Can You Trust Your Title-Escrow Company?

23 Aug

Can You Trust Your Title-Escrow Company?

Every homebuyer and seller needs the services of a Title and Escrow Company.  For the most part, your Realtor has dealt with the same companies year after year but there are times when the seller or buyer will want to use the services of a new company.  Should you be worried or is every title and escrow company basically the same?

The escrow company ensures that no funds will be released until all paperwork has been signed, documents delivered and instructions and contingencies completed correctly.  They safeguard your money until all conditions for both parties have been met.  And although each transaction is basically the same each escrow company might not follow the same route when preparing to close your escrow account.

Most real estate brokers will be delegated this duty of choosing a title escrow company and will recommend a company they have dealt with numerous times; however, you have the right to choose any title escrow company you feel comfortable with.  You should ensure they are licensed, competent and experienced. This is very important because choosing the right escrow title company will make the difference between a smooth transaction, loss of money, inflated fees and delays to close on your property. Remember, this company will be holding thousands of dollars for you. Would you trust just anyone to hold that amount of money?

Escrow corporations must be licensed however there are times when some companies are exempt and many see this opportunity to use funds in an unorthodox manner.  What would happen if your funds were “borrowed” to close on another transaction?  What would happen if your funds weren’t available for any reason when it came time for your settlement?

Any homebuyer or seller should take a proactive approach in questioning which title escrow company they are using. Ask the following questions to your satisfaction before committing to use that company.
1.    What are all the title escrow fees?
2.    How long have you been an escrow officer?
3.    Do you have an assistant to help in your office?
4.    Do you have an assistant? Are they familiar with the files?
5.    Are you comfortable closing “creative or difficult” real estate transactions?
6.    Can you do “subject to” closings, simultaneous closings, etc
7.    What are your hours of operation? If needed, are you willing to stay late?
8.    If needed can you meet clients for settlements away from your office?
9.    What recording times are scheduled for your company?
10.   How do you handle escrow collection accounts?
11.   Will you insure an all inclusive deed of trust?
12.   Do you have a notary available?
13.   What are your funding options?
14.   Do you have an after hours service for title information?

You want to simply ask everyone in this transaction “Will my money be safe.” If there is ever any hesitation to that answer keep looking for another title escrow company.  You’d rather be safe than sorry.

About the Author:  Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

View thousands of listings  www.Northeast-Florida-Relocation.comwww.BoldRealEstateGroup.com,  www.NewYork-Florida-RealEstate.com, www.PGAVillage-Homes.com, www.TheCascadesAtStLucieWest.com, www.HealthcareRelocationServices.com

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One Response to “Can You Trust Your Title-Escrow Company?”

Trackbacks/Pingbacks

  1. Beware of the Second trust deed Ponzi scheme « Timothymccandless's Weblog - December 21, 2011

    […] Can You Trust Your Title-Escrow Company? (cascadesatstluciewestblog.wordpress.com) […]

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