There are a number of things to look for when choosing a title company. After all, buyers should want to work with a supportive, dedicated, and transparent team. One where their expertise and experience make buying a home seem easy.
Although we already know what buyers should look for – most don’t. Many buyers struggle to understand what the role is of a title company. That’s why we’ve outlined the top four things to look for before choosing a partner.
1. Direct Contact Information
Purchasing a home will likely be one of the biggest transactions of your life. As such, buyers will likely have a lot of questions and concerns. That’s why the title company chosen should only offer one point of contact.
One contact makes it easy to get accurate and timely communication, regardless of what the issue may be. Especially given all the parties involved in a sale. The borrowers, lenders, attorneys, government employees, surveyors, and more; communication can quickly get confusing. That’s why owners should have a single person to turn to who is ready to act as a liaison between all and ensure that these various organizations are in communication with one another.
This is especially important for first-time buyers who may not be familiar with certain protocols and need direction on the way things are done. So, instead of feeling unsupported and lost, choose a title company that offers direct contact for help.
2. RESPA Compliant
Another feature that buyers should look for in a title company is if they are 100% RESPA-compliant. This is important because it proves to buyers that the title company can be trusted since they abide by the designated guidelines.
If a company does, it proves to homebuyers that they’re not being taken advantage of. Instead, buyers can rest assured that the title company will be honest when it comes to the settlement cost disclosures.
And, they won’t have to worry that they are involved in any hidden kickback programs or abusive practices.
In turn, resulting in a seamless sale all while knowing that the company is doing what’s in their best interest.
3. Assist with Lender’s Approval and Settlement Statements
A good title company will also be there to help with the closing process. This means they will be there to prepare the settlement statement for the lender. But this statement is only issued once the lender has reached an agreement with the property owner and is ready to issue the loan.
This means that the title company should be ready and willing to help in getting the buyer to this point. The title company should do this by providing information to the lender and doing all the research for them. Then, once complete (and approved) they will be responsible for issuing the statement.
In the statement, it explains (in great detail) how the funds will be issued to the borrower and how they will be used. This document is also critical to the ‘closing’ of it. Without it, the promissory note and mortgage won’t be issued. Nor will the mortgage be delivered to the county recorder’s office.
Therefore, it’s imperative that the company you choose to work with is aware of the process and what needs to be done.
Buyers should want to work with an experienced team. That’s because it guarantees they’ll get the support they need. An experienced team will always go above and beyond for such things as a closing; taking on all the administrative burdens and providing quick communication about any issues.
An experienced team also knows what to look for when it comes to confirming title ownership; a task that can prove difficult without the right knowledge.
Otherwise, without a clean title (or a title company that doesn’t know what to look for) the property might not be free and clear. Resulting in more paperwork, added costs, and a huge headache down the line.
Ultimately, we understand that purchasing a home can seem like an overwhelming process. But, with our help, New Door Property Transfer can make it easier. We make sure all the right documents are gathered, delivered, and prepared. We’re ready with years of industry experience to step in and ensure your buying process is a success.
So, for more information on how we can help, call us at 610-549-4129 or email us anytime at email@example.com today.