Who EXACTLY chooses the Title Company?

Believe it or not, I get this question all the time; unfortunately it is usually AFTER a contract is ratified and once a contract is ratified, it is a pain to change any details. 

The normal sequence of events goes like this . . . Mr. & Mrs. Buyer decide they want to buy a home, they select a Real Estate Agent, the Real Estate Agent puts them in touch with a Lender and the Lender prequalifies them for a loan.  Once Mr. & Mrs. Buyer know how much they can afford, their Real Estate Agent takes them shopping. They are super excited and what do you know . . . they find their dream home on the second day of shopping.  Now all that matters is getting the house.  Their Real Estate Agent puts together a fantastic offer and submits it to the Seller.  The Seller accepts it and we have a ratified contract. 

There is only one issue . . . the Real Estate Agent rarely advises Mr. & Mrs. Buyer that they have the right to shop for their own Title Company .  Instead, the Real Estate Agent writes in a Title Company they are used to using and once the Seller accepts it, it is a done deal.  Don’t get me wrong . . . the Real Estate Agent doesn’t try to sneak one past Mr. & Mrs. Buyer . . . this is just the “norm” and unless Mr. & Mrs. Buyer know they have a right to select the Title Company, why would they say anything?  By this time, they have a rapport with their Real Estate Agent and expect him/her to look out for their best interest. 

Selecting YOUR Title Company is just as important as selecting YOUR Real Estate Agent and YOUR Lender.  It is okay to be proactive . . . Call a couple of Title Companies . . . and ask for a quote of their fees in the form of a HUD-I.  Keep in mind that if they are difficult to reach or do not return calls or emails promptly, that is probably indicative of how they will treat you if they handle your closing.  Ask questions such as how long have they been in business and are their fees negotiable?  This is a HUGE transaction.  Spend a little extra time researching whom you choose to hire and it will definitely pay off! 

If you are in the market to buy a home, contact me today.  I am always available to answer your questions.   571-432-9382