Choosing the Right Title Insurance Company for Your Transaction
If you've ever bought a home, you know that the process requires the full (and careful) integration of many moving parts. The sellers, buyers, lenders, and real estate agents must work together to bring the transaction to a successful resolution. However, these important parties aren't the only ones who will be closely involved in the transaction process. While you as a buyer or seller may not realize it, a Lake of the Ozarks title company will also play a crucial role.
As a buyer, it will typically be up to you to select the title company you wish to handle your real estate transaction. Considering their close involvement in the process, it is important that you select a title company you know you can trust. Arrowhead Title, Inc. is here to help you gather the information you need to make an informed decision.
What Is the Title Company Responsible For?While first-time buyers generally do not understand the role a title company plays as well as they understand lenders' or realtors' responsibilities, that does not mean a title company's role is any less important. Here is a quick look at the types of responsibilities a title company will fulfill during the closing process:
• Ensuring the validity of the title
• Issuing the title insurance policies
• Serving as the escrow agent
Essentially, it is up to the title company to ensure that the title is real, valid, and eligible for sale, that the buyers' and lenders' interest are protected by their respective title insurance policies, and that all monies are distributed to the appropriate parties.
Choosing the Right Title CompanyAs the buyer, it will be up to you to choose the title company you wish to facilitate your transaction. Given the important roles that your title company will fulfill, you'll want to be confident that you choose an agency that will meet your needs and keep your best interests in mind. A few characteristics to look for in a title company are:
- Responsiveness - Do they answer calls and/or return calls in a timely manner? Will they answer your questions quickly?
- Timeliness - Will they handle your transaction efficiently? If your closing date changes, will they be able to accommodate the new time frame?
- Proactiveness - Do they anticipate your needs? Do they anticipate potential issues and address them before they can become problematic?
- Experience - Have they handled your type of transaction before? How long have they been in business?
- Frugality - Are they upfront about ways you can save money? Are they willing to help you look for extra ways to keep costs down?
- Friendliness - Is the company staffed by people you can get along with? Are they cheerful and approachable when you talk to them?
- Reliability - Will they follow through on their projects? Can you count on them to complete things in a timely manner?
Questions to Ask Before Choosing a Title CompanyAs you interview potential title companies, asking the following questions can help you judge their experience and capability, and help when you are looking for the characteristics mentioned above.
1. How Long Have You Been in Business?This may seem like an obvious one to start out with, but it's important, nonetheless. Real estate can be a rapidly changing industry at times, and it's important that your title company be able to demonstrate that they have adjusted to meet current demands over the years. The more experience your company has, the more likely they are to handle your transaction effectively.
2. What Will My Insurance Policy Cover?Most title policies are relatively standard, but even so, it's wise to clarify what protection your company's policy will offer. Important basics include things like fraud, forgery, spousal claims, undisclosed heirs, invalid power of attorney, and mistakes in public records.
3. What Will You Do If You Find an Issue with The Title?While everyone hopes that their transaction will be able to be processed smoothly, a good percentage of homes have clouds on their titles at the time of commitment. If your title company uncovers an issue with the title, it is important that they communicate the issue with all parties so that you can work together to resolve the issue before the transaction is finalized. You'll also want to be confident that your title company will disclose everything they discover, not just liens or other outstanding debts that must be repaid. If there is an easement on your chosen property, for example, you will want to know about it prior to closing.
4. How Do You Keep the Money Safe?Every penny of a real estate transaction, no matter how big or small, will pass through the title company before it is distributed to the appropriate parties. Handling hundreds of thousands (or sometimes even millions) of dollars is a big responsibility. You'll want to be confident that your chosen title company is honest, reputable, and reliable. A reputable title company will be happy to discuss their methods for handling the funds involved in your transaction.
Trust Arrowhead Title, Inc. With Your Lake of the Ozark Title NeedsIf you are preparing to buy a house at the Lake of the Ozarks and looking for a title company to facilitate your transaction, we would be honored if you would consider Arrowhead Title, Inc. With over thirty years in business, we have helped hundreds of couples and individuals fulfill their homeownership dreams. To learn more about our title insurance services at the Lake of the Ozarks, call us at 573-302-1950, or visit our website: www.ArrowheadTitle.com.
The Lake of the Ozarks' Most Trusted Title Company
Where Accuracy Matters!
Where Accuracy Matters!