"Selecting a title company can be an afterthought for most homebuyers-but it shouldn't be. Such a company is essential for a smooth closing on your home. Finding a trustworthy one to manage large sums of money and sensitive personal and financial data is crucial, says Shannon McNair, president of RGS Title in Fairfax. A settlement company, as it's also known, ensures that buyers have a clear title to their property and manages the paperwork required for a transaction, including the loan and closing documents."
"In addition, says Todd Ewing, founder and CEO of Federal Title & Escrow in Chevy Chase, "most title companies have a team of highly experienced attorneys you can tap into throughout the process for advice. That doesn't change the cost, either: There is no retainer fee, just the settlement costs. According to federal and many state laws, the seller cannot require the buyer to purchase title insurance from a specific company as a condition of sale, Ewing adds."
A title or settlement company handles title clearance, closing paperwork and the secure transfer of funds, and often provides access to experienced attorneys without retainer fees. Federal and many state laws prohibit sellers from forcing buyers to purchase title insurance from a specific company, so buyers can shop providers. Real-estate agents commonly recommend companies and may even insert a company into contracts; buyers should ask about any agent affiliation or ownership interest. Agents can be asked for multiple recommendations. Research, compare fees and affiliations, and obtain several referrals before selecting a title company for closing.
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