This very question came up recently when an unknown to me attorney called me to find out why I didn’t have him doing the closing for his newly acquired clients. I explained that the title company had been chosen by my buyers long before he came into the picture. I very carefully screen the title companies that I present to my buyers or sellers to best suit their needs, personalities, depth of knowledge & how detailed the explanations at the closing might need to be, etc. Usually, there are 3-4 title companies on the list. I receive no referral fees or kickbacks. I just want the buyers or sellers to receive the best service catered to their specific needs. Some only want the bottom line, no fuss, no muss. Others want every line & figure explained as we go along. I want them to feel comfortable with such an important decision, even if we must sit there for 4 or 5 hours (which I have done). Would love to hear your thoughts on this. Thanks-Annalisa
Sound Off:Why would a Realtor recommend a specific title company? Published September 26, 2014 http://www.sfgate.com/realestate/article/Sound-Off-Why-would-a-Realtor-recommend-a-5783633.php
A: When a real estate transaction enters the escrow process, the efficiency and attention to detail of the title company and escrow officer are paramount to facilitating a smooth closing. Choosing the right company to handle this important final phase of the transaction can make the difference between a smooth and timely closing or a cumbersome one with obstacles.
Title companies play a key role in acting as the combined agent of the buyer, seller and any other parties related to a transaction, including any mortgage lenders. From the title search of the property to ensuring outstanding liens and encumbrances on the property are identified, the title company is an important component of a successful sale. The company also ensures all documents are properly signed and legally recorded — not a small matter in a substantial financial transaction.
It’s also not uncommon for one or more parties of the transaction to be out of state or out of the country, and the title company will arrange signings virtually anywhere with traveling notaries, attorneys or branch offices.
For the Realtor, the title company and escrow officer are key players in a transaction. Knowing you’re working with someone you can trust to communicate well throughout escrow, and ensure all documents are executed appropriately, is critically important.
Susan W. White,
Alain Pinel Realtors Sonoma,
(707) 537-1236, email@example.com
A: Title and escrow officers play an integral role in real estate transactions. I find that many clients are not fully informed about what title companies do to protect their long-term interests.
Experienced agents can help clients choose a title company that has a high level of expertise and financial strength. My clients and I rely on our title officer during the transaction, and my clients can depend on the title company to provide insurance coverage during their ownership of the property.
I recommend my clients engage title officers that I have worked with previously. Given our collective professional expertise, we can anticipate and resolve issues that impact the property. Reputable title companies uncover a myriad of complicated issues, such as unrecorded liens or esoteric easements. The members of an effective transaction team, including the agents, loan officers and title/escrow officers, work diligently to guide their clients during the course of the transaction.
A successful transaction occurs when the buyer performs a complete due diligence, or investigation, of the property and can make an informed choice to proceed to closing. It is imperative that title/escrow officers be proactive to provide their clients with the level of service requisite to a successful closing.
Hillary O’Connell Marino,
Pacific Union and Christie’s International Real Estate,
(707) 225-3706, firstname.lastname@example.org
A: Title companies play a vital role in ensuring that the transfer of title from the seller to the buyer goes smoothly.
Purchasing title insurance gives a buyer protection from other parties who may step up — either prior to the close of escrow or after — to claim that they have an interest in the property as well.
They also act as a neutral third party, handling all the paperwork necessary to close an escrow and holding the buyers’ purchase money until they have a deed signed by the seller conveying the property to its new owner.
Realtors often have an established personal relationship with an escrow officer at a particular title company, and may recommend that their buyers work with that company as a result.
Although all of the title companies perform the same function, and their fees are competitive, having a successful working history with an escrow officer is helpful when issues arise that require special attention in order to keep the transaction moving forward.
(510) 339-0400, ext. 224, email@example.com