Leon Springs Community News - September 2017
What do Title Companies Do & Why Choosing Them is Important!
The Title Company, and most importantly the Escrow Officer, is a MAJOR real estate transaction team member with IMPORTANT responsibilities. They research and provide title insurance ‘guaranteeing’ that the seller has a legal right to sell the property to the buyer. They also provide money handling services. This includes collection of earnest money, funds from lenders, and providing payment to other parties: such as seller’s mortgage, tax collectors, service contractors, etc. They collect, order and prepare transaction documents: from the contract, contract amendments, home warranties, loan payoffs, surveys, title commitments, tax, child support or other liens, HOA and bank routing information, lender closing instructions – EVERYTHING passes through Title.
They create closing disclosures for both parties and with a few exceptions, closing activities are completed at their office. Referred to as ‘closing’, the Escrow Officer meets with buyers and sellers to explain, sign and notarize all closing documents. ‘Funding’ is where Title receives and pays out the funds for a property. BOTH must occur for the buyer to receive keys to their new home. They are a NEUTRAL third party that processes information in accordance with the real estate contract. They do not make the rules! But, they do insure that the contract is followed.
Texas regulates Title Insurance costs. Service Fees vary little from company to company. So, Escrow Officers, who compete for business, develop skills to set themselves apart. In my opinion, the most important skill an Escrow Officer possesses is COMMUNICATION. Without it your ‘deal will fall through’! Give me a call to find out who I recommend for Title and why.
Gina M. Sohmer, is a veteran, a second-generation REALTOR®, a Graduate of the REALTOR® Institute and a member of the Phyllis Browning Company. She can be reached at www.ginasohmerrealestate.com.