Why Buyers Need a Title Company

Why Buyers Need a Title Company

Many people beginning the process of buying a home don’t understand the role a title company plays in the transaction. The truth is, title companies are vital to the closing of a piece of property. Homebuyers and their real estate agents must work closely with them to ensure a number of key components are in place. Every title company has a huge responsibility to provide top-notch service. Failing to do so could damage their business reputation. 

To ensure a smooth closing process, a title company can turn to technology. By incorporating a resource such as an AI-powered virtual closing assistant, they can better serve buyers, real estate agents, and lenders. They can also streamline their internal operation. To shed more light on how this AI resource can help, we’re going over the main reasons buyers need a title company and how a virtual closing assistant can assist their needs.   

Perform a Title Search 

The title of a home may have complications such as prior liens or bankruptcies attached to it. Many times, the buyer has no way of knowing these things exist. A big part of the title company’s job is to research the history of the title to determine if it’s clean or if it has issues that could affect the buyer in the future. Once a title search has been completed, a title company may choose to provide access to the associated documents to all approved parties. A virtual closing assistant can facilitate this process, ensuring that all documents are secure. This means the buyer or their real estate agent can get the report on their own without having to manually get it from the title company. Doing things this way makes the process easy and convenient for everyone. 

Provide Title Insurance 

Because the title on a home could carry a certain amount of risk, homebuyers need insurance on it. Title companies arrange this coverage. Closing agents find insurers to cover the title and take care of the details for the buyer. This process requires some back and forth that can be made much easier with an AI-powered virtual closing assistant in place. The buyer or their real estate agent can chat with the virtual closing assistant if they have any questions about the insurance. This can be done 24/7 and from mobile devices. If the buyer or agent has a question the virtual closing assistant can’t answer, a closing agent can jump in. This is much easier than trying to straighten all the details out over the phone. 

Facilitate the Closing 

Once the closing date arrives, a title company’s closing agent helps the buyer finalize the transaction. They do this by obtaining signatures from all parties and distributing payments. A title company also files the necessary paperwork. This process can be complex, but title companies can make things easy for buyers and real estate agents. A virtual closing assistant can provide real-time information about an upcoming closing. This means that if a buyer thinks of a question in the middle of the night, they don’t have to wait until the next day to call the closing agent. A virtual closing assistant can also provide access to closing documents when they’re needed. 

Make the Closing Process Easy on Buyers

Many times, homebuyers are in the dark about the closing process. However, a title company can make things easier on them by using an AI-powered virtual closing assistant. 

Alanna.ai develops flexible software for the title industry. To learn more, request a demo today.