If you've never worked with title agencies, you likely have some questions. The industry has grown in popularity due to the benefits working with a title agency provides. According to HousingWire, the title insurance industry generated about $26.2 billion worth of premiums in 2021 compared to $19.2 billion the year before. Here are a few things you should expect when you work with title agencies.

Title Research and Insurance

The best way to understand the value that a title agency will bring to the table is to understand what a title agency does. A title agency researches a property to ensure that the title to the home is free and clear of any encumbrances. For example, a lien placed by a contractor or a suspicious change of hands would be considered an encumbrance.

Once the title company finishes reviewing the title and certifies it as valid, they'll place "title insurance" on the title. Title insurance ensures that if someone steps forward to claim the property after the title of the property has been conveyed to you, legal fees and other costs will be covered on your behalf.

Open Communication

When you work with title agencies, you should expect open communication. That means they'll inform you if the company finds some error with the title. An experienced agency will have the processes to move the title search and resulting insurance through the process quickly.

You can expect the title agent to be at your property closing and have all the documents in order. You likely won't meet the actual title agent until the closing, but you may have several conversations beforehand via phone or email.

A Service Fee

Title agency fees can vary from company to company. You can expect to pay anywhere between $300-$900 in fees. The cost of the property will play a role in the cost of fees, and the property's geographical location will play a role in costs.

Working with a title agency is part of the property-buying process. These agents provide a safety net for your real estate purchase. You can shop around and compare your options when choosing a title agent. Connect with E & E Settlement Services today, and we'll be happy to serve your needs with our extensive experience.