Things you need to know when choosing a Phoenix title insurance company:
It is good to turn to your real estate agent, friends and your lender when choosing a Phoenix title insurance company. As a homebuyer, you need assurance that the seller has a legal right to sell the property and that there aren’t any unknown liens or mortgages attached. Are there any mechanic liens, bankruptcies, child-support issues?
- Did the seller inherit the property; are there any claim irregularities?
- It is important to ask questions and make sure the people handling your title search, and providing your title insurance, have a proven record of excellent customer service, years of investigatory experience, an efficient document tracking system, are reachable in the evening and during the weekend and that all government and industry regulations are in place. Experience matters.
- The homebuyer can choose their own title provider; selection doesn’t have to be done through a real estate agent or lender.
- To help make an informed decision, here is our recommended research to consider when choosing a Phoenix title insurance company:
- Does the Better Business Bureau have any complaints against the company?
Can you contact the Phoenix title insurance company at any time to get answers to your questions on the title search, title abstracts, title insurance, escrow accounts or closings? (Hint: the answer is “Yes.)
How do I assure documents emailed to me are secure? (Scammers will set up an email to look exactly as if it came from the buyer’s title insurance company, including appropriate title employees on the email, and correct email addresses.) Rest assured, at Landmark Title we have security practices and checks and balances in place to protect our clients from scammers.
Will the Phoenix title insurance company tell you about the exceptions on your property and explain what they are? (Exceptions that are not specifically documented do you no good).
What exclusions does your title insurance company include in its policy (as few as possible is best), and does it cover the full purchase price of the home?
Always question any unexpected changes or discrepancies.
While the Phoenix title insurance company of your choice can conduct the title search, you also might want to consider buying a title insurance policy. Such a policy, according to The American Land Title Association, protects a person’s largest investment, reduces risk from unforeseen legal and financial title discrepancies, comes with a onetime fee that is low compared to the value it provides at about 0.5 percent of the home’s purchase price, and protects property rights.
If you have any questions about title searches or title insurance, please visit Landmark Title at www.ltaz.com or call (602) 748-2800.