Finding a title insurance company that complies with applicable laws and regulations is one of the few things you can do to ensure that you’ll enjoy your new home for many years to come. Since the purpose of title insurance is to protect you against losses that may result from undetected defects in the title, it’s important to choose a compliance-driven company that will do the right things for you. Here are five basic reasons why you, as a future homeowner, should look for such a company.
1. Regulatory compliance – A compliance-driven title company has a series of procedures and policies in place to monitor, assess and control its operations. For instance, certain certification programs, such as ALTA Best Practices Certification, require applicants to:
- adopt and maintain specific best practices;
- implement a security program to protect customer information;
- keep its employees updated on new standard procedures;
- act in accordance with the latest federal and state laws and regulations applicable.
Additionally, a title company that adopts ALTA Best Practices Framework benefits from a comprehensive solution that will leverage its internal resources, allowing it to remain in complete compliance with ALTA rules and do business with integrity.
2. Expert title examination – Title searches sometimes fail to reveal title problems like improper transfers, fraud, undisclosed heirs, incorrect marital status and human error in transcribing title information. But a compliance-driven title insurance company has dedicated experts who perform comprehensive title searches, examine title-related issues closely to determine the exact status of each title and address potential problems that could arise from certain title defects. In addition, I would like to underline one important aspect: a title insurance policy issued to the creditor won’t protect you; to protect yourself from losses due to title defects, you need an owner’s title policy.
3. Financial stability – Financial strength is another reason why you should opt for a compliance-driven title company. As an example, a company that wants to become ALTA certified must submit a summary of financial information to prove its financial stability. Using a company that has enough financial resources is critical to ensure it will defend you against claims covered by the policy and reimburse you for loss resulting from hidden defects in the title.
4. Hefty savings – Another essential aspect relates to the services a compliance-driven title insurance company provides. An ALTA Best Practices certification demonstrates that the professionals working for that particular company are responsible and efficient, and have the necessary knowledge and experience to handle and solve possible title problems. By opting for such a company, you’ll benefit from diligent tile search, closing and escrow work, which will save you a lot of money.
5. Excellent customer service – To comply with the latest federal and state laws, a title insurance company must have competent employees who are able to understand the regulations, rules and industry standards applicable to their jobs and know when to seek advice. In addition, as these employees are aware of the fact that any violation of rules could jeopardize the reputation of the company they work for, you can expect the best possible service from them.
Since 2007, Guardian Title & Trust, Inc. has been offering thorough title searches, comprehensive title insurance coverage and professional closing and escrow services to enable the efficient transfer of real estate. As an ALTA Best Practices certified title insurance company, we’re ready to protect your dream of home ownership by securing a clear title. To learn more about our title and settlement services, fell free to contact our experts by calling (904)-992-1162 or emailing firstname.lastname@example.org.