In real estate, multiple moving parts must sync to transfer property from seller to buyer successfully. The title company is an essential part in the transaction process. So why do real estate agents leave who handles the transaction to chance? The right title company becomes a significant partner that improves the value you offer buyers and sellers.
What role does a title company serve?
The title company handles several components of the real estate transaction. Essentially, our main role is to verify the sellers have the right to transfer ownership and to protect the buyer’s claim to the property after the transaction closes. To that end, we run various searches on the title, issue title insurance, and assist with the paperwork.
A title company can act as the escrow officer. In this capacity, we are responsible for conducting the closing and recording essential documents with local government offices.
As you can see, the title company plays a crucial role in a real estate transaction. It is essential in getting clients to the closing table, which means working with a company like Independence Title with a dependable track record and excellent communication.
What do you get from working with a valued title company?
1 – Excellent communication
Looking at the roots of a failed real estate transaction, and communication will be a factor. The best title companies build relationships and client confidence based on efficient and accurate communications. At Independence Title, we:
- Respond to you and your clients promptly.
- Translate complex real estate language in a way everybody involved in the sale understands what’s happening.
- Keep everyone apprised of the next steps in the process or update everyone about what they are waiting on.
2 – Enhanced due diligence
Failing to exercise due diligence harms a real estate agent’s reputation and business. An expert title company takes the minor details seriously. After all, due diligence is an integral part of our role in the real estate industry. It never hurts to have an expert pair of eyes review the fine print on the multiple forms and documentation involved in a real estate transaction.
3 – Efficient closing process
Real estate closings get delayed for various reasons. However, the title insurance company should do everything within its power to keep the agreed-upon closing date. The best companies have a proven system to move real estate transactions to closing. Partnering with a trustworthy brand ensures the process happens efficiently.
4 – Adaptability
Out-of-town signings and real estate closings are not uncommon in a state like Florida. Experienced title companies are prepared to handle all kinds of client requests and closing scenarios. Your title company partner must be equipped to handle remote closings using the latest technology and e-closing services.
5 – Deal security
Real estate fraud has increased over the last few years. Hackers and criminals are running increasingly sophisticated schemes. Independence Title keeps informed about the latest rackets.
Wire fraud of particular concern. The Federal Bureau of Investigation reported fraudulent wire transfer scams increased 480% in 2016. Forbes reported Americans lost $150 million to real estate scams 2018. Wiring funds to the wrong company costs clients thousands of dollars and puts their closing in jeopardy.
Partnering with us helps your clients avoid wire fraud. We take steps to prevent the loss of funds while maintaining client security.
Additionally, by partnering with Independence Title, you become familiar with our practices. When a client says something that does not sound like the normal way the title company operates, you know to double-check to make sure a con artist is not targeting them.
6 – Knowledge and Compliance
Title company experts know not everyone is well-versed in the real estate industry’s particular language. Your title company partner has worked through countless real estate titles and closings. They are well-versed in the fine details about the processes and know how to explain these key terms in a way that is easy to understand.
Concurrently, Independence Title tracks Florida state and local regulations. We will keep you informed of all legal issues and new regulations so you provide the best, most accurate service to clients. For example, Florida began allowing online remote notaries as of Jan.1, 2020, to help speed up the closing process for remote parties.
7 – Escrow Disputes
What if one of the contracted parties is unable to close? If the buyers and/or sellers are unwilling to sign a written authorization to release and disperse the earnest money funds, that creates an escrow dispute.
Real estate agents can find themselves in a tricky position. A title company acting as an escrow agent is a neutral third-party that can work through the contract provisions. Independence Title adheres to Florida’s escrow process laws to help all parties resolve the dispute.
8 – Innovation
Embracing technology is essential to ensure a quality-driven process. Partnering with a title company that embraces the latest real estate technology ensures satisfaction for everyone involved in the real estate transaction. Options like e-Signings and transaction portals make the process more convenient and efficient for everyone involved.
Benefit from a title company partnership
Now that you understand how partnering with a real estate title company like Independence Title supports your business, find a title company you can trust. Partner with a brand that has a solid reputation in the area, knows the regulations, and emphasizes excellent communication. Working together, title companies and real estate agents make a winning team for all buyers and sellers.