a home or property is easy, but it can be time consuming and bring all kinds of anxiety into the mix. Luckily, there are a whole bunch of professionals who can help you through the process. Depending on who you talk to, you’ll get a few different answers regarding which of those professionals you need and what roles they play. In this blog post, it’s our goal to highlight some of those professionals, tell you what purpose they serve, and let you know which of them you will need and which ones you won’t.
What is a Title Company?Buying a new home can be one of the happiest times of your life and one of the most stressful times of your life as well, especially at closing time. If you’re a first-time buyer, the emotions will triple, and you can add to the mix a great deal of confusion. You’d think the process of buying a home or property is easy, but it can be time consuming and bring all kinds of anxiety into the mix. Luckily, there are a whole bunch of professionals who can help you through the process. Depending on who you talk to, you’ll get a few different answers regarding which of those professionals you need and what roles they play. In this blog post, it’s our goal to highlight some of those professionals, tell you what purpose they serve, and let you know which of them you will need and which ones you won’t.
No matter how thorough a search is, sometimes issues can go undetected, which is why a title company also provides title insurance. There are two types of title insurance. One is lender’s title insurance, the other is owner’s title insurance. In most cases, you will need to have a lender’s policy if you are getting a loan for your home through a federally-insured lender, such as a bank. The lender’s policy is the lender’s assurance that no issues have been detected that might later come up and cause an issue with the legality of the seller’s right to transfer ownership of the title. The lender’s insurance does not protect the buyer or the seller. The owner’s policy is the buyer’s protection against future issues with a title not detected during the title search. Owner’s insurance isn’t a legal requirement, but it’s a good idea to have it, and a title company can help you get a policy that will protect you.
A title company also opens and manages an escrow account for the seller and buyer. There is more than one type of escrow account in real estate. The escrow account referred here is an account where all documents and funds related to the sale of the property are held and managed by a third party. The title company is the third party. The title company will open an escrow account and maintain everything in it, including the title of the property, inspection documents, and any other document needed to close on the property.
A title company can help arrange inspections, get permits, and assist with negotiations related to the sale of a property. These are not job specific to a title company, but a good title company knows what is needed and will be willing to assist in most cases.
While law doesn’t require using a title company, having one can bring so much peace of mind to the table and can help ensure a smoother transition of the property when it’s time to close. There are so many potential problems that can arise, and since a title company is in the business of facilitating problem-free closings, using one is the best way to ensure your real estate transaction is accomplished without a hitch.
What is a Real Estate Attorney and Who needs One?Before we discuss the definition and duties of a real estate attorney, let’s point out that some states require the presence of a real estate attorney, including Alabama, Connecticut, Delaware, District of Columbia, Georgia, Kansas, Kentucky, Maine, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New York, North Dakota, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and West Virginia. A real estate attorney is a lawyer who specializes in real estate transactions and all the legalities of them. Real estate attorneys can monitor real estate transactions, make suggestions regarding the transactions, review documents pertaining to a real estate transaction, and facilitate the closing of a real estate transaction. Even if the presence of a real estate attorney is not required by law, you can opt to have one present if you feel the extra set of eyes might be beneficial to you. If you have questions or feel something may not be right with a real estate transaction, you might feel better with a real estate lawyer you’re paying for to oversee the process. Just remember that the expense of a real estate lawyer will likely fall on you and that cost varies, but it is typically an hourly rate that can be $200 or more an hour. If you aren’t required to have a real estate lawyer by the law of the state, a title company can handle everything you need at a closing for a lot less expense. Closings can be stressful enough without adding people to the mix that aren’t necessary.
Title Company or Real Estate Attorney, Which one to Choose?The role of a title and escrow company is to facilitate a smooth real estate closing by handling all of the details required to ensure that happens. The title company also performs the title searches. There is no need to hire a lawyer for these tasks. The added expense of a lawyer brings no value to the table unless there is a perceived legal issue at hand that would require a lawyer, and since the title company has already done the title search and the title is cleared at the time of closing, there will be no need for either the buyer or seller to have a lawyer present. This makes choosing a title company the obvious choice. The benefit of using a title company is that there is less cost involved to accomplish the same tasks, and since title and escrow companies handle closings on a regular basis, you can rest assured that all bases will be covered when it comes time to close on your property.
Many different people can attend the closing of a home, including an escrow/closing agent, real estate agent, the buyer and seller, a real estate attorney (if required)), and a representative of the lender. Not all of these people need to be present at the same time. A good, reputable title and escrow company handles many of these services and have representatives specific to each task, which greatly simplifies a process that is known for being complex.
Key Title & Escrow is a Full-Service Title CompanyIn Florida, there is no law requiring a real estate attorney, so you are free to choose a title company for an efficient closing and all of the benefits an experienced title company can bring to the closing table. If you are purchasing a home or property in Florida and you want a title company that handles much more than just property titles, Key Title & Escrow is the right choice for you. At Key Title & Escrow, we can not only handle all your property title needs, we can make the entire closing process trouble-free and reassuring. We offer title and escrow services designed to streamline the closing process. Some of our services include property title searches, searches for judgement and lien, record owner searches, and Florida title and homeowner’s insurance.
Key Title & Escrow is the best Florida title and escrow company in the state. We’ve been serving the real estate industry for more than 21 years. We have built a reputation for efficient, stress-free closings. At Key Title & Escrow, we take pride in our closings and work hard to provide customer service that adheres to a high set of standards. Our professionalism, fast and reliable service, and our commitment to getting the job done is a part of everything we do. If you need title and escrow services, you won’t make a better choice than Key Title & Escrow. You will be happy with the quality of our service and the high level of commitment we show our customers, whether they are buyers, sellers, or other real estate professionals.
When you decide to use Key Title & Escrow, know that we are big enough to handle all of your real estate closing needs at a professional level and small enough to treat every closing like it’s our highest priority. We can handle closings throughout Florida. We even have after-hours closings to make it convenient for you. At Key Title & Escrow, your best interest is at the core of everything we do. Our goal will always be to provide you with the absolute best in closing services. Don’t let the stress of buying a home steal your joy. Contact Key Title & Escrow and let us help you close on your home or property today.
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