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Advise how to select Title Company & get Title Insurance as well

Asked by Sc, 55129 Mon Aug 15, 2011

I have put an offer on a short sale investment property in Twin cities, MN which might get accepted. Please advise how to select a Title Company, questions to ask and also get Title insurance.

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Usually your realtor can direct you to a title company they use. That is the best way to go. If you feel pricing on your title work is too high I would call around the area you are moving too or just google it and you will find one.. http://www.mnhomescontractfordeed.com
1 vote Thank Flag Link Tue Apr 24, 2012
Hello,

Title companies typically sell the same type of service to you, I would go to http://www.Title-1.com and use their Calcurator, it allows you to see what your title work would cost for 5-6 different companies.

You will get the names of other Title Companies, their pricing, and, you can call several to find out if their services differ in any way. Title searches are done on title to ensure that your title will be free of liens or defects, there are specific fees associated with everything they do and they are outlined in the estimate on the Calcurator. Then they assist you with recording with city/county/state agencies and the closing on your property.

They should be able to give you a breakdown of their services and their pricing but I typically take my clients to Title 1 because they are thorough, they are well priced and they have offices all over the metro area. You will also be able to purchase Title Insurance at closing should you wish, you can ask them about the fees for that and to what extent it covers your title in future.

Good luck with your Short Sale Investment. I hope you found this helpful.
0 votes Thank Flag Link Tue Feb 12, 2013
Mnlakeplace's comment below is a great response. If you are working with an agent or broker, you will usually want to go with someone that they already have a business relationship with. It makes for a smoother transaction, since the two are already familiar and comfortable with each other, and probably communicate regularly. Again, if you feel that their fees are too high, you can always shop around!
0 votes Thank Flag Link Tue Apr 24, 2012
I would recommend Network Title 651-482-9514, I am an agent and have been using them for years. Network has some of the best service in the Twin Cities. I work late and it is nice if there is an issue that your title person will answer the phone even if it is after 5pm. Barb at Network has helped out on issues at 11pm and on weekends. They also have some of the most competitive prices. I know this does not help much as far as how to research a title company but Network is the only company I like to use.
0 votes Thank Flag Link Tue Jan 17, 2012
Hi, Sc!
I guess you can shop rates, but I would also suggest going with companies that have been around a LONG time. We deal in probabilities in a real estate transaction all the time. So, the likelihood that a company who has been in business and in good standing for many years will be your best bet to protect your title. In my mind, rates would be secondary to the reliability of the company and the word of mouth testimonial from other real estate professionals. Make sense?

Good luck~
0 votes Thank Flag Link Mon Jan 2, 2012
Sc,

It is very unlikely that the company underwriting the policy will go out of business. Local title companies come and go, but they are essentially writing policies for a larger company. It is set up a lot like your local Farmers agent. He/She might leave the business but Farmers will always be there to insure you.

Cameron Piper
Coldwell Banker Burnet
licensed MN Broker
Web Reference: http://www.CamPiper.com
0 votes Thank Flag Link Tue Aug 16, 2011
What happens if I take Title Insurance and later the Title company goes out of business?
0 votes Thank Flag Link Tue Aug 16, 2011
I'm affiliated with Edina Realty and I've used Edina Title as well as Old Republic Title (downtown Mpls) and both are very good. I think if I were in your situation I would prefer to go with one of these two companies.
0 votes Thank Flag Link Mon Aug 15, 2011
You may want to check out this website.
http://www.minnesota-real-estate-search.com/MN_Title_and_Clo…

It has good information and access to a title cost calculator.
0 votes Thank Flag Link Mon Aug 15, 2011
Sc,

I have a great Title person at Burnet Title that I can recommend but then again I'm sure your agent has a relationship with a person whom they like to work with. If you are feeling uncomfortable with your agent's recommendation - feel free to contact me through my profile and I will pass my title person's contact information on to you.

Cameron Piper
Colwell Banker Burnet
licensed MN Broker
Web Reference: http://www.campiper.com
0 votes Thank Flag Link Mon Aug 15, 2011
On most sales I would recommend shopping for the best rates among several companies. Your agent will have a few companies he/she recommends. However, for short sale properties, it is best to utilize the same company as the sellers. Having only one title company involved can sometimes facilitate the short sale. Also, you may be able to negotiate a discount on services if the same company is handling both sides.

Good luck with your purchase!
0 votes Thank Flag Link Mon Aug 15, 2011
Thanks Ron for your response.
By "Chicago" do you mean Chicago Title Insurance Company?

My Realtor has advised me to use Title Smart.
Is it advisable to use Title Smart and get Title insurance through them? Or may be some other company? I had used Edina Realty Titles earlier for my primary residence.
0 votes Thank Flag Link Mon Aug 15, 2011
Chicago and Stewart are both Companies that I have dealt with and would recommend;
Your Realtor may have a favorite.

Walk in and ask them for a HUD1 which will show your share of the Closing Costs so that you can compare.

You should be able to specific your choice.

Good luck and may God bless
0 votes Thank Flag Link Mon Aug 15, 2011
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