Do you have operations in my area? Real estate is a local business.
Each locality has its own rules, regulations and customs. A title
insurance agent headquartered hundreds or thousands of miles away,
working in multiple states might not be as well informed as a local
title insurance agent. |
Whose convenience is
it? Real estate professionals are fond of referring to the
convenience of “one stop shopping.” There is absolutely no
convenience to you, the consumer, to use a title agent down the
hall. Interactions between the title agent and consumer occur by
phone, fax, email and US mail. Good title agents close at the
location requested by the client – whether it’s in their own
offices, or that of a real estate agent, lender or attorney. The
only beneficiaries of one stop shopping are those who have an
ownership interest in the affiliated title agency, many times the
same person providing the referral.
How do you prevent claims against my title? While a claim might be
covered by Title Insurance, the inconvenience and stress won’t be. A
good title agent should be able to explain to you the steps they
take to avoid a potential claim against your ownership.
Who will be handling my file and my closing? Some title agencies
are vast enterprises, operated like an assembly line. The person at
the settlement table may have received your file only hours before.
Ask how the title agency handles their files. Is the person working
with you prior to your settlement going to be the same person at
your closing?
Who’s my closer and what’s their experience? Real Estate closings
aren’t always simple. Ask for the name and the experience of the
person who’s going to be at the closing table. An experienced,
licensed, professional can make the difference between a nightmare
and a smooth settlement.
Is my closer licensed? In Pennsylvania the title insurance agency
must be licensed, but the person representing the title agency at
closing is not required to be licensed. Many title officers do have
a Title Insurance License. A Title License is a much higher standard
– it requires testing and continuing education. A license isn’t a
guarantee of competency, but it does ensure that a minimum standard
of proficiency is met.
How will you communicate with me, when can I expect to hear from
you? A title agent should be able to communicate with you by any
means you prefer – phone, fax, email. You should also hear from them
at critical times in the process: When your file is opened, when a
title commitment is issued, when it’s time to schedule your closing,
and when they provide you an estimate prior to closing.
Will you commit to your quote in writing? Make sure your title agent
provides you a quote in writing and promises to provide a list of
ALL fees that they normally charge. See our Pennsylvania Title
Insurance Fees Explained [link] to understand the fees typically
associated with an insured transaction.
What policy are you providing me? In Pennsylvania, there are two
distinct policies for homeowners – an Owner’s Policy of Title
Insurance and the Homeowner’s or Enhanced Policy of Title Insurance.
The Homeowner’s policy is available to owner-occupants and provides
additional coverage, but is priced 10% higher than the Owner’s
Policy. The availability of both policies should be disclosed to you
and you should be offered to choose the policy you feel is most
appropriate.
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