Tuesday, July 08, 2008

query via e-mail: How do I find out information if or if not a title company is on the, up-and-up?

I have come to like your title insurance talk web and radical title talk web as well. I read it a lot and learn a bit as well. How do I post a question to it? How do I find out information if or if not a title company is on the, up-and-up? Not just the BBB or state government web sites.


Hi, John. Thanks. You did it. E-mail's the way to ask if you don't want to rely on my normal query approach which is to take search engine queries that hit the site. ;)

To answer your question, there is not one good way to check on a title company. You can use BBB or contact the state insurance department or ask friend, but I prefer asking a few direct questions.

Ask the title company if you will receive a copy of your title insurance commitment to review prior to closing. Also ask who will be available to answer your questions and provide more information, if needed.

Ask the title company how long after closing will it take for you to receive your owner title policy.

Ask if they will do a full search - which depending on the area would be 40 to 60 years - or will they only do a short search.

Ask if they use an expert local abstractor or do they use off-shore or automated systems.

These questions will give you clues as to whether or not you are working with a professional, expert and therefore likely competent title insurer or a title chop shop. Listen to the responses. If you are not getting a respectful reply which acknowledges a consumer's right to know, move on. If you are getting a bunch of BS, move on.

It's not a perfect way to vet out bad guys but it will give you enough of a response to get a gut reaction.

Thanks for reading. ;)

1 comment:

Dave Wirsching said...

Left out my favorite one - "Do you have an office in area?"

If they don't they might not be familiar with the local customs and legal requirements. Could result in a big headache later on.