What to look for in a title agency?

Here are some quick points to remember when looking for a title agency to close your real estate transaction. I'm not trying to be self-serving here but think it is a basic checklist for anyone looking to safely close their transaction at any title agency.

• Length of business; How long have they been in business? Experience level is priceless. We at Eagle have been serving central Ohio for over 30 years with professional, ethical and friendly service.
• Value; Look for a title company that looks for ways to save you money! Compare prices - No Closing Fees, No Junk fees, No Padding; we at Eagle save customers between $400-$800 dollars on most of our closings!
• Independent Agent? - Are they affiliated with their lender, real estate agent or builder? Beware of affiliated business arrangements. They drive cost up and present many "conflicts of interest". Title Agent must be a neutral third party.
• Get it in Writing; Make sure they put estimate of title closing costs in writing. Have them prepare you a preliminary HUD settlement statement. Also, get a good faith estimate in writing from your lender.
• Closing Protection Coverage; It is now Ohio law that you should be offered Closing Protection Coverage. This protects you against possible title agent theft, misappropriation, fraud and any other failure of Licensed Title Agent; get the actual letter sent ahead of time before you close. It should be presented to you on initial contact.
• Survey; Make sure they offer you a survey if purchasing a new property before you close. You should review with your legal counsel before the closing takes place!
• Title Commitment; Make sure they provide the Title Commitment before you close. This is the results of the title examination. It has extremely valuable information regarding the propery that again should be review with your legal counsel before the closing!
• Valid Title Agents License; Check with the Ohio Department of Insurance (ODI) using their agent lookup feature to verify they have a valid Title Insurance Agents license and in good standing with their underwriter.
• Valid Underwriter; Check with their underwriter and make sure they are a valid agent. Make sure underwriter is a highly rated and reputable company.
• E & O Insurance Coverage; Check that they have E & O insurance coverage and make sure you get proof of the current policy.
• Other Important items; Ask about their cutting edge technology; CD-imaging of signed closing papers, website services such as online ordering and consumer information.