There are many decisions that must be made when buying a house. Before you even start searching for a house, you need to choose a realtor, a lender, and what neighborhoods you want to visit. After you have found the perfect home, the most important decision of all, it seems like the choices multiply. After making a final decision about your mortgage lender, you will need to select an attorney, a home inspection, and a title agent. Each of these decisions will lead to other decisions, such as how to deal with the inspector’s report, any identified issues, how long to loan, and what type, and how you handle disclosures and other reports.
It can be exhausting. Research has shown that decision fatigue is a phenomenon where the quality of decisions decreases with increasing numbers of decisions. It is important to understand which decisions are most important as you move deeper into the home-buying and escrow process. This can lead to many home buyers asking: Does it really matter what title company I choose? Yes. Your choice of title company can impact how you’re closing, and escrow process goes. This can make or break your goal, getting into your new home.
What does a Title Company do?
Title Search and Insurance Process
The title company plays a critical role in the homebuying process. The title company conducts a title search of the property to verify that the seller is the owner. This ensures that the title that the owner is giving to the buyer is unencumbered. The title company prepares an abstract of title as well as a title opinion that documents the findings of the research. The title company will support this search by issuing a title promise and an insurance policy to protect against losses if the seller does not have clear title. Two insurance policies will be issued by the title company in a typical transaction — one to protect the lender and one to insure the owner.
To issue these policies, it is crucial to select a reliable partner. An insurance policy is useless if it’s not issued by the same company. Title insurance policies will be valid as long as your home is owned by you or your heirs. It is therefore crucial to get it right. You should ensure that you choose a reliable title company that will continue to be there for your family, even if your home is passed down through generations.
Escrow and Closing
Your home for the closing process is also provided by the title company you select. In most cases, escrow covers some or all the costs. Escrow refers to a method by which funds are held until a condition is met. A third party may hold a buyer’s “earnest cash” deposit until they satisfy the conditions of the purchase contract. The seller can be sure the buyer will be able to produce the funds and the buyer does not have to worry about a seller being dishonest with the deposit.
It is crucial to find an escrow agent that you trust, given the high-value home sales. Your title company’s closing representative will work closely with you to obtain wire instructions, deposit funds or other funds, as well as understand the closing process. It’s vital to find a partner in a world where wire fraud is increasing in frequency. You need someone who will pick up the phone and walk you through the process.
The closing process is managed by your title company. You will sign the loan documents, transfer funds to escrow, pay any outstanding costs, update your deed, and receive your keys at closing. Closings are stressful. There are many papers to sign, and your ability to read and understand everything is crucial. A closing agent can help you relax and make the day more enjoyable. It is an important decision and should be remembered. A dedicated, experienced title company can make the difference in making your home ownership a smooth and enjoyable experience.
Your title company should be your true partner on the journey to home ownership. The choice of who you work with can make a big difference. A company with a strong reputation and a passion for customer care will be able to answer any questions you may have.
Get More Information from Your Trusted Title Insurance Company
Are you ready to find out how Cities Title Services’ customer-obsessed dedication could work for your company? We are ready to answer your questions! Cities Title Services was founded to meet the growing demand for partnerships that offer higher service standards and more growth opportunities in the title and escrow industry. At Cities Title Services, we’re different. Cities Title Services is customer-focused and will focus on your needs from beginning to end. Every real estate transaction is treated with excellence.
For all your questions, call us now or contact us by phone.