Title providers play a crucial part in real estate as they function as advocates for both buyers and lenders throughout the transaction process. They are involved in almost all real estate transactions, are experts in the process and pivotal to ensure buyers and lenders are protected from costly mistakes. As a third party, title companies act as intermediaries to ensure all parties are protected from potential risks involved in the transfer or purchase of loans and assets. Title companies often provide other services as well, such as escrow, insurance and more.

Whether you are the buyer, seller, lender or an agent, here are five key factors to consider when partnering with a title provider.

Above and Beyond Communication

A quality title provider offers consistent and proactive communication that will relieve the stress and uncertainty of buying or selling real estate. Communication breakdowns can sabotage the closing process. Working with a title provider that emphasizes consistent communication allows for efficient management of the closing process and ensures a smooth transaction for everyone involved. Communication is the key to a successful relationship with a title provider —transaction updates should be consistently and effectively communicated regularly with all parties. The relationship between a title provider and its clients does not end after a closing; a great title provider will position themselves as a resource to further educate its clients and continue offering services long after closing.

Timeliness

Every title company should make it a priority to close transactions in a timely manner. A quality title company will work diligently to ensure a timely and effective closing process. Every title case is unique, and title providers must consider all parties’ needs when ensuring clear titles are ready on time for policy issuance. The average closing timeline? Except for special cases, title companies typically require two weeks to gather all necessary documents for a closing. A closing with financing can take up to 45-60 days if there are any complications during the process.

Claims and Customer Service

When claims occur, title providers must be available and respond promptly to clients. Unwanted surprises can lead to costly and unforeseen issues affecting your real estate transactions—a disaster for all parties involved. Unfortunately, many title companies have outsourced their customer service and claims department, leading to delayed response times and resolutions.

Inaccurate Report Protection

Many lenders require the use of a title company to perform searches on all property transactions prior to finalizing transfer or purchase options. As part of the title search, a title company will examine historical records in an effort to verify if the seller has a legal right to transfer or sell. Additionally, the title search will then determine if the transaction is free of unpaid taxes, debts and additional claims.

The information is then complied into a preliminary title report used by the lender to determine next steps. While title companies strive to obtain the most accurate information, search yields are not flawless. Records may contain errors that result from human mistakes or inaccurate reporting by previous owners. Mistakes happen, which is why title insurance exists: to mitigate risk and costs and expedite the closing process.

Two Services, One Provider, Fewer Errors

Title companies provide a degree of protection against unforeseen circumstances. Escrow companies act as a neutral third-party, holding assets and money involved in a transaction until contractual terms are fulfilled by both parties. Investors, homebuyers and sellers should take advantage of the safeguards offered by utilizing a title provider with escrow capabilities to streamline transactions. The closing process often requires collaboration between multiple parties. having title agents and escrow officers working from the same production system results in fewer errors. And as real estate values continue to rise, it becomes more important than ever for buyers to ensure their investments are secure and protected.

Selene provides industry-leading loan subservicing, diligence and title solutions to meet the needs of its borrowers, clients and shareholders.

Why Selene Title?

• Over 45,000 individual transactions performed in 2021
• Industry leading turnaround time for securitizations and bulk purchase closings
• Over $7 billion insured in 2021
• Deep relationship with large National Title Insurance Underwriters
• Average bulk closing, size 2,800 properties, closed in 8 weeks or less
• Closed files funded/disbursed same day

More than just a title company, Selene Title is a national provider of origination, securitization, single-family residence, bulk and default title services for mortgage lenders, servicers and investors. If you are ready to partner with an experienced title provider, contact Selene Title

For more information on how Selene can help with title, due diligence and subservicing solutions, click here.