Buying a home or commercial property can be one of the most exciting things you do in your life, but the whole process can be extremely confusing. Here at Armour Title of Texas, we’ve been helping out folks in the Lonestar State for a long time, and wanted to take some time today to talk about five different questions you should ask your title company.
- What Are Your Title Insurance Rates?
This may seem like a pretty obvious question, but you’d be surprised how many homeowners forget to ask what their insurance will cost. The average cost of title insurance is usually around $1,000 per policy, though this will vary depending on where you live and the price of your home.
- How Much Experience Do You Have?
This is a great question to ask any company you’re considering hiring, and your title company is no exception. Ideally, your title insurance attorney will have many years of experience. Make this one of the first questions you ask when speaking with your Texas title insurance attorney.
- What Is Your Ratio of Title Claims to Customers?
Title insurance searches usually go pretty quick, but some claims can become very time-consuming. This is why it’s important to know how many title claims your title insurance company currently has. You’ll want to find a company that has a claim rate of about 1 in 10 customers.
- How Long Does it Take for You to Complete a Title Search on Average?
Depending on the terms of your home sales contract, you could be under a tight deadline. You want a title company that works fast, and won’t waste any time. An average title search process takes about two weeks.
- Are You a Part of Any Professional Associations?
Being a member of a professional association doesn’t guarantee that a title company is good, but it certainly helps give you a better idea of how respected they are in the industry. Groups like the American Land Title Association (ALTA) are respected industry-wide, so any company that is a part of them gets a credibility boost.