Description
Title closers handle and investigate all documentation needed for a property sale, including the contracts, settlement statements, mortgages, title insurance policies, etc. They ensure compliance with legal requirements and review all the fees related to the real estate sales process.
Duties
The duties of a title closer include, but are not limited to:
- Communicating with other members of the team regarding changes in deadlines or additional pertinent information regarding projects
- Preparing reports and analyses of sales performance, customer trends, and other data to help management make strategic decisions
- Representing the company at industry conferences and trade shows, as well as communicating with clients directly to develop new business opportunities
- Working with legal counsel to ensure that contracts are legally binding and enforceable
- Managing the company’s relationship with insurance carriers to ensure that claims are processed quickly and accurately
- Negotiating contracts with suppliers on behalf of the company to obtain favorable pricing terms
- Working directly with clients to develop marketing strategies that meet the client’s needs and objectives
- Negotiating contracts with suppliers on behalf of the company to obtain favorable pricing terms
- Negotiating settlements with claimants who have filed lawsuits against the company
Other titles
The following job titles also refer to title closer:
closer
closing agent
escrow closer
closer of titles
closing coordinator
real estate closer
escrow officer
title processor
Working conditions
Title closers work in an office environment, usually in a law firm or a title company. They typically work regular business hours, although they may occasionally work overtime to meet deadlines. The work can be stressful, as title closers must pay close attention to detail and be able to work quickly and accurately under pressure.
Minimum qualifications
Most employers require a minimum of a high school diploma or equivalent. Some employers may require a bachelor’s degree in a related field, such as business administration or finance. Relevant coursework includes economics, accounting, business law, finance, marketing and sales.
Most title closers receive on-the-job training from their previous positions. They may also receive training from their employer during the first few weeks of employment. This training may include shadowing a current title closer or learning the company’s computer software.
ISCO skill level
ISCO skill level is defined as a function of the complexity and range of tasks and duties to be performed in an occupation. It is measured on a scale from 1 to 4, with 1 the lowest level and 4 the highest, by considering:
- the nature of the work performed in an occupation in relation to the characteristic tasks and duties
- the level of formal education required for competent performance of the tasks and duties involved and
- the amount of informal on-the-job training and/or previous experience in a related occupation required for competent performance of these tasks and duties.
Title closer is a Skill level 3 occupation.
Title closer career path
Similar occupations
These occupations, although different, require a lot of knowledge and skills similar to title closer.
property insurance underwriter
foreclosure specialist
mortgage loan underwriter
actuarial assistant
property appraiser
Long term prospects
These occupations require some skills and knowledge of title closer. They also require other skills and knowledge, but at a higher ISCO skill level, meaning these occupations are accessible from a position of title closer with a significant experience and/or extensive training.
insurance rating analyst
actuarial consultant
bankruptcy trustee
personal trust officer
notary
Essential knowledge and skills
Essential knowledge
This knowledge should be acquired through learning to fulfill the role of title closer.
- Insurance law: The law and legislation concerning the policies of transferring risks or losses from one party, the insured, to another, the insurer, in exchange for a periodic payment. This includes the regulation of insurance claims and the business of insurance.
- Contract law: The field of legal principles that govern written agreements between parties concerning the exchange of goods or services, including contractual obligations and termination.
- Risk management: The process of identifying, assessing, and prioritising of all types of risks and where they could come from, such as natural causes, legal changes, or uncertainty in any given context, and the methods on dealing with risks effectively.
- Mortgage loans: The financial system of acquiring money by property owners or prospective property owners, in which the loan is secured on the property itself so that the property can be repossessed by the lender in the absence of payments due by the borrower.
- Property law: The law and legislation that regulates all the different ways to handle property, such as the types of property, how to handle property disputes and property contract rules.
- Concurrent estate: The concept in property law which stipulates the rights and duties of two parties co-owning a property, and the various ways in which co-tenancy is possible.
- Types of insurance: The various types of risk or loss transfer policies that exist and their characteristics, such as health insurance, car insurance or life insurance.
Essential skills and competences
These skills are necessary for the role of title closer.
- Collect property financial information: Collect information concerning the previous transactions involving the property, such as the prices at which the property had been previously sold and the costs that went into renovations and repairs, in order to obtain a clear image of the property’s value.
- Analyse loans: Examine and analyse the loans provided to organisations and individuals through different forms of credit such as overdraft protection, export packing credit, term loan, and purchase of commercial bills.
- Perform contract compliance audits: Execute a thorough contract compliance audit, ensuring that goods or services are being delivered in a correct and timely fashion, checking for clerical errors or missed credits and discounts and starting procedures for cash recovery.
- Examine mortgage loan documents: Examine documents from mortgage borrowers or from financial institutions, such as banks or credit unions, relating to a loan secured on a property in order to examine the payment history of the loan, the financial state of the bank or borrower, and other relevant information in order to assess the further course of action.
- Obtain financial information: Gather information on securities, market conditions, governmental regulations and the financial situation, goals and needs of clients or companies.
- Review closing procedures: Review the documentation and gather information on the closing process of assets trading, the step in which the ownership is officially transferred from one party to another, in order to verify whether all the procedures were compliant with legislation and that all contractual agreements were followed.
- Analyse insurance risk: Analyse the probability and size of the risk that is to be insured, and estimate the value of movable or immovable property of the client.
- Monitor” title procedures: Monitor the bundle of rights of a property and investigate all the parties involved in the current procedure, such as the transfer of a deed in the transfer of ownership of a property or the provision of all the documents serving as evidence of” title, to ensure that all documentation and procedures occur according to legislation and contractual agreements.
Optional knowledge and skills
Optional knowledge
This knowledge is sometimes, but not always, required for the role of title closer. However, mastering this knowledge allows you to have more opportunities for career development.
- Real estate market: The trends concerning the buying, selling, or renting of property, including the land, buildings, and natural resources encompassed within the property; the categories of residential properties and properties for business purposes which such properties are traded in.
- Insolvency law: The legal rules regulating the incapacity to pay debts when they fall due.
- Insurance market: The trends and major driving factors in the insurance market, insurance methodologies and practices, and the identification of the major stakeholders in the insurance sector.
Optional skills and competences
These skills and competences are sometimes, but not always, required for the role of title closer. However, mastering these skills and competences allows you to have more opportunities for career development.
- Liaise with local authorities: Maintain the liaison and exchange of information with regional or local authorities.
- Interview bank loanees: Perform interviews with candidates requesting a bank loan for different purposes. Pose questions in order to test the goodwill and the financial means of candidates for paying back the loan.
- Analyse insurance needs: Gather information about the insurance needs of a client, and give information and advice about all possible insurance options.
- Communicate with banking professionals: Communicate with professionals in the field of banking in order to obtain information on a specific financial case or project for personal or business purposes, or on behalf of a client.
- Examine credit ratings: Investigate and look for information on the creditworthiness of companies and corporations, provided by credit rating agencies in order to determine the likelihood of default by the debtor.
- Register deeds: Register authenticated legal documents concerning the passing, affirmation, or confirmation of interests, rights, or properties with the appropriate authority or government in order to officiate the procedure and for taxation and declaration purposes.
- Consult credit score: Analyse the credit files of an individual, such as credit reports which outlines a person’s credit history, in order to assess their creditworthiness and all the risks that would be involved in granting a person a loan.
- Handle financial disputes: Handle disputes between individuals or organisations, either public or corporate, which deal with financial matters, accounts, and taxation.
- Manage contract disputes: Monitor issues that arise between the parties involved in a contract and provide solutions in order to avoid lawsuits.
ISCO group and title
3334 – Real estate agents and property managers
References
- Title closer – ESCO
- Title Closer Job Description: Salary, Duties, & More – Climb the Ladder
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