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The Role Of The Title Company
by: Michelle Shelton
I had one fellow tell me he was going to sell his home himself. I asked him if he knew how to write a contract and check it over. His answer shocked me.
"No. I don't worry about that. I have a friend that sold his house and he told me to just take it to the title company and they would review it and tell me if anything was wrong. They really do everything once you have an offer."
Hmmmmmm. In my opinion, I work with the best title companies in the Valley. They are awesome at title work. They know exactly how to interpret a contract and execute the instructions on it. However, they do not have the ability to advise you on Real Estate Law. They are not licensed to practice real estate.
A title company is a neutral third party that works for both the buyer and the seller. They hold all monies and distribute it according to the instructions in the contract. They do not interpret the contract for either party and they certainly don't give recommendations of how it should be written. If they did this...it would be illegal. If someone tells you this is what a title company does, I would be very careful. Title companies are not licensed to practice real estate. It would be like having a your attorneys legal secretary give you legal advice. The legal secretary many be a wealth of knowledge in the legal arena, yet, they are not qualified to practice law. They have totally different functions and skill sets. The same holds true of a Real Estate Professional giving you advice on title. I wouldn't do it. As an agent, I have hand selected the finest professionals in the industry and work with them. Just like my mother used to say, you have to kiss a lot of toads to find your prince. It is the same way in business. People will tell you most anything, I look for results. Agents have done their due diligence to find other professionals and this is why some agents are able to highly recommend other professionals. If you pick a title company out of the phone book, you have a 50/50 chance of getting a good one. I like better odds than that when dealing with my finances, don't you?
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About The Author
Michelle Shelton is a realtor, licensed Arizona Real Estate Agent and listing agent with Keller Williams Realty Southeast Valley. She specializes in East Valley horse property and can be reached at http://www.askmichelleshelton.com.
This article was posted on 2005
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