If you’re researching a title company, you’re most likely under contract with your new home. Congratulations! Buying a home is one of the most exciting and biggest decisions people make in their lifetimes. As you’ve likely already learned, one of these critical considerations includes choosing a title company to close on your home.
Let’s take a look at our top 3 things to consider when researching a title company:
1. Reputation and Recommendations
Like many things, a rock-solid reputation and track record of happy clients will go a long way in helping you choose whom to give your business to. Start your research with reputable online reviews–Facebook and Google can be great places to gather some initial input on your research.
Once you’ve narrowed down your title company candidates, make contact with them and ask for recommendations. While a title company’s own recommendation list may be a little biased, it gives you a place to start. A little sleuthing can reveal more potential clients for you to reach out to, as well. Realtors can also be a major asset in giving you some unbiased feedback for potential title companies.
2. Legal Considerations
A title company’s primary role in a real estate transaction is to protect both the lender and purchaser against any lawsuits or claims against the property. With that said, a great deal of legal competence in real estate will give you peace of mind and confidence that your title will be clean and legally taken care of.
Most title companies have their own legal representative, but sometimes that legal representation is focused more on protecting the title company rather than your interests. From that, ensure the title company you choose has an attorney who will take your interests into consideration. If not, you may want to get your own legal representation or ask about the title company’s procedures regarding this.
3. Fees and Quality of Service
Closing costs are some of those unconsidered, yet necessary fees associated with a real estate purchase. Be wary of additional fees that have no bearing on your transaction. While every title company does things differently, if you can acquire a breakdown of each company’s fees and ask focused, pointed questions about those fees you’ll be better for it. See your local Equity Title’s breakdown here.
Don’t be surprised if the title companies you’re vetting itemize a number of different fees. This is common, but do some research on what to look for. Document preparation, digital transmission, legal services, and many other items may be included and perfectly normal, but it will be up to you to decide if the fees are necessary and reasonable for your case. In the end, the quality of service and work may very well be worth the price.
If you’re not sure exactly what to look for or need a place to start, consider contacting your local Equity Title to speak with a professional and get some insider tips. If you’re still in the market for a home, Equity Title can help send you in the right direction for closing and get you set up for when you find your dream home and get ready to close.