For all those real estate professionals out there please be aware of the importance of title insurance. Customers should have the option to choose whomever they want to provide the title services for their purchase. Now most title companies do not advertise directly to the homeowner, but you as the real estate professional should give them 2-3 companies to choose from. This will make them feel more in power, plus they can call around to compare prices and services.
Most realtors and mortgage companies work directly with the title companies and get some form of referral fee or kickback that makes the relationship compromising. That is why we need to educate the consumers on what to look for in a title company and why it is important for them to choose it on their own. Once the real estate sales agreement is signed by both parties and comes out of attorney review, then they contract will go directly to the title company so they can open it up. A full search is not done until a mortgage commitment is obtained from the lender which confirms that all outstanding conditions have been met and the bank is ready to fund the loan. If any issues come up with title, then the title company can resolve them quickly.
To learn more about what title insurance is and why it is so important please e-mail me at redmondfinancial@yahoo.com.
thank you,
Damon Redmond
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