Top 5 Tips for Closing a Title in Another State

Closing a Title in Another State? Make the Process Easier.

The differences between an in-state and an out-of-state closing are greater than just a lot more back and forth. If you’re planning an out-of-state closing there are several things that will make your closing experience easier and more efficient.

1. Work with a Team You Can Count On

From costs to qualifications, fee differences to differences in document execution, closing a title in another state won’t (necessarily) run the same way it does in the state you’re familiar with, as each state has its own regulatory system. Costs depend on those regulations and competition. Working with a team you know that does national work is a better option than Googling an unknown where you run the risk of you and/or your customer being overcharged.

In Georgia, for instance, title insurance companies can set their own premiums and they are not required to be licensed to the extent that other insurers in the state are. This can mean drastic overpayments and inflated costs for the customer.

2. Check Out the Technology

Working with someone who uses the same technology that most lenders, underwriters, and realtors use is preferable. It streamlines the process and errors are less apt to occur when software systems “speak” to one another. When data must be keyed in manually, there is always the possibility of error.

3. Know Your Timeline

States have different timelines for closings, especially when dealing with foreclosures. Make sure you are aware of these minimums as they may affect your ability to close within a preferred schedule. If you’re working with a professional title specialist, they’ll most likely be able to help with this, but understanding the basic differences will let you advise your clients of these prior to setting a closing date.

Communication is especially important in these cases and setting up regular calls to talk over any issues is a good idea.

4. Be Aware Some States are Very Different

It’s true that states vary in their closing processes and stipulations, but some states — like California — vary within the state, some variations even occur between counties. These vast differences are yet another reason to work with a team you know and trust.

5. Know the Connections

An independent title company often offers the best price for the customer as they have no affiliations with the other entities involved and do not profit, past their own charges, from any commission and/or incentives to do business. A closing attorney with a financial interest in the title insurance company is not apt to offer the best rates or company to work with.

Closing a title in another state requires a team you can trust and technology that makes the process easier. While it is possible to connect with a great local title company, using someone you feel comfortable with is key to your peace of mind.

Choosing a customer-focused national title company can help you close with a team you trust and have worked with in the past. They have the certifications needed to operate in other states. You know they won’t overcharge and they’ll get the title cleared as quickly and efficiently as possible. If you’re looking for a national title company who can help you with out-of-state closings, contact independent Bay National Title Company today.