Most real estate deals will likely involve a title company at some point if the deal gets far enough along. The typical practice in a real estate transaction is that the buyer will submit an offer for a property, either on their own or with the help of a real estate agent. The buyer will then retain a title company and they will help deal with a property title search and securing title insurance. Despite the buyer generally being the party to choose the title company, there are situations where the seller is involved in choosing the title company.
Can the Seller Choose the Title Company?
In cases where the seller is paying for the title company, it is generally accepted that they have a hand in choosing which title company to use. In general, the home buyer pays for the title company, which is why they usually choose the title company, but that is not always the case. Sometimes sellers will agree to pay the title costs as part of the real estate transaction. There are also cases where a seller might have strong opinions about using or not using a specific title company, as the title company plays a major role in the closing process.
What Does a Title Company Do?
Purchasing title insurance is one of the most important steps when buying a home. A title insurance policy will protect you and your lender in the event that any issues should arise with the title of the house. Typically a title policy will be ordered right after the purchase agreement is signed. The amount of time it takes for the title to be cleared by your title company will ultimately depend on a few factors, but generally title searches can be wrapped up in just a few days.