Title insurance...a necessary protection for Buyers and Sellers...and as with everything else in life...not all title companies are created equally. They are entrusted with an important job of making sure that the property is free and clear of all liens...and the closing documents...including expenses and credits are prepared correctly. In our practice...we have a title company that we choose to serve our clients..both Buyers and Sellers...their accuracy and promptness is impeccable.
At our brokerage, EXP Realty, LLC....we are paid at closing which in our market is not "usual and customary." In other brokerages, the closing documents are sent back the accounting departments and the agent can wait days ...or a week or ? to be paid.
When we furnish the accepted offer to our Buyers lender, we also furnish the contact information for our title company of choice to assure...and insure that paperwork is properly processed...and done promptly. We explain our choice and the why's and wherefore's to our Buyers as we believe it is an important part of every real estate transaction. Leaving this choice to chance ...or the Lender's disgression has in the past proven not to always be a decision producing the best results. We reviewed the closing documents and questioned why a line item was "assigned" to a specific line..."There was nothing else on it..." came the answer...YICKS !
If you have done any amount of work with short sales...you know that there may be many closing documents prepared during the course of a transaction and the careful review for accuracy can be the difference between getting the transaction closed....and not.
It would seem...logical...professional...for the party being insured ...in this case the Buyer to use a company that they have been told is reliable...accurate...trustworthy and prompt. For a Lender to choose without notice...and having intially not indicated there is any issue with have the insured choose the insurer...is well...you choose a description.....and resulting frustration.
This post has been brought to you by Sally K. & David L. Hanson, Broker Associates with EXP Realty LLC honored to be of service for all things real estate in southeastern Wisconsin.