A real estate transaction may involve so many agents and entities that all play a role in ensuring a successful one. There is choosing a real estate agent, deciding the mortgage broker to deal with, contractors (in the event of any repairs), amongst others.
In addition, there is the part of choosing a title company which typically comes in when the transaction is already well underway. So, who chooses the title company in Florida – buyer or seller?
In most Florida counties, the seller pays title insurance and therefore gets to choose the title company. This is with the exception of Broward, Collier, Sarasota, and Miami-Dade counties where the buyer typically covers title insurance and therefore gets to choose the title company.
What Defines a Good Title Company?
An excellent choice of title company goes a long way in facilitating a seamless real estate transaction. The major definition of a title company is done by examining external factors like location, years of experience, and very crucial, reviews — what previous customers have to say.
If you choose to work with a title company some distance off, then you should be able to fill out the bulk of paperwork online and be guaranteed that your information is secure. Given that so many processes can be carried out online, this could work just fine.
However, working with a title company close to you provides much-needed convenience. This is mainly because you might find yourself having to make multiple trips all through the process to either make payment, drop off or sign off on documents. In addition, your physical presence may be required for certain things.
This is why it is advisable to opt for a reputable title company in Florida that you can access physically at a moment’s notice.
Reviews From Previous Clients
What previous customers or service users have to say can potentially save you a potentially bad experience. They could also be the pointer you need to the fact that you are choosing an excellent title company in Florida.
Ideally, you should explore online reviews and evaluate satisfaction levels expressed by previous customers. You can easily do this with a simple Google search or simply navigate to the review section of the company that you are checking out.
In addition to online reviews, you could request personal reviews from people you know who have used the same service or consult with real estate agents. Remember to check out rates and pitch them against one another to allow you to make an informed decision.
Years of Experience
Expertise is great, and when combined with experience, can be a very potent force. This is why it is advisable to deal with companies that have been around for a while and have been able to maintain a good reputation.
Such companies are looking to protect and enhance said reputation, and as a result, you can be guaranteed excellent service. If they have a somewhat cordial relationship with local realtors, this is a strong green flag as well.
You can rest assured that they would conduct an intensive title search and ensure that nothing within their power pushes your closing date further.
Tips To Help You Choose a Good Title Company
Choosing a good title insurance company should be at the top of your list whether you are the buyer or seller. More often than not, neither party in the real estate transaction are particular about the choice of the title company.
However, as a homebuyer, you should be extra concerned about identifying any companies with red flags. So, if you live in a Florida county where the seller pays title insurance and chooses the title company, here are some practical tips to follow :
Exploring your options extensively is advised when it comes to choosing a title company. Compile a list of reputable companies and compare on the basis of factors like discounts. Title companies commonly give discounts to entice the title insurance buyer into choosing to use their services.
When you find one that seems perfect, be sure to have them go over the terms of the contract so that they can highlight any extra payments that would have to be made. Afterward, request a quote that details all payments to be made. In an instance where you get a $500 discount but have to pay $1,000 in extra fees, you might be better off dealing with some other company.
Of course, ensure that you don’t settle for less just because you want to save. The other company should either be commensurate in the quality of services offered or perhaps, better.
Seek Professional Advice
In this situation, your realtor would be in the best position to give you accurate advice born of experience and expertise. In addition, they know what happens every step of the way, and would be in a great position to recommend an excellent company.
Of course, you don’t have to simply opt for what they recommend. You can conduct your personal research to ensure that they provide excellent service and charge fair.
Note all the Details
A real estate transaction involves a whole lot of reading, from the purchase agreement to the property deed to mortgage documents. And at every stage, you have to ensure that you read the fine print. The same applies here.
The contract could include items or options that you are not willing to be responsible for. If you end up signing the contract without noting and possibly having them taken out, you would likely be stuck with the bill for these items.
Be sure to study the contract and request clarification for sections that are not clear. This way, you don’t end up parting with extra at closing.
The holy grail of any real estate transaction is a rapid and seamless closing with both parties satisfied. Given that external parties play such a huge role in determining whether or not this happens, screening to select the best is essential. Even if the seller is choosing the title company, be sure it is one that works for you as well.