DD Web • March 1, 2019
Shopping Around: The Right to Choose Your Own Title Insurance Company
For many of us, buying a home is the largest investment we will ever make during the course of our lifetime. It’s exciting! But, it’s also a high-stakes investment that can come with a lot of stressors. Homebuyers, however, can minimize much of the stress and anxiety that comes with purchasing a home by having a well-researched plan and choosing a knowledgeable, experienced team to help them along the way. Just like shopping for a realtor and a lender, did you know that you can shop around for a title company as well?
What does a title insurance company do?
The title insurance company is the neutral third party in your real estate transaction. The representative from your title and escrow company acts as a liaison between you and all of the other entities involved in your real estate transaction, including the seller, the lender and the broker/agent. A title insurance company also ensures that all titles, deeds and other important documents are filed in a timely manner and with the appropriate parties. The title company also acts as the ‘closing agent,’ which means they will collect and disburse funds that are a part of the transaction.
Do I need title insurance?
Yes. Title Insurance that covers the lender is required on all new mortgages. In other words, if you borrow money to buy a home, you must pay for title insurance. Title insurance protects both the homeowner and the lender from events that occurred before you took ownership including property loss or damage. Defects in the title could include liens that went undiscovered during the title search, mistakes on previous deeds, fraud and/or forgery.
Can I choose my own title insurance company?
Because many lenders and real estate agents have relationships with certain title companies, you may be highly encouraged to use the company they work with. While they may have good reason to recommend their title company of choice, you can — and should — do your own research before complying. As a homebuyer, you have the absolute right to advocate your own title company selection to guarantee your transaction goes smoothly and secure the adequate third party protection that you as a consumer deserve.
How do I choose a title insurance company?
The fact you are conducting due diligence in your search for a title insurance company is an important first step on the path towards a successful real estate closing. Working with a title insurance company that your lender or agent trusts may often be preferable, but you should not automatically assume that is always the best option. Local title companies may have lower fees than larger corporate title companies and often provide higher quality, personalized service. The title company will oversee the disbursement of funds at closing, so you want to select a company with a record of operating competently, honestly, and timely. Search out a title insurance company that provides a professional, timely closing experience and has a reputation of delivering an unparalleled level of service.
If you shop around for a closing agent, you can compare costs as well as determine their level of service. Talk with your lender and real estate agent about the possibility of choosing your own title insurance company if you want control over the fees you pay and the overall experience you’ll have. Work with a lender that will allow you to choose from the available title companies in the area in order to find the best option for you. They are, after all, protecting one of the largest and most important investments you’ll ever make!
At Novation Title, we take immense pride in being recognized on the 2024 Top Latino-Owned Business List ! As a Latino-owned company, we are passionate about empowering our community through homeownership—one of the fastest ways for Latinos to build generational wealth in America. Why Hispanic Homeownership Matters Homeownership is more than just buying property; it's about creating stability, financial security, and opportunities for future generations. We believe in providing the resources and education needed to help our Latino community navigate the path to homeownership with confidence. Educating & Supporting Latino Homebuyers Our team uses key insights from the NAHREP (National Association of Hispanic Real Estate Professionals) reports to share real data on Latino homeownership growth and opportunities. We know that numbers don’t lie , and we want to ensure that every aspiring homeowner and entrepreneur has access to the right information. Advice for Latino Entrepreneurs For those looking to start a business in the title and real estate industry, our advice is simple: educate yourself and lean on data. By understanding the numbers and trends, you can position yourself for long-term success. Thank you to our community and partners for trusting Novation Title. Together, we continue to break barriers and build wealth through homeownership!
At Novation Title, we take immense pride in being recognized on the 2024 Top Latino-Owned Business List ! As a Latino-owned company, we are passionate about empowering our community through homeownership—one of the fastest ways for Latinos to build generational wealth in America. Why Hispanic Homeownership Matters Homeownership is more than just buying property; it's about creating stability, financial security, and opportunities for future generations. We believe in providing the resources and education needed to help our Latino community navigate the path to homeownership with confidence. Educating & Supporting Latino Homebuyers Our team uses key insights from the NAHREP (National Association of Hispanic Real Estate Professionals) reports to share real data on Latino homeownership growth and opportunities. We know that numbers don’t lie , and we want to ensure that every aspiring homeowner and entrepreneur has access to the right information. Advice for Latino Entrepreneurs For those looking to start a business in the title and real estate industry, our advice is simple: educate yourself and lean on data. By understanding the numbers and trends, you can position yourself for long-term success. Thank you to our community and partners for trusting Novation Title. Together, we continue to break barriers and build wealth through homeownership!
Welcome, 2020! We made it through the first week of the New Year and are already excited for what’s to come in this brand new decade. Anything can happen, and we have so much to create! Whether you’re a fan of long-term resolutions or prefer setting smaller, short-term goals, it feels good to start the year off with a desire to change for the better. If you know us, you know our approach at Novation Title has always been goal-centric, not only within our business but in our personal lives and out in the community. In today’s world where we are constantly connected (and distracted), it’s no wonder that we increasingly find ourselves overwhelmed mentally and physically drained. Often, the issues in everyday life are the ones that prevent us from enjoying the very same everyday life! How can we balance this out? We believe we can do better. That is why we are introducing meditation into our workspace. While meditation has been practiced for over 5,000 years, it is increasingly becoming a necessary way for us to unplug from the modern world. But what, exactly, is it? Meditation is a practice where an individual uses a technique — such as mindfulness — to train attention and thoughts. Mindfulness is awareness, it is a state of peace. It is being in the present moment, intentional and serene. It is the process of being aware of your thoughts while also disconnecting from them so you can connect within. Connecting within is the highest form of intelligence and results in proven mental, emotional and spiritual health benefits. Here are just a few science-based benefits of meditation: Reduces blood pressure Increases serotonin production that improves mood and behavior Improves immune system Increase in energy levels Lessens stress and anxiety Increases happiness and creativity Clarity and peace of mind Increased memory retention and recall Enhances self-awareness and self-acceptance Each one of us, regardless of gender, age or other factors, undergo daily stress and tension at some level or the other. That’s why we’re so excited to introduce #NovationMeditation into our business and we encourage others to join us this year. We can ALL benefit from improved mental and physical health in 2020. Who’s with us?!
