If you are an entrepreneur looking for a great idea for a new business, consider becoming a title agent. Title agents are an integral part of the real estate transaction process, and their roles may vary by location. You could be responsible for anything from making sure a property is legally able to be sold, to acting as a closing agent and escrow officer during a real estate purchase.
If this sounds like an exciting opportunity for you, here are three things you will need to start your business.
1. Title Agent License
The licensure process typically begins with an education component, with a certain number of classroom hours required before you can register to take the exam. Finding a class in your area should not be difficult: check your local continuing education or community colleges to find a course.
2. Obtain the Proper Insurances
Every business requires various insurances to operate, so call your trusted provider to be sure you have the coverages that you need. Do not forget to ask about Errors and Omissions Insurance. Title agent E&O insurance can protect you in case of an error or mistake that costs a client money.
3. Form a Company
Pick a name and apply for an EIN. You may want to protect your company’s name by trademark.
Beginning a new venture is exciting, and by obtaining your license, acquiring tile agent e&o insurance, and properly structuring your company you’ll be on your way to a rewarding new opportunity.