Choosing the Right Closing Agent
Generally you, as the buyer, will have the right to choose the closing agent for your transaction. A closing agent can be a title company or an attorney. Your closing agent will be responsible for:
- Preparing the closing statement that will list all expenses related to the closing
- Calculating cost associated with loan interest, insurance, and taxes
- Obtaining a title report and issuing or arranging title insurance policies
- Collecting and coordinating all essential paperwork and escrow payments
- Transferring and recording the deed
Even as a key participant in the transaction process, the importance of the closing agent is typically overlooked. You’ll want to make sure you pick an agent that is responsive and timely!
Some things to consider when choosing a closing agent to represent you:
- Financial stability – A title insurance policy is meant to cover you as long as you own the property. You will want to partner with a company that is financially strong to safeguard future coverage availability.
- Reasonable fees – Some title companies charge additional fees at closing. These fees vary from company to company and can include wiring services, postage, filing, processing and more. Be sure to ask what additional fees will be included to get a better understanding of what your closing cost will be and if you are getting the best value.
- Technology solutions – Companies that offer a variety of digital solutions understand that technology can save you time and money. Today, closings can be offered as a full digital experience giving you the benefits of a stress-free closing process. Digital closings reduce delays and empower you to feel more in control of the process.