Ep. 16 | 5 Things Your Title Company

Ep. 16 | 5 Things Your Title Company Really Wants You to Know...But May Not Want to Tell You!

I want you all to be rockstar real estate agents, and I promise you that if you put this information into practice, you will be able to provide your clients with a much nicer, smoother, and most importantly, stress-free (or at least less stressful) experience. This will take your customer service game, title knowledge, and professional practice to the next level.

1. What is being sold shouldn’t be a guessing game.

When listing a property, clarify exactly what your seller intends to sell. Miscommunication can lead to delays and issues. Always check the deed reference on the contract and ensure it's accurate. Provide all relevant details upfront, including easements or additional parcels. If part of the property is being conveyed, supply the necessary legal descriptions from a licensed surveyor.

Pro Tips:

Check the deed for legal descriptions and boundaries.
List all deed references on the purchase and sale agreement.
Avoid relying solely on tax information cards.
Don’t ask title companies to write narrative legal descriptions; this is the surveyor's job.

2. Who’s the Seller, Anyway?

Know who has the authority to sell the property. Verify if the seller is an LLC, corporation, estate, trust, or if they are involved in a divorce. Ensure all necessary documents and proofs of authority are available upfront.

Pro Tips:

Confirm the signing authority for LLCs or corporations.
Check for probate and personal representative documents for estates.
Obtain trust documents for properties held in trust.
Inform non-Maine resident sellers about the withholding tax requirements and the exemption process.

3. Closing Room Etiquette…It’s a Thing!

Respecting closing room etiquette is crucial for a smooth process. Separate signings may cause delays, so communicate this to your clients. Attend your closings whenever possible to show your commitment and support for your clients.

Pro Tips:

Communicate potential delays due to separate signings.
Maintain professionalism and positivity to avoid unnecessary drama.
Minimize distractions during signings to help buyers focus on important documents.

4. The All-Powerful Title Company…Not!

Title companies play a crucial role, but their power is limited. They can't override contract terms, expedite surveyor or lender processes, or resolve issues beyond their control. Their primary job is to ensure clear title, coordinate closing, and meet legal and lender requirements.

Pro Tips:

Understand that title companies can’t control all aspects of the process.
Recognize the value of the title company as a team leader, not an all-powerful entity.
Be patient and communicate openly to facilitate a smooth transaction.

5. Teamwork Makes the Dream Work!

Real estate transactions involve multiple parties. Clear communication and cooperation are essential. Respond promptly to requests from your title company, keep everyone informed of changes, and ask questions if anything is unclear. This collaborative approach ensures a smooth and efficient transaction.

Pro Tips:

Foster clear communication and cooperation among all parties.
Respond to title company requests promptly.
Keep all parties informed of any changes or issues.

With this guide, I have armed you with some valuable knowledge to up your game as a real estate agent. Paying attention to these key points will help you do that. You all have the potential to be absolute rockstars in the industry, and I want to help you get there!