It’s one thing to do something; it’s another thing to know WHY you do it. That’s the difference between a closing company that issues title insurance, and a title agency that has closing services. A title agency that knows WHY it issues title insurance writes more value into the transaction at closing, and well beyond.
Not all companies that do real estate closings are alike. There are title agencies that provide closing services, and there are closing companies that write title insurance, and there are good title attorneys that provide title services, and then there are the Jack-of-all-trades Master-of-none attorneys who write title insurance. Beware of closing companies and attorneys that are Jacks-of-all-trades Master-of-none: because they don’t specialize in title service, their lack of understanding can leave you with a heap of liability, financially speaking.
What you should look for is a title agency (or an attorney) that writes and issues title insurance and provides closing services. Please remember that when title insurance is issued by an attorney, there is no legal representation to the insured—that’s YOU!—with the closing or when dealing with a claim. The attorney’s duty is to the title underwriter, not the homeowner/insured—YOU! When an attorney issues a title insurance policy, that attorney is just playing title agent. Any attorney that states they can represent and insure in the same transaction is a BAD attorney! When the proverbial poo hits the fan, who does the attorney represent? The attorney has a contractual obligation to the title underwriter aka the title company. Can’t represent both you and the title underwriter. In a title claim, the interests of the title underwriter and the interests of the homeowner are in conflict with each other.
The professional polish at a closing may be very luxurious anywhere you go (and it should be!), but the depth of financial protection comes from a title agency that knows the value of title insurance, and therefore how to write it. A title agency that writes and issues title insurance and does closings offers proper coverage, instead of dropping important endorsements to “save” money for the customer in the short-term (which adds financial liability in the long-term).
Yes, title insurance is a choice.
Yes, title products are a choice.
Yes, the type of protection may cost more.
Yes, title insurance and endorsements cost money ONCE. At closing. That’s it.
And yes, owner’s title insurance along with proper endorsements are low cost compared to the financial protection they provide for the life of the policy.
Take all the risk you want, but understand the risk you’re taking. Risk should be a customer’s choice, not a closing company’s or attorney’s short-cut omission or ignorance of coverage. Closing companies and attorneys that don’t truly understand title insurance don’t truly understand the risk—and they certainly can’t fix it.
Land Title of America, Inc. is a title agency that understands title insurance and its related coverages. Land Title also knows the rules and how to play by them, which means we’re good at problem-solving title issues. We know WHY we write title, which means we know how to write quality title with the full value of title insurance. And how to provide an owner’s title policy with all of its available coverage for the consumer.
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