Choosing the right title company to handle your real estate operations can enhance smooth & rapid closing for complications that cause delayed closing and fraught with anguish. While choosing a title company, realtors should consider some important criteria. This choice will be one of the most critical decisions in your title processing. Assisting realtors throughout the entire cycle period of a real estate sale or purchase, title companies help businesses to stay compliant with all terms & conditions with maximum confidentiality. As per the studies conducted by Corporate Settlement, 36% of all titles contain some types of title defects which make title insurance very important to obtain. Various studies were conducted by GAO over the actions required for improving title oversight of the Title industry and safeguard consumers. As per their reports, they point to title insurance markets, including questions about the extent to which premium rates change concerning underlying costs, insights from title agent practices, and the implications of recent state and federal investigations. GAO studied current industry data and studies, interviewed varied regulatory and industry officials in a sample of USA states varied with size, industry practices, regulatory environments, etc.
Below given are the seven things that a realtor looks for in a Title company:
1. Hassle-free communication
The ability to communicate freely without any obstruction qualifies a real estate title company with an advantage. Title firms that have systems for instant paper works & updates should be preferred. Enabling constant communication with both parties title companies smooth these operations with ease.
2. Use of technology and effective coordination
The use of high-end technology is a critical choice while choosing assistance during the closing process. This ability will enable them to meet critical dates and enhance the quality of title searches. The advice obtained from these firms will maximize the quality of title searches to both parties irrespectively. A reliable title company will deliver solutions within the agreed timelines with proper use of skill and technology.
3. Face-to-Face & phone communications
Face-to-Face & telephonic communication is very pivotal for efficient title processing. Unlike communications through emails, texts, and cloud-based services realtors trust communications through these calls as it confirms a matter of trust.
4. Striving to deliver title processing at any measures
Title companies who are willing to go beyond in delivery of title processing services should be given more priority while choosing the assistance. If in case of any restrictions an ideal title company will drive title insurance reviewing and save their clients from any potential defaults. Even in events of legal complications, title companies will go above and beyond to get this variance for closing, supporting both buyers and sellers to close their real estate transactions on time.
5. Careful & timely support
Title companies should be obliged to municipal lien searches as a part of the contract. They should also acknowledge realtors the importance of municipal liens searches very earlier in the transaction, eliminating chances of delays in closings. If realtors have a delinquent lien as per code enforcement, closings will delay closings as time is as ample time is required for meetings, or hearings, with that particular code enforcement scenario. An ideal title company or attorney will work very quickly early in the transaction to identify these matters.
6. Education for the consumer even after closing day
Businesses should be sure whether the title companies are in a position to educate the clients of respective businesses. Will they create a dramatic and very special closing experience with your clients? And what is their follow-up? What is their point of contact? Do they have information that they send out to their database of clients to educate them beyond the sale? That’s very important because it’s something that I do in my business. So I look to partner with firms that have systems like this in place.
7. Tension-free experiences during closing experiences
Efficient closing procedures will make the respective title companies more desirable. Hassle-free operations in signing contracts and closing operations will always be positive experiences for real estate agents. These aspects will also trump a title company from its competitors.
Reputation is a critical matter to consider while realtors choose their title service provider. Referrals, reviews and customer recommendations should be studied thoroughly while choosing your title processing service provider. Enquiring co-workers or friends who have gone through real estate transactions and internet searches will enable realtors to the appropriate service provider.
Companies with more professional experiences are more likely the identifying any risks. Efficient handling of these risks will enable them to solve problems such as real estate transactions and any other risks that hinder a closing process.
Choosing title companies that are in local locations is most preferable as they will be well versed with all legal aspects, regulations, and fees that vary from state to state. Title companies, who visit frequently to get signatures on papers, deliver checks, and show proof of identification, among other formalities should be chosen.
After looking at all aspects including the reputation of title companies, effective managerial experiences, location of offices, and fee charges apart from other aspects should be considered while choosing the title companies. They should also be verified to be comfortable to work with, after thorough inquiries, document reviewing and discussion over all aspects of all aspects related to the closing process within the detail. A realtor’s choice of choosing a title closing will enable them to make vital decisions that make them drive the final goal of a timely real estate sale or purchase.
OURS GLOBAL’s thorough and meticulous mortgage title support services will check for every requirement to be carried out while the title examination process which encompasses taxes, lawsuits, judgments, liens, and legal claims for preventing any niche of fraudulent property transactions.