FTA – IS AN INDEPENDENT ATTORNEY OWNED TITLE COMPANY
In an escrow, you should want an “arm’s length” transaction – a neutral third party protecting your interest so there is no chance of collusion or conflict. Some title companies, banks, mortgage brokers and real estate brokers offer escrow services as a secondary source of income. They are NOT the same. They are not licensed by the Florida Bar Association, like we are. Additionally, they are not backed by the only title insurance provider that requires a juris doctorate before you can insure for them, like we are. Other companies operate under different rules and regulations that don’t protect the public nearly as well as the rules and regulations of an independent firms like ours.
Those other firms propose to hurry the process at a reduced fee. Do not make the mistake of believing that a faster closing is a better closing. Often times, these companies will overlook important liens on your property or other encumbrances in order to get the transaction closed on behalf of the lender or real estate agency. This practice runs contra to your interests.
The primary purpose of a title company is selling title insurance; the mortgage company arranges financing on real property; the banks sell loans; and the brokers sell real estate and business opportunities. Since it is in their financial interest that the sale or loan closes, they might be less neutral and thorough than you wish. There can never be a conflict of interest when you use an independent firm. These other title agencies are not subject to the same stringent regulations as FTA. The employees of these other agencies might not be as qualified in experience or training as FTA. Furthermore, they may be working for stockholders, directors, and officers and are not focused on your needs first. At FTA, we don’t answer to stockholders.
Next time you are considering buying a property, makes sure you have an independent firm on your side. FTA wants to be your title closing agency.