Who selects the Title Company?
Traditionally in our area the Seller pays for the Owner’s Title Insurance Policy, and therefore is entitled to select the Title Agent. Most contract forms, however, now provide space to designate not only who will pay for the title insurance, but which party will select the title agent. Although the Seller will make that decision in the majority of transactions, it is becoming more and more common for the Buyer to be the one making the selection. Many Realtors and Real Estate Agencies own or have an interest in a title company, and therefore receive compensation for referring business to that title company. Be sure to check your contract to determine who will be designating the title agent; otherwise, you could be obligated to close with their title company. We believe the best solution is to have a mutually acceptable title company that is stipulated in the contract itself. The best criteria for making that determination is the reputation and stability of the title agencies serving yo
