Is Your Home Title Free And Clear From Liens?

I'd like to share a tip I learned about using my own title company whenever I sell my house with a real estate broker

. Of course when I sell by owner I select a title company and there's no problem. But sometimes a real estate brokerage firm or my buyers' mortgage lender specifies the particular title company that will close the sale transaction, and as a result I don't have a choice. This issue might not hold any interest for you unless you have sold a home more than once or twice, but you may want to keep reading anyway because what I'm sharing could be valuable to you or someone you know.

In a divorce action it is common knowledge that both parties should have their own lawyer, and in most states it's a requirement so that each party has legal representation. I'm certainly not suggesting that your real estate transaction will be as adversarial as a divorce, but the concept of professional representation for your "side" of the transaction at closing is the same. You might not realize it but real estate brokers are not personally involved in processing the legal paperwork once it is in the hands of a title company that examines and ensures the title to real estate for the purpose of transfer of ownership. When I sell my house I am diligent about making sure the title work is done correctly and on time. The sooner a title company finishes its work, the sooner I get my money when I sell my house.

Of course title companies are in business in order to make a profit, and the employees, legal researchers, administrators and lawyers involved are primarily interested in making a living. They charge big fees for their services, and I want to select my own title company whenever I sell my house because that way I will know exactly what I'll pay at closing. There won't be surprises showing up on the closing statement because I'm being charged for some of the buyers' expenses.

It's well-known that real estate brokers and lender s are often associated with related title companies and have mutually beneficial fee arrangements. I like to make sure that the buyers are not getting a better deal than I am when I pay my share of the closing costs. Of course I like to save money on closing costs, just like anyone who sells a house. I check to make sure that the buyer's lender is not pushing expenses over to my side of the closing statement. Especially if you are not familiar with closing costs or closing practices in your area, be sure you get your own title company if possible when you sell your house.

Now you know why I always ask to use my own title company when I sell my home. Most of the time you should be able to use your own title company and the buyer can use his own, too. That arrangement is called a split settlement and it is very common.

by: Leo Kingston

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