Nope. It's about the service, trust and dependability I've experienced

Nikesh.

I would stay with the tried and true.  Last I checked, they all have the latest and greatest. A

NO, I would not.

It's not a matter of speed.  I choose my escrow officer and title company based upon their overall 'SERVICE" and knowledge.  My title company uses all the technoloy needed to close a transaction.  You could not pay me to move. The only way I would move is if my escrow officer changed companies.  She is the BOMB!!!  

Offered who $500? The title industry is heavily regulated. Best check to make sure it's legal. 25% faster??? If I recall, title companies rely on lenders and agents timeliness on documents to complete their work. If they don't get final numbers from the lender to balance until the last minute, how is that 25% faster? Since our state regulates title insurance rates and fees, it really is a measure of service and who does the service the best.

Service, service, service.  

Nothing else matters.  

I would stick with my trusted vendors.  If someone told me they would deliver 25% faster, I would say they would have to complete the order before I ordered it, and FAST is NOT a determining factor for Title Insurance in my opinion.  A competent closer can make a world of difference at the closing table.

The title company we use are ones we TRUST, the ones who have cracker jack processors and post settlement closers whom we know will get the job done correctly.

I am on board with Jeff Dowler CRS 100%.  Trusting who you are working with, and how they work is paramount.  Someone trying to buy business with $500 would send a red flag up for me immediately.  Mark

I would consider a professional, respectful, helpful and thorough title/escrow company who was 25% faster to be extremely valuable--and would advise clients they are worth paying MORE for.

Technically, we don't decide what title company - clients do. However, we may suggest, recommend or refer IF they don't know which title/escrow company to use for their transaction.

That being said - the selection of title/escrow company has really nothing to do with what you suggest. The speed in particular is totally irrelevant especially for a TRID transaction. And in some states, title/escrow companies cannot offer 'rebates' since the rates are published and state approved - except for some discounted classes of buyers/sellers, like for example first responders and investors....

About 20 years ago, while working at a major title company, I remember hearing of a one location title company, do not remember who the title insurance underwriter was, but the company closed its doors with closings supposed to be taking place. Proceeds checks not clearing when expected to etc. etc.  I like the safety of major underwriters if they give great service and want nothing less than that for our clients and ourselves.

I choose based on 2, and only 2 parameters.   Cost, and service.

Cost is a minor detail, as long as they're competitive.  Service is paramount -- I need someone that can change things quickly last minute, be available when I'm available (almost always), and works their butt off to make sure their part in the transaction goes great.  

No I would not switch.  Mine charges $375.  She has over 30 years experience...I will take that over price anyday

Legality aside...

If you're dealing with a competent Title Company / escrow officer they aren't going to be 25% slower than anyone else!  Why would you ever use someone incompentent in the first place.    Besides, The Title Company has limited tasks on which they control the timeframe.  As far as actually getting  a transaction closed, the bank / funder dictates that by how soon their requirements are fulfilled.  

I thought it is illegal to give rebate in our area.  Your select them for service quality. 

Nikesh, I don't go searching for discounts from title companies. Our number one concern is service. We have built a long relationship with our preferred title company in Wisconsin, Midwest Title Group, in Ashland. I trust them to handle our transactions (and clients) in the best possible manner.

Well Nikesh Parekh I am not sure why you are asking but it is pretty obvious that the vast majority here are in agreement that discounts are irrelevant and speed is not really an issue with Title Companies as they almost always are waiting on the buyer or seller or lender or some other issue to be cleared before they can close.

In Maryland, buyers choose the title company. I always recommend 3 to be fair. We have an in-house title company, but there are also others in the area. The buyer's decision is frequently based on the location of the property they are purchasing. The in-house title company travels to my office, which is very convenient for the buyer. I had a client use an out-of-area title company last year because a $500 credit was offered. The day before closing, the lender (a credit union) refused to accept the credit.

Trust and Service to the clients is so important in my direction where to send the business. 

The Bank has a list of approved LOCAL title companies that we use.   I have three or four that get the bulk of my referrals based on past performance, not promises of future activity.

I never like to try someone new, i prefer trusted, someone that i have used and does a good job every time. Communication is a must. Doing it right is mandatory and not delaying the closing is huge. 

I would absolutely agree to switch companies. My loyalty is to my buyer first. If I can cut closing costs and the time to close, I wouldn't hesitate. Right now I base it off the relationships I have with the title company reps. I'd at least give them a test run, or find out how they worked through other agents

First, I'm in Georgia which is an attorney state, not a title company state, but same process, different method.  The closing attorney if a loan is involved represents the lender and technically the lender CAN decide. That being said mostly buyers decide and many times based on the recommendation of the buyer's agent.

Now to why I recommend who I recommend.  They are honest, communicate well, very smart, tech savvy, accommodating beyond expectations, & conveniently located with great parking. If I were buying right now I would not buy unless the attorney I recommend had reviewed the title.  Also his legal assistant is very professional and also communicates well. 

That being said, their fees could not be $500 lower.  Their fee isn't $500.  Of course there are title fees that pass through for the abstract and the title insurance fees (which they also do not control) But they only charge $450 in attorney fees for a closing.

I would at least give them a try to see if they could follow through. The $500 savings would be a big help to many of my buyers and allow them to have some money left for things like curtains, furniture and decorating. 

I want a title company who is totally competent, has all title issues that could be problems on the table within a week of ordering title, and who knows how to conduct a flawless settlement.  And did I mention being calm with the negotiating skills of a career diplomat?

I use the title company that has the best escrow officer and most efficient support staff...they are already 25% faster than their competitors

Normally the buyers choose title company.

I recommend title officers who treat my clients with care, rather than an agenda to fulfill. Those who also have excellent communication, are industry savvy and trustworthy.

In Florida, illegal kickbacks are alive and well.  Many real estate offices only do business with their title affiliate or someone who offers them a "benefit".

There are agents out there that will kill a deal if you don't use their title company. Yes, of course it is illegal.

Title companies in Florida do shoddy work that is undependable.  They will exclude protections from the title insurance and then charge you for add-on's putting back the protection that they just removed.  

Title companies will be favorable to the hand that feeds them and will try to charge the buyer for fees that belong on the sellers side.  If you are not the rainmaker for them, you are a nobody to them.

I like to use attorneys that own title companies.  I only use competent and experienced people.

Just like agent and mortgage brokers...experts don't discount their services.

Cheap is never good so  I prefer expertise over discounts.

Eve

In our area, sellers typically choose the title company because they most often are paying for the title search, title insurance and other related fees. Sellers are free to shop around for the best rates. 

Our clients choose the title company, both the buyer and seller choose who they want to do business with for each transaction.

I'm in a title state and the sellers decide which title company to use. I make suggestions but it is their decision. I'm sure most would love to have a $500.00 discount.

As for timeliness I have never really experienced a problem with any Title Company my clients ever used.  With title insurance rates promulgated by the state and title closing closing costs fairly close among the companies I have used I can't see where there is much room for any discount. 

I mainly look for excellent service with the title company.  As long as there is excellent service and I do not have to do their job plus my own, then that is who I use.  

Its a matter of relationships and trust. I would never trust a discount title company

Up to the seller to decide who do use.  I can tell them who I would use but up to them.

I recommend attorneys and they choose the title company. I have found that the fees are about the same to hire a title company vs an attorney to do the closing so why not hire a professional with legal education to do the job?

First of all, YOU do NOT decide which Title Company to use.  That decision belongs to the buyer.  You may have your buyer speak with the title company for information, but you do NOT decide.

Actually I would want to know what the $500.00 service was that was being eliminated. Communication is key. One of my last transactions was one of the worst I was involved (?). I like to be at the closings when representing my clients. I was not happy when I got a call from my buyer and he said everything went well. This was at 9:30 a.m. I had just spoken to the escrow officer the evening before and nothing was mentioned that closing was going to be the next day. they hadn't received closing docs, yet. I got a call from the listing agent thanking me for being so cooperative. They were sorry I wasn't there. I was upset to say the least and would never work with that particular title office again, if i could help it. My  commission check didn't evern enter my mind. My not being there representing my clients made me feel inadequate. When I went to pick up my check. I let them know how I felt. I also contacted their lawyers who were part owners of the company.

Choosing an escrow company for me is probably like choosing a real estate agent for consumers: those who give excellent service and the one I feel most comfortable with. Communication is big including how "friendly" they are, where I don't feel I'm bothering them if I need an escrow done fast, complicated, or know they will go beyond the extra mile. And that's something they "earn" over several escrows. No, I wouldn't dump them for a discount (unless it was important to the principals since it doesn't come out of my pocket OR INTO MY POCKET WHICH IS ILLEGAL) or 25% faster (that's dictated what the loan people or principals want mostly anyway).

I use a small title company owned by 3 women- they beat the pants off of everyone else in pricing and speed!  I am happy knowing the families that get the business rather than some huge conglomerate.

I specialize in a medium sized city that is a suburb of a large city. Unfortumately only one title company has an office in my city so I use them. 20 years ago we had 4 or 5 and then it was based on service but now it's based on location.

Discounts sound attractive but if not backed up by performance they are worthless.  I have built relationships but I am always open to doing something better, cheaper, faster. 

Here in Ontario, Canada we have Real Estate Lawyers who do the closings and they choose with which Title insurance companies to work. We have 5 title insurance providers in Canada and I'm sure they fight for the RE lawyers business. But I never heard about rebates. Our prices are way higher than in the most States (at least, in Toronto and York Region). But I'd never recommend  RE lawyer based on his/her price only. Unless I know they are competent, trustworthy and diligent. Sometimes, they simply can't expedite the process due to the mortgage underwriters delays or other last minute problems beyond their control. That's why I never choose a closing day on Mondays, Fridays and before major holidays and long weekends unless I have no choice.

It's all about the service, the precision, the accuracy of information. In my area, speed doesn't really count; my escrow officers (and I use more than one) always make themselves available for my clients. 

In my 38 years as a Realtor, I have probably only used three different Title Companies, and they were the ones I recommended from past personal experience of their SERVICE, honesty, ethics, & communication.   I aways have trusted those closers and their companies that I have used.

Service and the service.  Would pay more for knowing I can call the VP up at 2am with a problem and have it resolved by 3am.

We use services that help our business and reflect our values. My company would match anyone else if I asked. I would not switch. You can't put a price on trust and loyalty.

Since my client is the one paying the bill, and they rely on my recommendation, selecting a title company that is reliable, proficient, responsive, knowledgeable and less expensive would be a good deal for the client. Would it not be my ETHICAL duty to recommend such a vendor?

The issue is, now do you get the agent to trust you with the first transaction? I would warn competing on price is a race to the bottom. What if you approached the prospect agent with a lead for a seller needing a valuation consultation? This will prove much less expensive than $500 every transaction.

Here is what I would recommend.

Stand back and take a look at what you already know.

Here on AR 90% of agents suggest they RARELY go to their brokerage location. But they are paying for all the brick and mortar.

How can your title company help the agent to benefit more from what they are already doing (actually not doing)  that does not benefit the agent at this time.

Stop chasing old business and outdated thinking and plug into the new mindset and emerging economy. Making a living becomes more enjoyable training the trainable than it is trying to teach old dogs new tricks. There are 100,000 newbies coming on board every year. Save them.

Or bring bones (leads) to the old dogs.

In our state, the attorneys deal with the title companies and reportedly get about 60% of the fees.

I would be interested in finding out more, but the most important is service and dependability. I switched from one Title Co to another because they provided terrible service. Now, this other Title Co has too much business and they're starting to go down a bad service path...

NY is attorney state, so the lawyer generally selects - prob. about 90% of the time.  Also, I think in NY many of the fees are regulated.

The why?   Reliability.  Service.  

In our area where multiple offers are still common, it's typically the seller who pays for and selects the title/escrow provider although it's negotiable.  

Services provided and stability of the company. Check out this story.

http://www.nbcdfw.com/news/local/State-Seizes-Title-Company-Amid-Allegations-of-Missing-Money-367299221.html

I would recommend my regular title company that always provides the most professional service. 

No.

Service and consistency are my barometers!

I would not be interested in ''faster'' since my local companies work fast enough, but likely my client would be interested in discounts. 

Good morning Nikesh. To me, it is all about overall knowledge and quality of the service.

I have a couple I like working with.  It's about communication and service.  I'm open to meeting new vendors. If the service is good and the closing is smooth, I may consider.

I almost always use our the title company that is owned by Long and Foster.  They have an office in our Long and Foster office and not only is that very convenient but they do a great job.

We don't use title companies in Ontario.

In Chicago land the attorney for the seller makes that decision.

Nikesh Parekh MA is an attorney state - so we do not have to work with title companies directly.

And to answer you question based on logic - why not?

Good to see you back Nikesh, in our town most are about the same and this would be a good incentive.  However if you buy a home that is listed with one of the largest companies in town then they already have a contract to do the title work through their title company.

Nikesh Parekh I would not switch. I will continue to use my trusted closing attorney

I use local title companies with a proven track record  and get great service so no reason to consider switching.

I am more interested in service and support. Mine throws in perks (?) too. Orange Coast Title. No switching. Loyalty makes it stronger. Teamwork tight

We are an attorney state - they pick for the seller.

Location and AA rated title insurance.

Not my decision to make

We don't use Title Companies but I'm interested in what others will say.