Most people aren’t real estate experts, and the various roles and responsibilities involved in a real estate transaction aren’t exactly straightforward. While the extensive process surrounding real estate closings may seem excessive from the outside, it’s in place for a good reason. 

Experts in title and property law serve to protect everyone’s interests from fraud or negligence, which takes time and appropriate procedure. That’s why it’s so important to have a professional title company handling your transaction. 

Of course, you may have some questions about how you fit into that procedure as the buyer or seller. Read on to find out what you should expect as the buyer or seller in a real estate transaction.

Most often, the buyer is responsible for choosing the title company. This is subject to extensive regulation and does vary by market, but this is the overwhelming national trend. In particular circumstances, the right of the buyer to choose the title company is even guaranteed by federal law. 

Since the buyer will be responsible for choosing the title company, they will also be the party purchasing the title insurance policy, which is required to complete the closing procedure.

If you’re wading into the market and you don’t know where to start in choosing a title company, you can defer to your real estate agent. Likely, your real estate agent will have established connections with professionals that handle other parts of the real estate purchasing process. If you trust your real estate agent, feel free to make use of their professional contacts. 

Don’t forget to compare options for yourself, though. While your real estate agent will likely have good intentions, they may not be as invested as you are in making a financially optimal decision. 

When looking at your options, you’ll want to ensure your title company checks all the boxes for the best service. Look for local presence, expertise, reputation, and commitment to their community in your title company.

Don’t proceed through the closing until you understand the terms. There is quite a lot to the closing process, but an experienced professional should be able to keep you on the same page as they handle your transaction. Know your quote, and understand the circumstances that can affect the final cost. 

When you’re choosing a title insurance policy, pay close attention to the kind of coverage you’re receiving. Likely, some kind of title insurance policy will be required, but you will have some freedom in determining the coverage and quality of your insurance.

If you’re looking to close on your new home, contact Boundary Title & Escrow today. We’ll put our expertise to work for you!