Live Your Best Life Barefoot
Live Your Best Life Barefoot
Your Peace of Mind with Joe Taylor- Marketplace Title
Today we talk with Joe Taylor from Marketplace Title and he educates on why it is important to have a title company that believes it is their saying "Your Peace of Mind is our #1 Priority".
To contact Joe and his team your can call 239-333-4550
or email Info@MarketplaceTitle.com
To learn more:
https://barefootbungalowrealty.com/
Barefoot Bungalow Homes
9200 Bonita Beach Rd SE, Suite 100
Bonita Springs, FL 34135
(239) 350-5535
Welcome to the live your best life barefoot podcast with your host, Mary Morrison and the team at barefoot bungalow Realty.
Speaker 2:Good morning, everyone, Mary, with barefoot bungalow homes, we are excited to have our guest in house today. Little change from our usual. We have Joe here with marketplace title, and we just were discussing what your title is at marketplace title. So why don't you tell us about that?
Speaker 3:Well, I'm the owner of marketplace title started it 15 years ago here in lovely Lee county, Florida and Collier county. Of course, and I was in the mortgage business for 10 years. Prior to that started at marketplace title. We're a real estate title settlement company. We provide title insurance and we prepare all the documents and handle all of the escrow funds when, uh, exchanging property here in the state of Florida. So it's pretty exciting, a lot of fun.
Speaker 2:It is pretty exciting. And I think it's the one component of the whole home purchase process that a lot of buyers and sellers don't really see or totally understand. So I that's part of why I was excited to have you come join us and maybe walk us through a little bit more of what's going on behind the scenes when everything gets turned over to you.
Speaker 3:Well, that's great. Yes. Uh, as you know, realtors are a, a big part of it. Obviously they, they start the process for helping people buy and sell in the state of Florida. So after they get to the sales contract, they send that over to a title company. And then what we do is we start searching public records and preparing a title commitment to make sure that that property is marketable and there are no, uh, liens or encumbrances on the title. And then, so we have to gather information from the buyer, the seller, their lender. If the buyer is using a lender, then we have to gather information from a survey company. We have to gather information from an HOA it's called an estoppel. Sometimes there are two or three estoppels for each property. Then we put it all together with all that information. And then we prepare all the closing documents and then we also manage the money, the deposit from the buyer. And then we make sure that the seller is paid. We make sure the taxes are paid, make sure realtors are paid. And we prepare all the documents and get everyone signed. And then we record the documents in the county records, and then we issue the title, the final title policy to the new owner. And, uh, then also maybe the lender. So it is a detailed business. There is a lot of behind the scenes. There are probably a hundred steps that need to be done, Mary. Yeah. And we just enjoy it because that's an opportunity to, uh, provide a great service. If you can get ahead of those steps and also communicate in a way to these buyers and sellers to take away some of the stress, as you know, it's very stressful, right? Or it can be buyers and sellers. They're, they're worried about packing things and mm-hmm<affirmative> and moving and, and all those other details, all the other details which you help with. And that's a great thing that a lot of people don't know what realtors do either. They, they do a lot of work. Let me tell you, um, and so that's, we come to appreciate realtors and also lenders. Yes. Uh, a lot of people don't know what lenders do. So that's, what's great about specializing. You're an expert in buying and selling real estate and we are experts in transferring the ownership. So
Speaker 2:It's fun. And it's great to have that partnership with people you can trust because, you know, as a buyer or seller comes on, they may only buy or sell a house two or three times in their lifetime. So it's really nice for them to know that those people, that they're entrusting this huge transaction to are really good.
Speaker 3:Absolutely. And that comes with experience. Pardon me. And, uh, having just a great team, we actually have, well, that's a great point. Some people maybe have bought three or four homes in their whole lifetime and maybe they bought'em up north or in a, in a state that requires a real estate attorney to close their property right down here. You just need a licensed title, insurance aging. And some of them do have attorneys on staff. And we do have a, uh, full-time real estate attorney on staff provides a little more comfort and, uh, to our Northern clients, right. If you will. And, uh, but trust is a big part of it. And the relationships with realtors. Absolutely.
Speaker 2:It is huge. So tell me about now that we're are, how many years into having title checks and having, um, that component in real estate. How many years are we like
Speaker 3:For marketplace?
Speaker 2:Um, in general, like I know this wasn't common. What, 50 years ago maybe.
Speaker 3:Oh, land titles goes back hun a hundred years. Absolutely. Uh, some of the title insurance companies go back into the late 18 hundreds. Fascinating. Yes. It's uh, it's neat. I mean, the, the, the delivery's a little different, very electronic. Yes. You don't have handwritten commitments. Yes. Like, uh, some of the people have told me about, but, uh, yes. It's been around for many, many decades.
Speaker 2:Really? Yes. I, I have no idea. That's what do you learn? Something new to date<laugh> um, and then do you run into a lot of challenges when you're dive into a title? Like,
Speaker 3:Well, yes, absolutely. Yes. So that, that's the importance of getting a commitment as soon as possible. When we get a contract from a realtor, generally it's about a 30 day close or maybe 45 days. Mm-hmm<affirmative>, we can do it in three weeks if it's a cash transaction, sometimes even two weeks. But the most important thing is ordering that title commitment from our underwriter. So they can dive in right away as soon as possible, as soon as possible. Mm-hmm<affirmative> because there may be, uh, a chain, uh, there may be a, uh, a problem with the chain of title. There was a problem from when it was first, uh, transferred, you have liens or encumbrances, and you have, uh, a lot of contractors, they do what they call notice of commencements. When they work on a home, they open up this, uh, notice that says we have the right to do a future lean. We have to get those closed. Mm-hmm<affirmative>, that's just one example. Then you have deaths of owners. Uh, you have other, other things that need to be addressed in the, in the chain of title before it can be transferred.
Speaker 2:So do you have a favorite title story?
Speaker 3:Oh gosh. Every, every one of'em is interesting.<laugh> um, I guess just one thing that comes to mind is when remote online notaries are very popular today, where you could actually close somebody, uh, over a video, it's still pretty extensive because you're notarizing them through video. So it's still a bit, uh, new and it can be done, but we close somebody over in Kuwait or, or over in London, and we could do it right over the computer instead of them having to go to a consulate consulate or a, uh, a notary over overseas, which really can take time to schedule sure. Sometimes it could take three weeks and if you're not prepared, so in a pinch, we can do a remote notary right over the computer, but then you still have to have two witnesses on that video conference and not every buyer is, uh, you know, can go through the process on the computer, but it's, it's gaining popularity.
Speaker 2:So it's fascinating. It's,
Speaker 3:It's technology is definitely driving our industry as well. It's like,
Speaker 2:It is, it is. And all, all of our latest, um, changes in our world. Everybody's figuring out ways we can do it more
Speaker 3:Quicker, faster, easier, right.<laugh>, that's everything more efficient, right? So, but the key is to get to that commitment, order it right away so that we can, uh, clear some of these, uh, uh, issues on the title without any delays, without, you know, stress, we're clearing a lot of conditions without anyone ever knowing. And if it's something major, we're gonna call you, Hey, Mary, it looks like we've got pretty major cloud here, but here's what we're gonna do to, to clear it. It could even mean probate sometime we've, we've actually probated, uh, issues and didn't miss the closing date. So, wow. Again, the key is early, get in early communicate early, and that takes away the stress. Definitely.
Speaker 2:Yes. Well, we like to get two things from our guests before they leave us. Number one, I'd like to get a tip that our, uh, listeners can take away for a good, uh, title situation on their end. What can they do? And then I'd also like you to think of a personal tip of our Southwest Florida that maybe some secret place or,
Speaker 3:Well, okay. A tip for, for, uh, efficiently transferring property is always start with a great realtor. That's very important, right? You, I like that one. Yes. You got a good, good answer. Surround yourself with a great team. And it starts with a realtor for the most part and or a lender. Sometimes a lender will refer the lender or, or the realtor, but, uh, start with a great real, uh, and communicate with the title company gets your personal information in as soon as possible, because you may think one thing may not be a big deal. Mm-hmm<affirmative> like taking the title in a certain name or a trust. And so communicating early is always a great tip, huge, and, um, making sure that, uh, you're not traveling overseas during your closing date, which that's okay. But if you plan ahead, just do that. And, uh, as far as a personal tip, uh, Southwest Florida, I've been here 20 years. I've lived all over the country and I just think this is one of the best places to live in the entire world, I would say, because totally agree. It's so the people here and it's just so beautiful, there's so much to do fishing and golf and tennis. In fact, we're the, we're the, uh, golf capital of the world. We're one of the fishing capitals of the world, uh, the lightning capital of the world too. But, uh, I'll tell you it's
Speaker 2:We had a good show last night.
Speaker 3:Yes. Oh my goodness. It's, it's crazy. But, uh, but I would say it's just, it's this great place to live, work and play.
Speaker 2:Do you have a secret fishing home?
Speaker 3:No, no. I'd leave that up to the guides.<laugh> you know, I, that's smart. Yeah. There's a lot of guides. That'll that'll, uh, save you a lot of time and money. Yes. Just get a fishing guide. That is a good tip.
Speaker 2:And that is a good tip. Get a fishing guide and they, they bait your
Speaker 3:Hook. Oh, they do everything right. They fill up the, the, the, uh, the bait well, and, uh, fishing with live bait is always the best for sure. Yes. And so,
Speaker 2:Well, thank you, Joe. It has been great to chat with you this morning, everyone listening, make sure that you're mindful of your title company kind of gets overlooked. Check into that. It's important. It's a valuable part of how smoothly your transaction will go and make sure, uh, marketplace titles on the top of your list to explore with your realtor. And as always, we wanna invite you guys to live your best life barefoot.
Speaker 1:Thank you for listening to the live, your best life barefoot podcast. Sponsored find barefoot bungalow Realty to learn more about barefoot bungalow Realty, go to www.barefootbungalowrealty.com or call 2 3 9 3 5 0 5 5 3 5.