I’ve had some personal experience with a botched title and I can tell you, it’s no party clearing it up. It took almost 2 years and over thousands of dollars in attorney fees before we were able to sell our home, and mind you, this was someone else’s error, not our own. When you’re buying or selling a home the title process may slip by almost unnoticed but make no mistake, it is a critical element in your transaction and the title company you deal with is important.     ~Bill

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By Barbara Pronin
The deal is done, the ‘SOLD’ sign is up and all parties – the buyer, the seller, often the lender and the real estate sales associate – are ready and eager to bring the transaction to a timely and successful closing. As your title partner, we support you in this effort by launching a meticulous title search as soon as the earnest money has been received.

However, with every transaction things can happen. For example, a title search reveals unpaid taxes, or a lien on the property because the seller never paid the contractor for putting in the backyard fence, or perhaps there is a break in the chain of title. Statistics show that one in three title searches turns up one or more issues, some easier to correct than others.  As the buyer and the lender require problem-free title, a promptly issued preliminary title report identifies problems early. This ensures that all parties – can work together to resolve any title issues that could jeopardize the closing or the transaction itself.

The best sales associates are leaders, communicating early and often with the lender, the title agent and the buyer and seller in the effort to clear any issues that may stand in the way of closing – whether that requires getting an old judgment paid off or simply correcting a typo.

While your title partner is working on title examination, the home inspection should be completed in a timely manner – preferably by a licensed inspector who can identify potential issues with the property – and, in many cases, a termite inspection by a reputable pest control company. Here, again, early communication and efforts by the agent to coordinate these inspections can help ensure any needed repairs are done well before the scheduled closing.

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Ever wonder what Closing Costs you’ll be responsible for when you buy or sell a home? Check out our infographic and article:

Who Pays for What?

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In addition, the buyer’s final walk-through should be scheduled in plenty of time to accommodate the new TRID rules, which mandate that buyers and sellers receive all documents and/or a new closing disclosure three days before closing. A timely walk-through ensures that if anything in the home has been damaged, or perhaps removed without authorization, the repair or replacement, or a monetary concession by the seller, will not delay the closing.

Last but not least, clients should be prepared in advance to gather any paperwork that might be required – such as contracts, proof of homeowner’s and mortgage insurance, or inspection reports – and bring them to the closing. Handing over the keys is a proud and happy moment for all the parties involved. Solution-oriented communication and a working relationship with your title partner can identify issues early enough to help your deals stay together.

Barbara Pronin is an award-winning writer based in Orange County, Calif. A former news editor with more than 30 years of experience in journalism and corporate communications, she has specialized in real estate topics for over a decade.

Reprinted with permission from RISMedia. ©2016. All rights reserved.