What You Should Know Before Choosing Closing and Title Services

There are so many different decisions to make and hurdles to surmount when buying or selling a home, all adding up to be a stressful and busy time.

After finalizing an offer, agreeing on the terms, and setting your timeline, another key decision is selecting the firm that will handle closing and title services.

Many often choose to work with the firm recommended by their real estate professional, but it is essential to remember that you have a choice when it comes to who will ultimately perform your closing and title services.

What are the premiums, fees, and charges associated with closing and title services?

There are many costs and estimates involved in a home sale or purchase and—after a while—they can all seem to blend, making it confusing to determine what each one is for.

That’s why it’s important to know that although some fees are set by your jurisdiction—such as taxes or recording fees—or set during the contract process, other costs are established by the firm that handles your closing and title services.

Although it can be tempting to go with the firm with the lowest rates, it is worth your time to investigate what each charge is for, if it makes sense for your transaction, and what level of experience the firm has performing that task.

How does the closing and title services company handle the financial aspects of their transactions?

After weeks or even months of negotiations, inspections, paperwork, and plenty of decisions, it can be difficult to stay aware of all the moving parts in your real estate transaction.

However, aside from going under contract and securing a loan, one of the most important things to understand is how the wire transfer process is handled during the closing phase.

Instead of just assuming that the closing and title services firm has the necessary safeguards in place, take the time to ask:

• What internal controls and procedures does the firm use to prepare for the wire transfer and collect the required information?
• What fund management mechanisms do they have in place to safeguard buyer and seller information?
• What are the tools or platforms used to collect financial and personal information related to the wire transfer? Do they have any security controls?

How thoroughly are the title searches, exception investigations, and other aspects handled?

The last thing you want to learn after completing the closing process is that, as a buyer, you do not have a clean title for your new property.

One of the vital aspects of the closing process is the time the closing firm takes to investigate and research the background of your title to ensure there are no legal or financial issues tied to it that could ensnare you.

During your research of potential closing and title services firms, take time to check independent title company reviews to evaluate how well they perform this task and if there are any reported issues. Knowing that the company meets the relevant federal, state, and industry regulatory requirements can give you the peace of mind you need during this stressful process.

Take the next step to secure your wire transfer

Buying or selling a home is one of the biggest financial decisions of your life. And with the median duration of homeownership standing at around 13 years, it is also one that you may go through at least a couple of times.

Whether this is your first home purchase or you have been around the block a few times, taking the time to investigate the firm that will be handling your closing and title services is an essential step, especially in a time when security and privacy are paramount.

That’s why closing and title services companies are turning to CertifID’s platform to ensure that not only are the financial aspects of transactions safe, but also that the data collection process is smooth and integrated.

Want to learn more about how to keep your and your customers’ funds safe? Request a demo and see CertifID in action.

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