Not all Title and Closing companies are created equal. I have dealt with many and by far, my favorite is Trademark Title Company.

Here are a few things to keep in mind:

1. In the state of Minnesota the BUYER has the right to chose the title and closing company for a residential real estate transaction. The MN statute states the following:
7.45 RESIDENTIAL REAL ESTATE CLOSINGS
Subd 4. Choice of Closer; notice
(a) No real estate salesperson, broker, attorney, auctioneer, builder, title company, financial institution, or other person making a mortgage loan may require a person to use any particular licensed attorney, real estate broker, real estate salesperson, or real estate closing agent in connection with a residential real estate closing.

2. Sometimes, especially with foreclosure or REO properties, the selling bank will tell you that they will only accept your offer if you use their title and closing company or to further entice you, they say they will pay for your title insurance if you use their title and closer of choice. As you can clearly see from the MN statute, this is not allowed. True, they may not pay for the title insurance or any of your closing costs if you don’t use their title / closing company but you, the buyer, has the right to chose whatever title / closing company you want to use.
Typically, when the seller is a bank and they offer to pay your title insurance if you use a company of their choice, the insurance that they provide is not as comprehensive of a policy as what you would get on your own.
Title insurance is very important since what you are actually buying is title to a property – the right to occupy and use the land. So, you want to make sure this right is protected, correct? Even with the most careful title review conducted something could get missed and the last thing you want is someone coming back to you with a “right” to your property. Also, many of the policies that the seller or bank say they will provide to you if you use their title / closing company do not include coverage of the time between closing and when the paperwork is actually filed. Yet another reason to get your own title insurance policy.

3. In my opinion, one of the BEST reasons to chose your own title / closing company is that it gives you your own representation at the closing table and someone who has your best interest in mind and isn’t just trying to get the transaction pushed through. This is a good thing for a major purchase like a house! You have your own Realtor – you should have your own title / closing company.

Like I mentioned above, I really enjoy working with Trademark Title Company for a few reasons:
1. They are very professional and great communicators.
2. Their prices are competitive and they will usually beat any prices if you give them the chance.
3. They get the closing done on time and done correctly.
4. They have multiple closing locations around the Twin Cities and work with you, the buyer on what location is convenient for you. Many other companies will not do this.
5. They get all paperwork recorded in a timely manner. Again, many other companies are not concientious about this.

Feel free to contact me for more information!

Jen McKinnon
Realtor / Investor
MN Real Estate Team

612.384.1073
jen[at]mnrealestateteam[dot]com