OfflineChoosing The Right Title Escrow Company
Real estate investing can be a rewarding business if you make the right choice in hiring a title escrow company. The right escrow officer can mean the difference between a smooth and rapid closing or a complicated, delayed closing, quite possibly filled with costly mistakes.
You cannot be too careful when selecting a title escrow company. As a real estate investor your needs are quite a bit different than the average home buyer and the escrow title company you choose should be able to accommodate any and all of these.
When communicating with the title escrow company it is prudent to ask for their most experienced escrow officer, especially one who has worked with real estate investors. Ask if they have worked on any real estate deals involving creative workarounds. Ask for referrals from previous real estate investors they have worked with. Insist that this person be the only one to handle your work. Remember that you will be working closely with this individual during the whole process and they become like a personal secretary whose job it is to comply with your instructions.
Here are a few questions to ask a potential title escrow company or officer:
How long have you been an escrow officer?
How long were you an assistant before you became an escrow officer?
Do you have an assistant? Are they familiar with the files?
Are you comfortable closing “creative” real estate deals.
Can you do “subject to” closings, simultaneous closings, etc
What are your hours of operation? If needed can and will you stay late?
If needed can you meet a client for a signing away from your office?
What methods and frequency do you use to communicate the status of your files and to whom ?
What recording times are scheduled for your company?
How do you handle escrow collection accounts?
Will you insure an all inclusive deed of trust?
Do you have a notary available?
What are your escrow fees?
What are your funding options?
What is the method and turn around time for property profiles?
Do you have an after hours service for title information?
What do you expect from me?
These are but a few questions to get started with. Build your own checklist of questions as you go.
Once you have completed your search process choose the escrow agent that you would feel most comfortable working with. Your choice of escrow agent may be one of the most important decisions you make as a real estate investor.
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"
Hi, sistreat:
Thank you so much for your information. Before when we bought our previous two houses as end buyer, it was always the seller or other people who chose the escrow company. I wondered if/when I got to choose it, but from now on I should do some research and pick mine. Great help!
I'm lucky and blessed; the local title company I've used for most of my deals is operated and run by a yes, licensed real estate attorney.... ! and is fond of saying, " just remember, by using us, you always can get free legal advice"
Boy, have I used this great guy to answer dozens of quesitons, AND to look over private investing deals, RTOs etc. to check the language.
In Dean's new book, he advises against using title companies, especially on foreclousures, because they are not attorneys. So therefore, when seeking or investigating escrow/title companies ask if they have a lawyer on staff!!
crosstown looker
Real estate investing can be a rewarding business if you make the right choice in hiring a title escrow company. The right escrow officer can mean the difference between a smooth and rapid closing or a complicated, delayed closing, quite possibly filled with costly mistakes.
You cannot be too careful when selecting a title escrow company. As a real estate investor your needs are quite a bit different than the average home buyer and the escrow title company you choose should be able to accommodate any and all of these.
When communicating with the title escrow company it is prudent to ask for their most experienced escrow officer, especially one who has worked with real estate investors. Ask if they have worked on any real estate deals involving creative workarounds. Ask for referrals from previous real estate investors they have worked with. Insist that this person be the only one to handle your work. Remember that you will be working closely with this individual during the whole process and they become like a personal secretary whose job it is to comply with your instructions.
Here are a few questions to ask a potential title escrow company or officer:
How long have you been an escrow officer?
How long were you an assistant before you became an escrow officer?
Do you have an assistant? Are they familiar with the files?
Are you comfortable closing “creative” real estate deals.
Can you do “subject to” closings, simultaneous closings, etc
What are your hours of operation? If needed can and will you stay late?
If needed can you meet a client for a signing away from your office?
What methods and frequency do you use to communicate the status of your files and to whom ?
What recording times are scheduled for your company?
How do you handle escrow collection accounts?
Will you insure an all inclusive deed of trust?
Do you have a notary available?
What are your escrow fees?
What are your funding options?
What is the method and turn around time for property profiles?
Do you have an after hours service for title information?
What do you expect from me?
These are but a few questions to get started with. Build your own checklist of questions as you go.
Once you have completed your search process choose the escrow agent that you would feel most comfortable working with. Your choice of escrow agent may be one of the most important decisions you make as a real estate investor.
HOLA como estas ::sistreat :: Creative artistic open minded Entrepreneurist * Gracias for your wisdom aware-ness Knowledge * excellente'
STICKS WIZZARD DRAGON the ENCHANTMENT OF SPIRITUAL ARTISTIC PASSION
Hello, my name is Dan and I would like to know if it is possible to avoid escrow and lawyer fees until after the deals are closed and if even then it these fees can be passed off to the buyer or the seller. Thanks.
Hello Dan, most of the fees aren't payable until the deal closes. There isn't any way around the fees at the time of transfer/ closing. The escrow company takes the buyer's funds and disburses them to be sure that all expenses are paid, the liens released and the paperwork recorded in the courthouse. If you are doing assignment of contract, all the fees will be paid by the buyer and seller, not you as the assignor.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
I'm just starting out....
Does it matter who I get first on my Team?
The Title Company? or Attorney?
And what questions do you ask when interviewing a Title Company?
Thanks so much!