11 Things to Consider When Choosing Consumer Title Insurance Services in AZ
Title insurance services in AZ play a crucial role in real estate transactions. They conduct title searches, issue title insurance, handle disputes, maintain escrow accounts, and close the sale. A high-quality title company can protect buyers from unfair terms and unexpected issues, and, under federal laws, every property buyer has the right to choose a title company.
Title companies are, first and foremost, insurance companies, but many offer a complete range of closing services from title searches to settlements. They may employ a team of title officers, escrow officers, real estate professionals, paralegals, and/or attorneys. Some title companies are law firms that specialize in real estate transactions.
Choosing Title Insurance Services in AZ for Real Estate Success
When you find a property of interest and make an offer, start researching title companies in your area. Use these considerations to simplify the process of choosing a title company.
- Recommendations: Many homeowners rely on the recommendations of their real estate agents, lenders, and others. Consider these recommendations, but conduct your own research, too. Compare several companies to find the best policy and rates.
2. Company reputations: Explore online reviews and ask for references to find out more about what real customers think about the insurance products and services the title company offers.
3. Transparency: Ask prospective title companies if they are willing to provide and discuss the results of a title search and escrow management practices. Transparency throughout the process will ensure homebuyers receive services in accordance with industry best practices.
4. Technological capabilities: Value-driven companies understand the importance of technology. Steer clear of companies that insist on using and charging for old-fashioned manual closing activities.
5. Additional fees: Ask detailed questions about the fees associated with closing to gain a better understanding of the value of title insurance services in AZ.
6. Policy exceptions: Most insurers feature general exclusions, but exceptions will vary from policy to policy. Review all exceptions carefully to find a policy with the best possible coverage for your property.
7. Financial stability: Title insurance is a one-time fee product that should cover your property investment for as long as you live there. A well-developed title insurance policy should provide coverage for the full value of the title.
8. Your preference: Some sellers may pressure buyers into choosing a particular title company. According to Section 9 of the Real Estate Settlement and Procedures Act, a seller cannot force a buyer to partner with a certain title company. Buyers retain the right to choose their title insurers in every transaction.
9. Location: Talk to title insurance services in AZ about communication during the closing process. Partner with an agent who is available and responsive, regardless of location.
10. Experience. Experience often correlates with high-quality service. Look for title companies with long-term employees and years of experience.
11. Regulatory compliance. State laws determine how title insurance services structure their insurance premiums. Find a title company that prioritizes insurance compliance.
If you are in need of expert title insurance services in AZ, call our office today to schedule a consultation. We’ll be happy to share our years of experience with you.