Question 1

Why Are Your Rates Lower Than Many Other Title Companies?

Accepted Answer

Many traditional title companies were built around operating numerous physical office locations throughout the Chicagoland market. Maintaining those offices often creates significant fixed overhead costs.

Consumers’ Choice was intentionally structured to reduce much of that overhead by embracing modern technology, secure digital coordination, and flexible closing solutions. This allows us to focus on providing high-quality title insurance and settlement services while passing meaningful savings on to consumers.

Our model is not built around elaborate office spaces or unnecessary overhead. It is built around providing professional title and settlement services in a more efficient and consumer-friendly manner.

Question 2

I Was Told My Real Estate Agent or Attorney Would Handle This. Why Would I Need to Choose a Title Company?

Accepted Answer

While many consumers rely on the guidance of their trusted real estate agents and attorneys, the choice of title company is ultimately up to the consumer.
Illinois law specifically protects a consumer’s right to choose their own title insurance company and settlement provider. Consumers’ Choice encourages buyers and sellers to be informed consumers and compare their options when evaluating title and settlement services.
Just as many consumers compare insurance providers or mortgage options, it can also be beneficial to compare title and settlement charges, service models, convenience, and overall transaction experience before selecting a provider.

Question 3

Is a Lower Cost Title Company Less Secure or Less Reliable?

Accepted Answer

Absolutely not. Consumers’ Choice utilizes highly rated title insurance underwriters and secure industry settlement software designed to help protect sensitive financial and personal information throughout the transaction process.

Consumers’ Choice also combines modern technology with experienced local transaction coordination to help ensure the closing process remains organized, professional, and consumer-friendly from contract through closing.

In today’s fast-paced digital world, taking every precaution is important to helping protect your identity, personal information, and financial data. Consumers’ Choice also utilizes verification procedures and secure communication practices designed to help reduce the risk of fraud, wire scams, and unauthorized access to sensitive information during the closing process.

Question 4

What Is Title Insurance and Why Do I Need It?

Accepted Answer

Title insurance is a specialized type of insurance policy that helps protect against certain future claims affecting ownership rights to real estate.

There are typically two title insurance products in most transactions: an Owner’s Policy and a Lender’s Policy. The Owner’s Policy helps protect the buyer’s ownership interest in the property, while the Lender’s Policy helps protect the mortgage lender’s lien interest in the property.
In most financed real estate transactions, a Lender’s Policy is required by the mortgage lender as a condition of providing financing. Additionally, in many residential transactions, by custom and contract, the seller is required to provide an Owner’s Policy to the buyer.

The title insurance process helps identify and resolve potential ownership issues before closing and provides certain protections if covered title issues arise after closing.

Question 5

What Does a Title Company Actually Do?

Accepted Answer

Title companies generally perform two primary functions in a real estate transaction: acting as the title agent and acting as the settlement agent.

As the title agent, the company researches the history of the property, reviews public records, identifies potential title issues, and issues the Title Commitment that serves as the basis for the final title insurance policies.

As the settlement agent, the company coordinates the closing process, prepares and balances the Settlement Statement, ensures all required closing documents are properly executed, coordinates the collection and disbursement of funds, and helps facilitate the legal transfer and recording of ownership documents.

Question 6

What Happens If a Title Issue Is Discovered?

Accepted Answer

There are different types of title issues that can arise during the title review process. Many issues are administrative or procedural in nature and can often be resolved before closing.

For example, a mortgage may have been paid off but the release was never properly recorded in the public record. In situations like this, the title company works with the property owner and the parties involved in the transaction to help obtain the documentation necessary to satisfy the title insurance underwriter.

Identifying and resolving title issues before closing is one of the primary purposes of the title review process and helps support the legal transfer of ownership and issuance of title insurance.

Question 7

Why Don’t All Closing Costs Appear on the Published Rate Sheet?

Accepted Answer

Only certain charges associated with a real estate closing are determined by the title company. While all transaction-related expenses appear on the final Settlement Statement, many of those charges originate from third parties and may vary depending on the specific transaction.
Beyond the title and settlement charges shown on our published rate sheet, other costs may include real estate commissions, tax prorations, transfer taxes, surveys, home warranties, lender fees, recording costs, and other transaction-specific expenses determined by outside vendors, governmental entities, lenders, or service providers.

It is, however, the responsibility of the title company and settlement agent to help ensure these charges are properly identified, coordinated, and allocated on the final Settlement Statement.

Question 8

Will I Have to Physically Attend a Closing?

Accepted Answer

No, not necessarily. Consumers’ Choice is structured to provide flexible closing options designed to help simplify the transaction process for buyers and sellers. Depending on the transaction, closings may be completed remotely, at a real estate or law office, through Remote Online Notarization where permitted and appropriate, and through a properly prepared Power of Attorney.

These flexible closing options can be especially beneficial when buyers or sellers are located out of state or when scheduling and travel limitations make traditional office closings less practical. It is also increasingly common for sellers to pre-sign closing documents with their attorney and not physically attend closing. Many consumers appreciate the ability to choose a closing structure that feels most comfortable and convenient for their situation.

Consumers’ Choice also utilizes secure digital coordination and communication platforms designed to help facilitate the secure transmission of documents, financial information, and settlement communications throughout the closing process.

By combining secure technology with experienced local transaction coordination, Consumers’ Choice is able to provide a modern and flexible closing experience while maintaining professional oversight throughout the transaction.

Question 9

How Long Does the Title and Closing Process Usually Take?

Accepted Answer

The timeline for a real estate closing can vary depending on the complexity of the transaction, financing, inspections, and whether any title issues need to be resolved before closing. Many residential transactions close within approximately 15 to 60 days from contract to closing.

From the title company’s perspective, title research can often be completed and a Title Commitment issued within about a week of receiving the order, assuming no significant title issues are discovered. If additional documentation or corrective action is required to resolve a title issue, additional time may be needed before the transaction can proceed to closing.

Other factors that may affect the closing timeline include buyer inspections and due diligence, financing contingencies, lender underwriting requirements, appraisal timelines, and coordination between the parties involved in the transaction.

Consumers’ Choice works closely with attorneys, lenders, real estate agents, and consumers throughout the process to help coordinate a smooth and timely closing experience.

Question 10

What Illinois Markets Does Consumers’ Choice Title Group Currently Serve?

Accepted Answer

Consumers’ Choice Title Group currently coordinates title and settlement services throughout the Chicagoland region, including transactions located in:

·         DuPage County
·         Cook County
·         Will County
·         Kane County
·         Kendall County
·         Lake County
·         McHenry County
·         DeKalb County

Our services are focused on residential and real estate transactions throughout Northern Illinois and the greater Chicago suburban market.

FREQUENTLY ASKED QUESTIONS