OfflineI have a lot of respect for title companies. I have found them to be very reliable through the years. They do a great job of getting the papers ready for closing and getting needed research done. The requirements for a title company are very strict in most states. Because of that there are very few errors committed by title companies.
Most title companies will not rush a deal just to make people happy. They know and understand the need to get things right. Remember this the next time someone blames the title company. Remember, they are simply protecting all involved.
__________________
Roy Voeks
Official RE Coach
I can't agree more. I've always said that a good title person is worth their weight in gold.
I've had more transactions than I can count, over twenty plus years, where the title agent saved the day on a transaction, or at least kept it going in the right direction.
They are also a great source of legal info. They have to know everybody's rules and laws.
Title Companies can and will make mistakes sometimes, so as with everything else in rei, do your due diligence; read all the documents thoroughly to make sure the information on them is accurate, and either you or your re agent stay in constant communication with your closing agent so that everyone is in agreement as to the closing date, place, time, etc.
Also, there is something called "Closing Protection Coverage" which a buyer can purchase at closing; this protection pertains to the handling of funds and documents (by the title company); so you would basically pay for insurance to make sure that the title company does not lose or steal your funds and/or documents needed for closing. Even with this insurance, there is a clause that states that the insurance is subject to certain conditions and exclusions. This is not the same as Title Insurance Policy (which is insurance that title of property will be free of any encumbrances).
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
.
This is gold, especially when legal and monies are being exchanged
Watch your thoughts, for they become words.
Watch your words, for they become actions.
Watch your actions, for they become habits.
Watch your habits, for they become character.
Watch your character, for it becomes your destiny.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Our Heart's Desire must be nurtured by our mind,to give birth to common sense, that will enable us to seek out the path less traveled, with the greatest Personal Growth. -J.R.-
don't just rely on one title company. It's a good idea to have a few on your team, that you can use at any time.
Due you due diligence when you look for a title company; you want to look at the length that they've been in business, do they have enough staff to handle the amount of business, do they have multiple office locations, do they have an in-house attorney to take care of any title issues, are they a neutral third party or do they work for the lender, and most importantly, are your or your buyers' funds safe with them. You can ask your real estate agent for a title company referral.
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Awesome Advice Val
Thank you for sharing as Always
I have 3 diff Title co's for Calif I use
1 is usually better at different types of closings then the others so
I am never Limited to getting diff types of Deals closed
TO ALL OUR SUCCESS!
Darren from Calif
Like Walt I will bump....
Bump this post
Watch your thoughts, for they become words.
Watch your words, for they become actions.
Watch your actions, for they become habits.
Watch your habits, for they become character.
Watch your character, for it becomes your destiny.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Our Heart's Desire must be nurtured by our mind,to give birth to common sense, that will enable us to seek out the path less traveled, with the greatest Personal Growth. -J.R.-
your title company is priceless. they do occasionally make mistakes but they can also help you speed the process along and they can have the answers to your
questions. I have found title companies to be problem solvers
"Don't tell me I can't, Tell me how I can."
Where is a good place to find title companies, is there a directory?
Watch your thoughts, for they become words.
Watch your words, for they become actions.
Watch your actions, for they become habits.
Watch your habits, for they become character.
Watch your character, for it becomes your destiny.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Our Heart's Desire must be nurtured by our mind,to give birth to common sense, that will enable us to seek out the path less traveled, with the greatest Personal Growth. -J.R.-
a great place to find a title company is to ask at your real estate club. WHAT !!! you don't belong to a real estate club. You can ask the transactional lenders for recommendations they know which title companies use there service, they will tell you.
so I hope this helps everyone,
WALT
No REI club close, never thought about that, transactional hmmm.
I do have a title co person ( neighbor) on my power team, I will have to ask her. Nun the less good topic.
Aaron
As you're interviewing your potential buyers getting to know them, ask who they like to use. And, what REI attny they like to use as well for closings.