Question Details

Cora, Home Buyer in Tampa, FL

What is title work? Is it the same as title insurance?

Asked by Cora, Tampa, FL Fri Aug 24, 2007

What criteria do you use to choose the company for title? Is there a rating system? Is there much difference in rates? What is a fair price?

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Hi Cora:

Title Work is the whole process from beginning to end involved issuing title insurance. It starts with a "title search", which is examining of the title in question to ensure the seller is the actual title owner and to determine what, if any, liens are on the title.

In a real estate transaction, once the Title Work has been performed, then there are usually 2 types of title insurance that are issued:

Owner's Title Insurance: Insures the owner against losses due to title defects. Typically the seller pays for this. As for the fee, the charge is usually based upon the sales price of the property, and can vary from area to area.

Lender's Title Insurance: An insurance policy that protects the lender against claims and losses that may arise if the title is unmarketable or defective. Typically the buyer pays for this.

In most cases, the seller chooses the title company -- but this can be negotiated in the purchase agreement.

As for how to best choose a title company, often times the attorney or even the listing agent representing the seller may be a title broker to have ownership in a certain title company, and may recommond you use a certain title company. Make sure to ask if they have an ownership interest.

Good questions to ask a title company: 1) How long have you been in business? 2) Have you had any claims against the titles you have issued in the past? 3) How often do you reconcile your escrow accounts? 4) Do you disburse on transactions before verifying receipt of good funds from all parties? 5) Is my whole closing process being insured by your company, or only the tile policies?

Good luck!
1 vote Thank Flag Link Fri Aug 24, 2007
Patti Pereyra, Real Estate Pro in Chicago, IL
MVP'08
Contact
See Patti's answer, it was excellent!
As far as paying a fair price, visit http://www.FreeTitleQuote.com to get up to FIVE free title insurance quotes from title companies in your area. You can compare coverage and choose whats best for you.
1 vote Thank Flag Link Thu Jul 24, 2008
Sorry, I realized I failed to answer the second part of your question. Most of title companies have competitive costs. What is most important is using one that your agent trusts and has a good relationship with. I am located in California and we use Chicago Title who is a subsidary of Fidelity another company I trust. There isn't any rating that I know of. Check the site and see if that helps you out. Good Luck.

Tiffany Copland
Alain Pinel Realtors
1 vote Thank Flag Link Fri Aug 24, 2007
Here is a link to Fidelity National Title Co.
http://www.fidelitytitle.net
It is there Fast Facts Link. It will answer all of your Title Insurance questions simply. So that you don't have to read my long winded essay. If you have any other questions afterwords or about anything else please let me know. Take Care

Tiffany Copland
Alain Pinel Realtors
tiffany@coplandrealestate.com
Web Reference: http://fidelitytitle.net/
1 vote Thank Flag Link Fri Aug 24, 2007
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