Can I Get My Own Title Company When Selling My House?

Whenever I sell my home with a real estate broker I ask if the brokerage closing

department will use my choice of title company for closing my sale transaction. Sometimes the answer is yes and sometimes the answer is no. If you don't buy and sell houses frequently as I do this issue might not interest you, but you may want to keep reading because someday having your own title company could make a difference to you.

Everybody knows that it's not a good idea to use the same attorney to represent both parties to a divorce. In most states it's impossible, there has to be a separate attorney for each party. Well, I'm not suggesting that a real estate transaction is as adversarial as a divorce, not at all, but I'm saying that you need professional representation for your "side" of the transaction in the closing process. Your real estate broker is not an employee of a title company and his or her job ends when the processing of the legal paperwork is in the hands of the title company. The purpose of a title company is to examine and ensure the title to real estate for the purpose of transfer of ownership. Whenever I sell my home I am eager to make sure all this happens correctly and in a timely manner. Why? Because the sooner the title company finishes its work, the sooner I get a proceeds check in my hand!

Naturally, title companies are in business to make a profit, and the legal researchers, administrators and attorneys involved are all interested in making a living. So that means there are big fees for their services, and one of the reasons I want to select my own title company whenever I sell my home is so that I can anticipate the fee I'll pay at closing.

And just as naturally as the title companies being in business to make a profit, real estate brokers and lender s are often associated with certain title companies because they have a fee arrangement between all their firms. I like to make sure that other people are not getting a better deal than I am when I pay my closing costs. I like to save money on closing costs, just like everybody else. If my buyer is using a lender, I like to make sure that lender is not pushing expenses over to my side, the sellers' side of the closing statement. If you are not familiar with closing costs or closing practices in your area, my next suggestion could provide a real cost savings to you when you sell your home.

Just remember this, I always ask to use my own title company when I sell my house. You should be able to use your own title company and the broker or lender can use their own, too. It is called a split settlement and it happens all the time. Over the years I've learned to ask to use my own title company when I sell a home.

by: Leo Kingston

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