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Tampa Title Companies-Who Choice Is It?
January 29th, 2008 categories: Tampa Real Estate, Tips for Sellers
It seems a certain Title company in Tampa recently ran an ad that asked home buyers and home sellers to “ask your loan officer or real estate agent if they will object if you choose your own title company”, and “depending on their response– and also their body language– you may wonder if they are financially rewarded for directing clients to a title company they are affiliated with”. The ad then went on to say that you’ll pay hundreds of dollars more for a closing with an “affiliated” or “in-house” title company.
If you’re buying or selling a home here’s what you need to know:
- The Florida Association of Realtors Residential Sale and Purchase Contract stipulates whether the buyer or the seller will choose the title company and stipulates who will pay for the owner’s title policy.
- The seller normally selects the title company, since the seller most often pays for the buyer’s (owner’s) title policy, but this is always negotiable.
- The Real Estate Settlement Procedures Act, or RESPA, prohibits the payment of a referral fee from a company that provides settlement services, such as a title company (read it).
- If a real estate brokerage has any relationship with a title company (“affiliated” or “in-house”), that relationship must be disclosed in writing to the party referred (read it).
So as a home seller in Florida, you’ll most likely be purchasing your buyers’ title policy, and you’ll have to choose a title company to provide that insurance and handle the closing of the transaction. Do your homework before listing your home for sale. Call some title companies and inquire about their fees and their services. Ask your neighbors for referrals. If you ask us for referrals we’ll give you a list of companies that have assisted our clients in the past. Companies that provide a level of service that has been satisfactory to our clients. The choice is yours.
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