How To Go About Establishing A Title Insurance Agency

Property transactions requires knowledge of the business. Whether you’re a seller or a buyer, it is always beneficial to have at least basic knowledge in the ins and outs of trading property. When a piece of land of asset is sold, having title insurance helps protects lenders and buyers from what is called title disputes if they arise at any point of time. Here, it is buyer that shells out money for a title search following which the title company establishes that there aren’t any disputes prior to finalizing the sale.

If you want to get into the title insurance business or want to set up your own title insurance agency, you will need to learn what the process is all about. First off, be serious about wanting to learn especially if you’re learning from scratch. There’s a lot you need to know before you can set up your business and you don’t want your clients to put you on the spot because of less knowledge.

To begin, buy yourself study material comprising pre-licensing. You should also find out if your state requires you to have pre-licensing. If it does, training isn’t too intense and you should be able to handle it well. It totals about five credit hours worth of study. The study material can be bought from any seller of educational books relevant to the state you want to set up your business in.

To become a certified and licensed title insurer, it is mandatory to get yourself fingerprinted. A criminal background check will be conducted and if all goes well, you can proceed to the next step. Depending on which state you’re in, you may be electronically fingerprinted or will have to submit the relevant forms. Expect to pay about $10 to $15.

The most important step is to educate yourself. Study hard and sit for a title insurance exam which will test your knowledge of property transactions.

Examination fees can range from $50 to $100. Aside from this, you will need to file an application with the state for a license.

Once you’ve passed your exam and have received your license, you’re ready to start your title insurance agency. Find an office space and look for clients, especially banks and real estate companies.