What does a title closer do?
Title closers complete a variety of closing actions in real estate transactions such as reviewing contracts and documents, explaining costs of loans, appraisals, and titles to buyers, and making sure real estate accounts are complete. They gather many different documents such as contracts, deeds, mortgages, and policy of title insurance. They receive payments and make deposits to accounts, and meet with legal representative about closing transactions. They also keep and maintain detailed records of all actions just in case there is an audit at a later time. Title closers are obligated to the buyer and they must make sure that properties have no legal or tax related restrictions. They also make sure all legal documents are accurate, notarized, properly recorded, and prepared in recordable form.
What kind of training does a title closer need?
Title closers must have at least a high school diploma. Most title closers have an associate or bachelor degree in real estate or related area. Many community colleges, universities, and vocational schools offer training programs in title closing. Title closers complete courses in legal documentation, lending, loan payoffs, and escrow accounts. Many title closers work as an intern or apprentice for real estate firms to gain practical experience. Most new title closers complete extensive on the job training. Title closers must stay up to date on the constantly evolving real estate and title industry and often complete continuing education courses every two years. Many title closers also gain voluntary certification to become competitive in the field.
What are the prospects for a career as a title closer?
Employment of real estate brokers and sales agents (including title closers) is projected to grow about as fast as average for all professions, increasing 11% from 2006 to 2016 (1). A growing population and increased housing needs will drive job growth.
Job prospects are expected to be good especially for title closers with extensive experience. Job openings will also stem from the need to replace title closers that retire, transfer, or leave the field for other reasons.
How much do title closers make?
As of October 2009, title closers with 1 to 4 years experience earn average annual salaries between $29,890 and $50,000. Those with 5 to 9 years experience earn average annual salaries between $31,161 and $49,851 (2).
A career as a title closer is an excellent choice for individuals who have a strong interest in real estate. Title closers must be ambitious, organized, and detail oriented. They must also have excellent communication and interpersonal skills because they work with a variety of clients and other real estate professionals.
