If you are looking to sell your home or purchase a new house, you know that a title company can help make this process smoother. The main role of this type of business is to ensure that the title (proof of legal ownership) to a home is legitimately provided to the homebuyer during the transfer of a property. However, it may be difficult to choose a title company if there are multiple options in your area. It’s important to select your title company carefully, nevertheless, as this can mean the difference between making or breaking your sale (or having an efficient closing process if you’re buying a home).
Tips For Finding The Right Title Company
Here are some key characteristics to look for when choosing a title company:
Reputation: First and foremost, you should consider a title company’s reputation. You can ask your family and friends for recommendations and check reviews on each company’s website. Be sure to inquire whether a title company is friendly and communicative when providing its services and if it answered all of your questions.
Professional experience: The best title companies are generally the ones that have years of experience and a proven track record of performing closings for several different types of properties. If a real estate company goes above and beyond to ensure that your purchase or sale goes smoothly. Be sure to ask each company detailed questions about the way they handle the closing process and verify that the answers you receive are consistent with what you have heard or read about the business.
Office Location: Another factor that will likely impact your experience with a title company is the location of its office, since you typically need to speak with an agent several times. If your closing company is located 30 minutes away or more, you will spend an extraordinary amount of time simply traveling to see an agent, especially during rush hour.
Closing Fees: The last consideration to keep in mind when searching for a title company is what the sum of all closing fees will be. There are no standard closing fees in real estate. Therefore, it’s always important to inquire about a title company’s fee structure and confirm who is responsible for paying these costs (the buyer or the seller), as this varies by state.
Common red flags for title companies include the failure to give clear guidance on the various stages of the closing process, the delivery of inaccurate work, or the lack of secure communication with buyers and sellers. (Many title companies today use cloud-based technology to more easily and securely provide their clients with updates on their property.) Title companies also typically handle the disbursement of funds (which are often kept in escrow) during the property transfer-of-ownership process. If these funds end up in the hands of fraudsters or are mismanaged for any other reason, this is also a sign that a title company is not trustworthy.
Additionally, a closing company should also be capable of easily detecting defects (issues) with a property’s title and resolving these problems efficiently. Examples of common title defects, which can be resolved with title insurance, include unpaid taxes, liens, easements, encumbrances, and undisclosed heirs. These types of defects generally make a transfer of ownership more difficult, so it’s essential for a title company to identify them immediately and understand the implications they have for your home sale or purchase. Most title companies also have at least one employee with a strong law background who fully understands all of the legal jargon that is tied to the real estate industry.
Get Help With Closing From Mathis Title
Reach out to the professionals at Mathis Title Company for top-quality closing services. We provide real estate settlement services and legal advice to buyers, sellers, and lenders. Robin Mathis is an attorney who has more than 30 years of experience in the real estate industry and has performed thousands of closings. Ann Andreatos is a title agent with over 14 years of experience in the business.
During the sale and purchase of a property, Mathis will hold the funds being transferred in an escrow account prior to title transfer and closing. Once the title order is approved, a title search can begin and an insurance policy can be created. We work with trusted underwriting companies to issue title insurance policies and will always guide you through every step of the closing process.