By law, home buyers are allowed to choose any title company they want to work with. But, that doesn"t mean you should just go with any title company. It"s important to know who should hire considering you would be paying them – a big amount to be exact. If you"re aware of closing costs, you get the drift.
Often times, real estate agents may refer their clients to some title companies they know but, as a consumer, you would always have the final say. Price can be a factor in determining who to hire however, the quality of service still plays a more important role.
We have compiled some very helpful questions that you can ask to your prospect title insurance lawyer in Florida.
Who are you working for?
Well, you might be expecting the company to answer that you"re their client but, their answer depends if somebody referred them or not. If your lender recommended them, they would likely say their client is your lender. If your real estate agent did the referral, they might answer the real estate agency who probably owns the title company.
Some of these type of title companies might display a conflict of interest especially if they also have to meet the expectations of a real estate agency.
An independent title company is consider to be the best choice for you get a closing that is leading towards your advantage.
Do you thoroughly do title searches and disclose important details to the home buyer?
It"s important that home buyers hire a title company that could disclose information and resolve any unwanted issues before closing the deal. Most home buyers are not familiar with title issues and would not ask further thinking it"s already okay. That is why it"s important to hire the right people that would disclose all those details that would mean a lot especially in investing a huge amount of money.
You would do everything in your will to find the perfect home for you so, you need the aid of people who would help you achieve that goal.
Is my money safe with you?
You"ve heard all the bad news about dishonest title companies wasting their client"s money and unfortunately, this is true. To prevent this ordeal from happening, you need to do a background check of the title company you"re going for. Do you know sufficient details about the title company that you"re wiring money to? A trusted company would be more than willing to talk details about how they can protect their client"s finances.
Do you have approved rates? Are there other rates that I should be concerned with?
By law, title companies have to comply with the approved rates and they can"t go too far from that. A low price might be good news for some but it"s a red flag to watch out for. A lower price might compensate for a low quality of service which you don"t deserve. Moreover, this would also translate to a lack of experience, low-grade title searches and lack of financial controls.
It might be tempting to get a good deal but you might be taken aback by the number of additional fees that would stack on top of what you should pay for. So, always ask if there are any added expenses that you should be aware of.