he said it will be cheaper even for me but its one that he likes and has worked with. we're doing everything without a realtor because we already made an agreement to eachother! so does his title company Really effect me?
2007-02-15 03:04:36 · 14 answers · asked by toolate 3 in Business & Finance ➔ Renting & Real Estate
I work for a title company, and it really shouldn't matter who does the title insurance, as long as they are an established company. The only thing I would do would be to call around and get some quotes on what other companies charge you, the seller, and what this company will charge you. Check to see what your total bill will be for the title insurance and closing fee, for you. You don't really care about what they are charging the buyer, only what they are charging you. If you find someone who will do it cheaper, give the buyer the option of going to that company, or tell him you will pay what that company would have charged, and he can pay the difference. Get it in writing from the buyer that he accepts those conditions. We have several clients we deal with that come only to us, because they have dealt with us in the past and trust us. This is probably the case with your buyer. It probably wouldn't hurt to consult a lawyer, but it you feel you simply don't want to, at least have the lawyer draw up your deed and any other disclosure documents that must be furnished to complete the transaction. Good Luck.
2007-02-15 04:19:44 · answer #1 · answered by Kathleen M 4 · 0⤊ 0⤋
As long as it is an established company it should not make a bit of difference. The title company simply handles the escrow and issues insurance to the buyer. In the long run they simply prepare deeds for you to sign and hand you the money (unless you are also acting as a lender to the buyer). Of course you need to review and possibly get legal advice on the entire matter - keep in mind that a title company is a neutral party and can not support or advise Either the buyer or the seller in legal matters.
The only minor difference may be the fees that they charge the seller. Ask what those costs are and, if they are excessive, have the buyer pick up the excess. After all, the bottom line for you is to have a clean sale, get your money, and have no after-sale problems or issues , right? If the buyer gets a discount on HIS fees by using Brand X services, that is neither here nor there for you as long as you are not impacted.
Now if the title company is named Uncle Luigi and he operates at the back table of Dominics Restaurant on Fridays between 2 and 5pm, then maybe that is not as good an idea.
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2007-02-15 03:14:58 · answer #2 · answered by ca_surveyor 7 · 1⤊ 0⤋
Depends upon the contract language. Most places -- but not all -- the buyer gets to choose the title company who will handle his end of the closing; but not your side. If they do any work for YOU they will charge you extra. So the choice of title company MAY affect your costs. While title insurance charges (which the buyer pays) are regulated other closing costs (some of which you will pay) are not & they may have a higher charge than some competitors.
You're really better off getting your own attorney. The buyer's title company is going to charge you for preparing your closing documents -- which they won't if you have your own attorney do them. If you're going to pay for a service you may as well pay someone who is representing and advising YOU & not the buyer or his mortgage lender.
2007-02-15 03:18:11 · answer #3 · answered by Anonymous · 1⤊ 0⤋
In any real estate transaction you are best protected if you have a lawyer representing you, and I caution you on relying on even reputable advice such as provided by Yahoo! Answers without consultation of an attorney. The best way you can know if it matters (short of consulting an attorney) is to consult the buyer AND the title company. Ask the title company if they owe any fiduciary duty to either party, and what their existing relationship with the buyer. Get it in writing if you can (so maybe not a bad idea to send an email with the request)
2007-02-15 03:14:53 · answer #4 · answered by J C 1 · 1⤊ 0⤋
You obviously don't have language addressing this issue in your agreement with the buyer so that leads me to believe that there is also the possibility that there is also other necessary language that could be missing from your agreement. I therefore think you better get a legal begal to help you review your contract to purchase before you close.
All title companies are regulated by the state they do business in and they act according to instructions found on the purchase agreement and any other written instructions from the parties.
Buena Suerte
2007-02-15 03:29:52 · answer #5 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
The title company rep knows that there are several payable items on the HUD1 closing statement that can either be paid by the Seller or the Buyer. Guess which items you'll be expected to pay, even though you 'think' it will be cheaper for you? Is there a homeowners association involved? Are you expected to pay any costs for the transfer? Are you using a legal contract with terms that you've both agreed to? Has it been notarized?
Have him show you, line for line on the HUD1, exactly where you'll be saving money.
2007-02-15 03:18:11 · answer #6 · answered by Venita Peyton 6 · 0⤊ 0⤋
It depends, he could know a person from the title company that is either cutting him a good deal or overcharging so that the person from title can give some cash back after closing...this of corse would be on the sly and unless you can prove otherwise..your kinda stuck...being in the mortgage business i can tell you that, title co,'s, lenders, realators, apprasiers, and anyone else involved in the buying of a home tend to scratch eachothers backs ..so to speak... not always but mostly.
2007-02-15 03:13:02 · answer #7 · answered by knowledge 2 · 0⤊ 0⤋
Even though you are not working with a Realtor, you can always call one asking for advice that is not going to cost you anything, I tell you this because I work for a Real Estate company, I would recomend you an attorney that is espcialized in closings, they know more.
2007-02-15 03:20:43 · answer #8 · answered by dann_y2k 3 · 0⤊ 0⤋
Hi,I do not think using the title company he likes will make a difference.Thou i would get myself a lawyer at closing to look over paper work and see that every thing goes well for you.Believe me if a question comes up, you do not understand ,you will be glad you did have support. Good Luck
2007-02-15 03:19:45 · answer #9 · answered by rosco 6 · 0⤊ 0⤋
It shouldn't matter what title company you use. It is more for the buyer than the seller. Just be sure to disclose anything and everything you know about the house you are selling, even the bad things.
Good luck!
2007-02-15 03:08:19 · answer #10 · answered by Starla_C 7 · 0⤊ 0⤋