Even though the services offered and fees charged by title
companies across Texas are standardized, there is some variation in how they
operate. Just as real estate brokerages and real estate agents vary in their
operating standards and styles, so do title companies.
Title companies in Texas have three basic roles. They
include completing a title search, closing the transaction (which includes
preparing paperwork, managing funds, recording, etc.), and issuing title
insurance. All licensed Texas title agencies perform these roles.
The basic kinds of title companies you’ll find in the Dallas
area include:
Independent – These title agencies are independently owned
and not a subsidiary or chain. Most have more than one location but they could
consist of a one-office, mom-and-pop-style shop. Carlisle Title, Capital Title,
and Allegiance Title are popular examples of locally owned and independent
companies.
National Chains – These are big companies with branch
operations in several locations. In the Dallas-Fort Worth area, they include
large companies like Old Republic and North American Title. They often run
subsidiary title companies as well.
Subsidiary Title Companies – The local title agencies are
owned and controlled by large chains. For example, Reunion Title and Republic
Title are subsidiaries of First American Title. The parent company may or may
not be heavily involved in operations and affiliated with other real estate
related companies.
Fee Attorney Title Office – These are attorneys who can
serve the function of examining title and handle the closing of the
transaction. Some fee attorney offices operate independently (and may not be
audited regularly). Others perform title services under the name of an existing
title insurance company. Well-known fee attorney offices in the Dallas-Fort
Worth area include Stewart Title, Alamo Title, and Lawyers Title.
Some Mixture of The Above – Some sizable companies have a
mixture of operations. I think of them kind of like restaurant franchises –
they may be corporate owned or locally owned, affiliated or not. Chicago Title
is an example of a nationally owned title company with branch offices, as well
as fee attorney offices who operate under its name.
Many title companies are affiliated with other businesses
such as banks, builders, mortgage lenders, insurance companies, or real estate
brokerages who send them business. These include companies like LegacyTexas
Title and Texas Premier Title. Most national chains have affiliations with other real
estate-related companies.
All title companies have a duty to serve as a neutral third
party in transactions. Regardless of the type of title company, they should
always earn your business through quality service and placing the client’s
interests first.
Opinions expressed are of the individual author for
informational purposes only and not for the purpose of providing legal or tax
advice. Contact an attorney or accountant to obtain advice for any issue or
problem. [where: 75230]
1 comment:
Thanks for sharing!
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