Post-Closing Challenges with Credit Card Payoffs
Credit card payoffs during real estate closings can create logistical challenges and, despite best efforts, potential post-closing issues for title agents, escrow officers and borrowers often arise, such as:
Lost or Misapplied Checks: Borrowers, the postal service or creditors themselves may misplace checks, leading to delays and frustration.
Borrower Disputes: Borrowers may try to hold the title company responsible for late fees or additional interest charges caused by delays.
Uncompensated Services: Often title agencies get frustrated at the time and effort required to pay off creditors that are not a requirement to clear title.
We talked to seasoned title vets to get the low-down on how to minimize complications and ensure a seamless process. Below they'll share their insider secrets about:
Who Should Handle Credit Card Payments at Closing?
Should You Charge Extra for Services Related to Paying Off Accounts That Are Not Required to Clear Title?
The Importance of Obtaining Accurate Documentation
Key Strategies for Successful Standard Operating Procedures as Recommended by Experienced Title Agents
Sample Wicked Title Forms (including Qualia & Softpro Merge Forms)
Check out the best practices laid out below and implement your sound standard operating procedures today.
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