Choosing a title company may not be at the front of your mind when purchasing commercial or residential real estate, but it is more important than you may realize. The right title company can work quickly to give you peace of mind to close your deal and help avoid any future real estate disputes. According to a BankRate.com article, one in every three title searches reveals a title or public record defect that needs to be corrected. That means choosing a title company with experience and an accurate track record is of the upmost importance. In addition to ensuring the title company is experienced and thorough, you want to make sure you choose a company that is easy to work with. Purchasing real estate can be a time consuming and stressful process. Whether it is a personal or business transaction, it is a considerable financial investment. To protect your investment and make the process as seamless as possible make sure you choose a reliable title company.
When considering a title company check for the following::
- Experience or years in business
- Knowledge of the market
- Understanding of industry policies and practices
- Response times to clients
- Rates filed with the Division of Insurance (in most states, including Arizona)
- Knowledgeable and helpful office staff
- Reviews with the Better Business Bureau
A reputable title company will be more than happy to answer all of your questions and make you feel confident that they have the expertise needed to handle your title insurance needs. A good company will also give you additional information on rates and make sure you are collecting all the rate discounts you qualify for.
If you are not familiar with an agency in the area, you can always ask business associates and friends for recommendations; it is also common for brokers and realtors to make suggestions. It is important to realize you have a choice. Even after asking for recommendations, make sure you take the time to do your own research and find a title company that works best for your needs.