4 Tips to help Select the Best Title Company
When buying real estate at the Lake of the Ozarks, you'll typically have your choice of title company to handle your transaction. They will play an integral role in your closing process, so ensuring that you select the best one is important. At Arrowhead Title, we strive to provide the best title services at the Lake of the Ozarks, and are considered to be one of the best. In this week's blog, we're going to be discussing a few tips that will help your decision making process when choosing a title company. Read on to learn more!
Your title company will be intimately involved with your transaction real estate transaction. The title company is responsible for:
- Conducting a title search to make sure your title is free and clear prior to transfer
- Issuing a title policy to protect your right to use and occupy your land
- Preparing the title and deed
- Facilitating the final transaction to ensure that all debts are paid and that the remaining funds are distributed to the appropriate parties
- Holding your earnest money check in escrow
Visit with several potential title companies and be sure to ask these questions during your interview with them to determine their capability to accurately handle your transaction.
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, integrous, and reliable. A reputable title company will be happy to discuss their methods for handling the funds involved in your transaction.
Arrowhead Title: A Title Company you can Trust
If you're purchasing real estate in the area and are shopping for a local title company at the Lake of the Ozarks, we encourage you to reach out to us. Arrowhead Title has been serving the Lake's title, escrow, and settlement needs since 1986. We strive to provide the utmost accuracy and transparency to every aspect of your transaction to ensure it is handled timely and effectively. We would be proud to help you close on real estate at the Lake of the Ozarks, whether commercial or residential, we have the expertise you need to achieve a smooth closing. For more information about our Lake of the Ozarks title agency, call us at 573-302-1950 or visit our website: ArrowheadTitle.com
Where Accuracy Matters!
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