Title & Escrow
After all the hard work which goes into buying or selling a home, the final paperwork and closing should be a simple, transparent and exciting experience. In most situations this is not the case, largely due to the process of getting title insurance (insurance protecting a new homeowner against covered title defects, like a previous owner’s debt, liens and other claims of ownership) and “being in escrow” (the legal procedure where a third party handles the closing of the transaction). Even though these services are only used when purchasing a home, they are vital to the closing process and have resulted in an archaic but billion dollar industry, dominated by a few large players.
How are startups disrupting the industry?
- Automating manual and labor-intensive processes such as searching for records using technology instead of agents
- Emphasis is on efficiency and providing greater transparency to all players involved
- Information is updated in real-time
- The majority of paperwork is available in a digital format, accessible throughout the transaction
- Through more digitized processes, new companies are able to undercut traditional players, ultimately saving homeowners and mortgage companies time, money and peace of mind.