How crucial is it to have the best title insurance company as the real estate market changes?
Gary Keller, co-founder of the world’s largest real estate brokerage says the market is shifting again. The data from across the U.S. shows signs of some softening in sales, and perhaps prices too. It could be a seasonal slowdown or a temporary blip. Or it could be another rotation in the housing cycle.
In the big picture of things Florida real estate and homeownership are great investments. There are great deals to be found right now. However, there can be new challenges to face when markets change. A lot of that centers around what happens at the title company.
When the market fell in 2006 to 2008 we saw many new problems. Some of those are still just popping up now.
Among these have been:
- Incorrectly recorded documents
- Flawed settlement statements
- Property owners and sellers being hit with unfairly high income tax bills
- Individuals unwittingly being caught up in real estate and mortgage fraud
- Mishandling of escrows, and unpaid property taxes and insurance bills
- Unpaid title insurance claims
- Title companies going bankrupt
- Title flaws
If a title company doesn’t do their job correctly all types of issues can crop up. The IRS may think you owe them a lot more than you do, your money may never make it to pay the county, property insurance agents, or to satisfy old mortgages, and eventually that company may no longer be there to fix things.
What to look for in the right type of title insurance company:
- Best practices for securing and accounting for escrow monies
- Accuracy in paperwork throughout the process
- A proactive approach to battling and preventing fraud
- Strong financial backing
- Track record of good reviews and recommendations
Choose a great Florida title company for your next real estate transaction so that you can rest easy knowing your finances and assets are in order. Then you’ll be able to continue to thrive during all phases of the market to come.