Every real estate professional must search for and select escrow services or a title company to work with at some point in their career. Who you choose to work with is not only important for your business reputation but also for your clients as they perhaps undergo the most important financial transaction of their life.
Although the buyer is not obligated to use the escrow and title services you recommend, you may find that many look to you for advice and recommendations. Be careful not to steer them in the wrong direction.
When looking for an escrow officer or title services, consider asking these questions:
1. Ask the potential escrow agent how long they have been in the business. Also ascertain how transactions are handled. Is there an assistant who does most of the work? How does he or she relay the status of files?
2. What about business after hours? If needed, will a representative from the title company stay late?
3. Get rates in writing. Ask about title and escrow fees including delivery and recording charges as well as rates for money transfers.
Action Steps
The best contacts and resources to help you get it done
Work with title companies who are trustworthy
Although a 100% guarantee of eliminating all title risk is not possible, a thorough title search and proper title insurance can thwart most claims against a property. A good title search can mean the difference between a solid transaction and one that unravels.
I recommend: Check out the services offered by
Professional Settlement Services, based in Macedonia, OH, and Naples, FL, and then order your title work. A Chicago title company,
Premier Title, offers customized services.
Choose escrow companies as a neutral third party for the transaction
Nothing's more important in the real estate business than the actual transaction - the exchange of funds. To help distribute the appropriate money and comply with the lender's requirements, an escrow holder must be acquired.
I recommend: Closing, escrow and title services are all offered by
Closeline Settlements with offices in several major US cities. Learn more about the services at
Sterling Trust Company and request more information if needed.
Utilize escrow and title software
As a real estate professional, the more knowledgeable you are about all aspects of the transaction the better you can serve your clients. There are many options to continue learning including implementing software to give your clients a better understanding of the closing process.
I recommend: Find out more about
SoftPro closing and title production services software. Request a 30-day trial to evaluate how it would fit your needs. Read about the features and options available from the
First American SMS Streamline system.
Tips & Tactics
Helpful advice for making the most of this Guide
- Make sure that buyers are aware that the payment each month from the escrow account can increase or decrease depending on taxes or insurance premiums.
The official source of Escrow and Title Services is
the Escrow and Title Services page at Business.com
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