What to look for when choosing a title company
Selecting the right title company can make the difference between a smooth closing and one that ends horribly. In most cases, the buyer chooses the title company, so you must take care when selecting. There is no shortage of title companies to pick from in Florida. Keep in mind these essential factors when making a decision.
Anonymity
You may want to consider using a title company that does not connect to the real estate company, lender, or builder of the home you are purchasing. While this may seem the easiest route, in-house title companies often charge higher fees for convenience, and the connection makes it easier for fraudulent activities to occur. Instead, ask your realtor, friends, builder, and bank for recommendations.
Additional Fees
A variety of other costs are incurred during the processing of your real estate purchase and closing for services from third-party vendors. These charges typically include appraisal fee; tax search fee; flood determination; inspection fees for home, pest, pool, septic, well and roof among others; survey; owner’s title insurance; credit report; escrow; notary; courier; transfer taxes; recording; closing protection letter; and realty agent commissions. In some cases, there are attorneys fees and homeowner’s association dues.
E-Recording
Make sure that the title company you choose for your closing offers electronic recording. This means that your deed will be recorded immediately. E-recording reduces the potential for fraudulent activity to occur and catches any errors more efficiently, so they can be addressed in a timely manner.
Fees
Compare fees before choosing a title company for your closing. Most states regulate title insurance fees, but costs can rise with ancillary charges creating a more significant disparity in your final costs. Additional fees can include recording, title transfer, courier, delivery, wire transfer, electronic documents, notary, and document preparation fees. Checking and comparing each line item with more than one title company reduce your closings costs by as much as $1,000.
Legal
Does the title company employ an attorney? What is the title company’s area of specialty? Having a thorough grasp of the title company you are dealing with can give you the peace of mind needed when entering into one of the most significant purchases you’ll ever make. So dig deeper and find out who the underlying insurer will be for your title insurance if something pops up down the road and look up the ratings for that company.
A lot can go wrong during a real estate closing. That is why it is so important to do your homework ahead of time.
Licensed Florida attorneys founded Fleet Title to bring high-quality, fast, and efficient title services to the residential and commercial real estate markets throughout the State of Florida. Our attorneys have closed real estate transactions for over 25 years. At Fleet Title, you will benefit from our experienced attorneys at the cost of a title agent. To learn more about the services offered, visit fleettitle.com, call (772) 224-3338, or email them at info@fleettitle.com.