Title Insurance Made Easy: The Main Qualities of a Real Estate Title Company?
When it comes to looking for a reliable real estate title company and making sure your title insurance can really protect you, there are important criteria to follow. At the same time, the cost and the reliability of the insurance policies, as well as the skills, knowledge and compliance that the staff is capable of will all play an important role. While expecting the best from every title company you come across isn’t always practically feasible, knowing what to expect and how to compare companies can leave you with an excellent discernment regarding your choice.
Affordable and Reliable Title Policies
The policies offered by a real estate title company are not always the same. Even in areas where all title companies are required to uphold the same insurance fees for similar properties, the actual services they offer may differ. While it’s important to make sure the insurance company doesn’t charge more than others, it’s even more important to ensure that deadlines will be met on time, that the company’s staff has a firm grasp on legal issues, and that the company takes all necessary measures to streamline the closing experience.
Title Companies and Communication Skills
The ability to communicate is probably the most important factor to keep in mind when you’re choosing a real estate title company. Without communication the closing process can suffer, lender agreements might be misunderstood and you might be led to misunderstand aspects of your title insurance policy. Instead, a dependable title company should be capable of providing you with a detailed outline of the title search process and what it can do to help you. They should also be open to communicating with their clients, responding to emails and phone calls as fast as possible, and explaining advanced real estate concepts in laymen terms.
Good Knowledge of Real Estate
This is something you can’t ignore in a good real estate title company. Their knowledge of real estate has to extend not only to the basics of how real estate transactions and title searches are conducted, but also to understanding the type of property you own (or are buying). Look for a title company whose staff is familiar with the local real estate scene, and can recognize the types of discrepancies that could come up relating to your new property. Some title insurance companies know all about old mansions and others are better aware of how to ferret out fraud and protect you against modern day real estate scams.
Regulations Related to Title Insurance Policies
Changes like the TRID implemented at the end of 2015 have transformed the way title companies do business. Subsequent changes in regulations supported by the Consumer Financial Protection Bureau (CFPB) have also been implemented since then, and experts recommend that you keep up with them in order to know what to expect from the best companies in terms of compliance. Keeping track of these rules and regulations is essential when it comes to deciding on a single real estate title company to contact.
What More to Consider When Comparing Title Insurance Providers
The underwriting process, the claims experience and the need to provide payments for “junk” fees are three other aspects you have to keep track of when searching for a new title company. As a policyholder, you have to be 100% informed about how the claims process will work, in the event that a claim is made. Also, whether your underwriter is your attorney or a financial entity that can ensure an exemplary experience, you are entitled to a title company that still takes its role seriously. The best real estate title company is, therefore, one that doesn’t take things for granted, and seeks to provide you with the best possible experience at all times.