The quote, “Knowledge is power,” is attributed to Sir Francis Bacon from 1597, and it still rings true today. That’s why the Highland Title + Escrow team wanted to share their tips and thoughts on choosing the title company that is right for you.
Of course, we always appreciate it when you choose us, but for any myriad of reasons, that may not be the case. We want you to find the one that fits you, your family and your transaction…so we are sharing what we know for a smooth, seamless and efficient settlement. We want you to experience a seamless and efficient settlement so that you can get to the good stuff…the celebration, the keys and your home.
It’s worth noting that in Virginia, Maryland and Washington D.C., the buyer chooses the title company. In other areas or regions, the title company is chosen by the party paying for title insurance, but according to Section 9 of the Real Estate Settlement Procedures Act (RESPA), a seller can’t require the buyer to work with a particular company if the buyer is paying for title insurance.
Now…the information you are here for. Consider the following when choosing your title company.
- Ask your agent. Your agent is an excellent resource in the industry. You have already placed your trust in them to find a house. Let them help you find the right title company. Agents have typically worked with many title companies in the area, and they can be a helpful resource for finding a good one.
- Ask your loan officer. If you are getting a loan, then you are going to have a loan officer that is helping to guide you through the lending process. Like your real estate agent, your loan officer can be an excellent resource.
- Do your research. Look for a reputable and established title company. Ask questions.
How long has the title company been in business? Highland Title has been in business for over 20 years! We have been around long enough to have seen the many changes in the market.
Do they have attorneys handling settlements or on staff? We have attorneys licensed in Virginia, Maryland and Washington D.C. that are available to help you through the process.
- Consider the cost. Your lender should provide you with a Loan Estimate at the beginning of the process. This estimate will be just that, an estimate. The lender fees should be correct, but the title company fees can vary depending on the title company that conducts the closing. You can get a better picture of the title company fees by requesting a quote directly from the title company. Highland Title has a feature on the website called “Get a Quote.” This is a great way to see our fees up front.
- Experience matters. It’s worth considering a locally-owned and operated, dependable company with a great reputation. Ask around the community. Call and speak with a company representative. Ask if they have closed transactions similar to yours, and ask about their title search process and their best practices.
Most of all, it’s important that you feel completely comfortable with the title company of your choice. After all, they are assisting with the biggest purchase of your life. At Highland Title & Escrow, we look forward to working with you, and you can find out more about us by calling 703-723-3300, or by clicking here.