The home purchase process is complicated. Many buyers assume that the process effectively ends when the seller accepts their offer, but there are still many steps left for them to complete. The property likely has to undergo an inspection and an appraisal. The buyers have to finalize the mortgage.
They also need to acquire title insurance, which necessitates a title search. Many buyers allow their lenders to select the title company that provides their policy. However, they have the right to choose who does the title search.
Why do many home buyers select local lawyers instead of large corporations for the title search process?
Local insight can make a major difference
The biggest title companies have very streamlined title search procedures. Much of the process is largely automated. Humans may only review the title search records in cases where there seem to be irregularities or blemishes.
It may be possible for issues such as old liens or extra owners on record to escape notice when using a large company that churns out thousands of policies per day. Additionally, the people managing the title curative process may not have any special credentials.
When individual lawyers conduct a title search, they are much more thorough with the due diligence process. They also learn about the property and any title issues that might turn up, allowing them to manage the necessary quiet title proceedings to resolve issues with the title records for the property.
Given that the buyers generally have the right to choose their own title company, focusing on quality rather than convenience is often the best solution available. Hiring a local law firm to manage the title search process can make it easier for home buyers to confidently assume ownership of a property and to quickly address concerns that could otherwise derail a closing.