Title Insurance companies are a service that specifically exist for the purpose to close real estate transactions; to issue guarantee of clear title to owners and lenders and perform all functions of executing documents, recording them in the public records ; handling and disbursement of funds. They do not represent any party, neither buyer or seller, nor lender . They are widely used- in my experience they handle 80% of transactions.

However, an attorney can be used rather than a title company and that choice shbe presented to you at time of presenting a sales agreement. While having an attorney in your corner is a comforting thought, it also can mean additional costs.

While a title company quotes the cost of closing a sale in advance, an attorney may charge in accordance with the number of calls, staff time expended and in the event of clearing a defective title, it could add significantly to base cost. It is often for that reason that most folks elect to use title companies. The base cost is less than attorney's cost and in the event of correcting a title problem, it is significantly less- The title companies absorb the cost if a title problem is found. It could be as simple as a missing witness on an old deed or something much more complex- while this is not a typical occurrence, titles requiring corrections are not that uncommon. Finally, title companies are known for efficacy in meeting closing dates- a failure to meet that date that can cause a deal to fail as the contract becomes void after that date. There are times, when an attorney's office may have limited staff, and someone's absence or a court case causes a delay. Again, the title company's sole function is to close deals- other issues do not disturb their schedules and they are relied upon to deliver on said dates. It is akin to using Fed Ex versus the US Mail when you need to know a package will be delivered by a deadline .Seldom in my thousand sales have I been disappointed in a title company's performance- they generally are ' well-oiled machines'.

For Buyers & Sellers I think an attorney's guidance in reviewing a sales contract prior to signing is a great idea-- Also, for Buyers it would be wise to have an attorney review the title insurance commitment prioer to closing, especially if buying a property owned by a bank that was foreclosed !