The home buying process can be challenging, but switching title companies does not have to be.
If you are going through the title process and feel the agency is not meeting your needs, you are not stuck. Switching title companies is an option and may be in your best interest.
Here’s what you need to know if you are considering switching title companies (even after you have already signed the sales contract):
Obtain seller’s written agreement
Many home buyers feel obligated to stay with the title company, if they have already signed the sales contract. Most buyers do not realize they can still make the change even if your deposit has been given to the title company. Do not be afraid to switch title companies if you are not satisfied with the service.
To make the switch, you must first get the seller’s written agreement. This is a fairly easy process. Seller’s typically do not have a strong opinion on which title company is used for the agreement, so consent to change is a simple step for a buyer to complete.
Once the seller agrees to switch title companies, the buyer will sign an addendum that will be added to the home sales contract. An addendum is an additional document that is added to the purchase and sale agreement. The document includes any information or special requests that the buyer did not put into the original purchase and sale agreement.
An addendum is important because it provides the ability to override the original terms of the agreement. In this scenario, it would override the original title company’s involvement in the home buying process.
Transferring earnest money deposit
If there is already a signed sales contract in place, there is typically a deposit that was already paid to the original title company. Even if the earnest money deposit was sent to the previous title company, it is not too late to switch. The new title company will contact the other title company and set up a wire transfer. This is done through the title companies, so you do not have to make special arrangements or continue to work with the first title company.
Making the Switch to Landmark Title
The bottom-line, if you are not satisfied with your current title company, consider switching to Landmark Title. The Landmark Title team has more than 40 years of experience in title and escrow, and the company is known for its personalized approach and focus on taking care of its clients. We have more than 70 seasoned professionals who are well versed in navigating complex and multifaceted transactions, walking our clients through the process efficiently and effectively every step of the way.
Contact us today to learn more about our services.