A title company plays a crucial role in closing on your new home because the agency handles everything—from ensuring you have a clean title to disbursing funds on closing day.
It’s a big job that requires strict attention to detail and to the law. A title company’s role is so important, it can make or break the entire buying process.
It’s a big job that requires strict attention to detail and to the law. A title company’s role is so important, it can make or break the entire buying process.
That’s why you want to choose wisely! But what do you need to know before you choose a title company? We’ve laid out five tips that our own clients have told us were helpful in making such an important decision.
Reputation of the Title Company
You want a company with a strong reputation. Ask family and friends for recommendations and check online reviews. Not only do you want the title company to be competent, but you also want them to be friendly and communicative throughout the closing process.
Professional Experience of the Title Company
Some of the best title companies are ones that have many years of experience performing closings for different kinds of properties. They also have a proven track record.
That means an experienced title and settlement company is far more equipped to handle any issues that may arise during settlement.
Tammy Lilly, owner of Lilly Title & Settlement, has almost 20 years’ experience in the business. She started her own company in 2014.
We encourage you to ask questions about how the company handles the closing process. Get a feel for how they work and if you think they are a good fit for you.
That means an experienced title and settlement company is far more equipped to handle any issues that may arise during settlement.
Tammy Lilly, owner of Lilly Title & Settlement, has almost 20 years’ experience in the business. She started her own company in 2014.
We encourage you to ask questions about how the company handles the closing process. Get a feel for how they work and if you think they are a good fit for you.
A Closing Checklist for You
When you’re talking with a title and settlement company about handling your closing, make sure they have some form of checklist for you.
You’ll feel much more confident and relaxed about closing on your new home if you know what to expect.
For example:
You want to make sure the title company communicates clearly what’s expected of you, the buyer. If the company does not offer some kind of checklist, verbal or written, walk away.
You’ll feel much more confident and relaxed about closing on your new home if you know what to expect.
For example:
- A list of what documents you will be signing
- Whether you need to bring payment to closing, and how much
- Listing the form of payment you should bring to closing
- Listing what documents you need to provide on closing day, e.g., home inspection reports, proof of homeowners insurance
You want to make sure the title company communicates clearly what’s expected of you, the buyer. If the company does not offer some kind of checklist, verbal or written, walk away.
The Title Company Communicates Frequently
Good communication is key! Ask the title company how often they will be in touch with you before the closing.
Will the company be available to you by phone, email, or in-person meetings? You’re making one of the biggest financial transactions of your life. You want to safeguard that transaction with competent, professionals who take communication seriously.
Will the company be available to you by phone, email, or in-person meetings? You’re making one of the biggest financial transactions of your life. You want to safeguard that transaction with competent, professionals who take communication seriously.
Make it Easy and Secure to Pay Closing Costs
Wire fraud is rampant! And because email is so commonly used to communicate during a legal transaction, it makes it easy to scam people.
That’s why you want to make sure the title company you work with takes every measure possible to guard against wire fraud. You don’t want to lose your money to a scammer.
Here at Lilly Title & Settlement, we establish a phone procedure with you. We call you on a confirmed phone number.
This allows us to verify the legitimacy of the wire instructions we receive by email or fax.
We only use encrypted emails with our wire transaction instructions. Then we verify by email that the wire transfer instructions were received. Then finally, we verify the instructions and the information prior to sending funds on your behalf.
We strongly encourage you to ask a prospective title and settlement company how they handle the transfer of funds, what measures they take to ensure the security of your funds.
That’s why you want to make sure the title company you work with takes every measure possible to guard against wire fraud. You don’t want to lose your money to a scammer.
Here at Lilly Title & Settlement, we establish a phone procedure with you. We call you on a confirmed phone number.
This allows us to verify the legitimacy of the wire instructions we receive by email or fax.
We only use encrypted emails with our wire transaction instructions. Then we verify by email that the wire transfer instructions were received. Then finally, we verify the instructions and the information prior to sending funds on your behalf.
We strongly encourage you to ask a prospective title and settlement company how they handle the transfer of funds, what measures they take to ensure the security of your funds.
Conclusion
When you’re making the biggest financial transactions of your life, it pays to be careful and thoughtful about who you work with. From your real estate agent to the closing company, take the time to do a little research on the companies you want to work with.
It will make the real estate process much smoother!
Lilly Title & Settlement is a woman-owned title and settlement company in Staunton, VA. We’ve had nearly 10 years of experience handling all different types of real estate closings. Tammy Lilly, the owner, has almost 20 years experience as a title and settlement agent. And our reputation is second to none. Check out our reviews here.
When you’re ready to close on your new home, talk to us. Find out how easy it is to work with us!
It will make the real estate process much smoother!
Lilly Title & Settlement is a woman-owned title and settlement company in Staunton, VA. We’ve had nearly 10 years of experience handling all different types of real estate closings. Tammy Lilly, the owner, has almost 20 years experience as a title and settlement agent. And our reputation is second to none. Check out our reviews here.
When you’re ready to close on your new home, talk to us. Find out how easy it is to work with us!
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