"In this business, one institution you'll find yourself
working with again and again, are Title Companies.
Any investor will tell you that without a good Title
Company, your closing is dead in the water.
The Title Company’s knowledge and expertise are
vital to a successful transaction. I suggest speaking
with others in your area to get recommendations
and then do some investigating of your own. Interview
Title Companies until you find the right one. The
success of your business depends on working with
the right professionals.
Here are a few questions you can ask them:
1. Do you work with other investors?
The answer should be a resounding yes. You’re
looking for high volume. Ask them about the types
of properties and the price range they’re seeing.
Essentially, you want to know they can talk the talk
AND walk the walk.
2. Can you perform a double/simultaneous closing?
You will want a title agent who is proficient in simultaneous
closings, also known as “double closes” - that's when
you close your transaction with your seller and your
separate transaction with your buyer all in the same
date. I'll talk about this more in the future :)
3. Do you handle assignment contracts?
These, along with simultaneous closes, are the
norm in the investment world, and the company
should be very familiar with how to structure these
4. What is the turnaround time for title commitments?
This is important when you’re faced with a fast approaching
deadline. Flipping a property in a matter of days is feasible,
but only when the title agent can produce the necessary
paperwork. 24-48 hours is the right answer.
5. Do you offer discounts for investors?
You will be bringing this company repeat business
and many title agents will reward you for this by offering
Make sure that when you talk to Title Companies, listen
to what they're saying and always be sincere. Remember,
you're trying to jumpstart a lasting professional relationship
Do this right and you'll have made a great ally :)"
Credit to Matt Andrews from refreedom.com for the content.