When planning to purchase a home or other real estate, choosing a realtor and lender that supports and represents your needs is key. Choosing a company that prioritizes your needs is essential for a smooth home purchase and closing.
The Importance of Your Title Company Choice
A title company plays a vital role in your real estate transaction, coordinating between buyers, sellers, lenders, realtors, and government offices. Their responsibilities include:
- Conducting thorough title searches
- Resolving any title issues
- Providing title insurance
- Offering escrow services
- Facilitating the closing process
The Choice is Yours
Oftentimes, realtors or lenders will recommend a title company that they enjoy working alongside. Know that this is simply a suggestion, and you do not have to use the title company they recommend.
While the buyer and seller must agree on a title company to complete the transaction, the choice is yours. Ask your neighbors what title company they used. Ask your attorney if they have a company they use and trust. Most importantly choose a title company that you are comfortable with and know you can trust.
Request a Fee Sheet
Getting fee sheets from a few title companies is recommended. While the Ohio Statute sets some fees and others by the Ohio Department of Insurance, fees between title companies vary greatly. Getting an itemized fee sheet is important because companies label fees differently and charge different fees that might not be comparable. Some companies might also be willing to match fees if you ask.
National vs. Local Title Companies
There are perks to using a national vs. a local title company. While a national title company might be cheaper and might be able to promise you a quick closing, a local title company will understand the area and know precisely how a certain county functions. In addition, local title companies give discounts based on different factors; be sure to ask what discounts might be available.
A personal touch is important, and you want to choose a title company that will give you that experience.
Remember, the choice is yours! The title company plays an intricate role in the real estate purchase process. Choosing a title company that will assist you every step of the way is important. Gather all the information you can and choose wisely!