July 6, 2022 • 13 mins
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
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Welcome to the live your best life barefoot podcast
(00:02):
with your host, Mary Morrisonand the team at barefoot
bungalow Realty.
Speaker 2 (00:08):
Good morning, everyone, Mary, with barefoot
bungalow homes, we are excitedto have our guest in house
today.
Little change from our usual.
We have Joe here withmarketplace title, and we just
were discussing what your titleis at marketplace title.
So why don't you tell us aboutthat?
Speaker 3 (00:27):
Well, I'm the owner of marketplace title started it
15 years ago here in lovely Leecounty, Florida and Collier
county.
Of course, and I was in themortgage business for 10 years.
Prior to that started atmarketplace title.
We're a real estate titlesettlement company.
We provide title insurance andwe prepare all the documents and
(00:50):
handle all of the escrow fundswhen, uh, exchanging property
here in the state of Florida.
So it's pretty exciting, a lotof fun.
Speaker 2 (00:58):
It is pretty exciting.
And I think it's the onecomponent of the whole home
purchase process that a lot ofbuyers and sellers don't really
see or totally understand.
So I that's part of why I wasexcited to have you come join us
and maybe walk us through alittle bit more of what's going
(01:19):
on behind the scenes wheneverything gets turned over to
you.
Speaker 3 (01:24):
Well, that's great.
Yes.
Uh, as you know, realtors are a,a big part of it.
Obviously they, they start theprocess for helping people buy
and sell in the state ofFlorida.
So after they get to the salescontract, they send that over to
a title company.
And then what we do is we startsearching public records and
(01:48):
preparing a title commitment tomake sure that that property is
marketable and there are no, uh,liens or encumbrances on the
title.
And then, so we have to gatherinformation from the buyer, the
seller, their lender.
If the buyer is using a lender,then we have to gather
(02:12):
information from a surveycompany.
We have to gather informationfrom an HOA it's called an
estoppel.
Sometimes there are two or threeestoppels for each property.
Then we put it all together withall that information.
And then we prepare all theclosing documents and then we
also manage the money, thedeposit from the buyer.
(02:34):
And then we make sure that theseller is paid.
We make sure the taxes are paid,make sure realtors are paid.
And we prepare all the documentsand get everyone signed.
And then we record the documentsin the county records, and then
we issue the title, the finaltitle policy to the new owner.
(02:57):
And, uh, then also maybe thelender.
So it is a detailed business.
There is a lot of behind thescenes.
There are probably a hundredsteps that need to be done,
Mary.
Yeah.
And we just enjoy it becausethat's an opportunity to, uh,
provide a great service.
If you can get ahead of thosesteps and also communicate in a
(03:19):
way to these buyers and sellersto take away some of the stress,
as you know, it's verystressful, right?
Or it can be buyers and sellers.
They're, they're worried aboutpacking things and mm-hmm
and moving and,and all those other details, all
the other details which you helpwith.
And that's a great thing that alot of people don't know what
realtors do either.
(03:39):
They, they do a lot of work.
Let me tell you, um, and sothat's, we come to appreciate
realtors and also lenders.
Yes.
Uh, a lot of people don't knowwhat lenders do.
So that's, what's great aboutspecializing.
You're an expert in buying andselling real estate and we are
experts in transferring theownership.
So
Speaker 2 (03:59):
It's fun.
And it's great to have thatpartnership with people you can
trust because, you know, as abuyer or seller comes on, they
may only buy or sell a house twoor three times in their
lifetime.
So it's really nice for them toknow that those people, that
they're entrusting this hugetransaction to are really good.
Speaker 3 (04:22):
Absolutely.
And that comes with experience.
Pardon me.
And, uh, having just a greatteam, we actually have, well,
that's a great point.
Some people maybe have boughtthree or four homes in their
whole lifetime and maybe theybought'em up north or in a, in a
state that requires a realestate attorney to close their
(04:43):
property right down here.
You just need a licensed title,insurance aging.
And some of them do haveattorneys on staff.
And we do have a, uh, full-timereal estate attorney on staff
provides a little more comfortand, uh, to our Northern
clients, right.
If you will.
And, uh, but trust is a big partof it.
And the relationships withrealtors.
(05:03):
Absolutely.
Speaker 2 (05:04):
It is huge.
So tell me about now that we'reare, how many years into having
title checks and having, um,that component in real estate.
How many years are we like
Speaker 3 (05:18):
For marketplace?
Speaker 2 (05:19):
Um, in general, like I know this wasn't common.
What, 50 years ago maybe.
Speaker 3 (05:26):
Oh, land titles goes back hun a hundred years.
Absolutely.
Uh, some of the title insurancecompanies go back into the late
18 hundreds.
Fascinating.
Yes.
It's uh, it's neat.
I mean, the, the, the delivery'sa little different, very
electronic.
Yes.
You don't have handwrittencommitments.
Yes.
Like, uh, some of the peoplehave told me about, but, uh,
(05:48):
yes.
It's been around for many, manydecades.
Speaker 2 (05:50):
Really?
Yes.
I, I have no idea.
That's what do you learn?
Something new to date um,and then do you run into a lot
of challenges when you're diveinto a title?
Like,
Speaker 3 (06:04):
Well, yes, absolutely.
Yes.
So that, that's the importanceof getting a commitment as soon
as possible.
When we get a contract from arealtor, generally it's about a
30 day close or maybe 45 days.
Mm-hmm, we can doit in three weeks if it's a cash
(06:25):
transaction, sometimes even twoweeks.
But the most important thing isordering that title commitment
from our underwriter.
So they can dive in right awayas soon as possible, as soon as
possible.
Mm-hmm becausethere may be, uh, a chain, uh,
there may be a, uh, a problemwith the chain of title.
There was a problem from when itwas first, uh, transferred, you
(06:48):
have liens or encumbrances, andyou have, uh, a lot of
contractors, they do what theycall notice of commencements.
When they work on a home, theyopen up this, uh, notice that
says we have the right to do afuture lean.
We have to get those closed.
Mm-hmm, that's justone example.
Then you have deaths of owners.
(07:11):
Uh, you have other, other thingsthat need to be addressed in
the, in the chain of titlebefore it can be transferred.
Speaker 2 (07:18):
So do you have a favorite title story?
Speaker 3 (07:21):
Oh gosh.
Every, every one of'em isinteresting.
um, I guess just onething that comes to mind is when
remote online notaries are verypopular today, where you could
actually close somebody, uh,over a video, it's still pretty
(07:41):
extensive because you'renotarizing them through video.
So it's still a bit, uh, new andit can be done, but we close
somebody over in Kuwait or, orover in London, and we could do
it right over the computerinstead of them having to go to
a consulate consulate or a, uh,a notary over overseas, which
(08:06):
really can take time to schedulesure.
Sometimes it could take threeweeks and if you're not
prepared, so in a pinch, we cando a remote notary right over
the computer, but then you stillhave to have two witnesses on
that video conference and notevery buyer is, uh, you know,
can go through the process onthe computer, but it's, it's
(08:30):
gaining popularity.
Speaker 2 (08:31):
So it's fascinating.
It's,
Speaker 3 (08:33):
It's technology is definitely driving our industry
as well.
It's like,
Speaker 2 (08:37):
It is, it is.
And all, all of our latest, um,changes in our world.
Everybody's figuring out ways wecan do it more
Speaker 3 (08:48):
Quicker, faster, easier, right.
, that's everything moreefficient, right?
So, but the key is to get tothat commitment, order it right
away so that we can, uh, clearsome of these, uh, uh, issues on
the title without any delays,without, you know, stress, we're
clearing a lot of conditionswithout anyone ever knowing.
(09:09):
And if it's something major,we're gonna call you, Hey, Mary,
it looks like we've got prettymajor cloud here, but here's
what we're gonna do to, to clearit.
It could even mean probatesometime we've, we've actually
probated, uh, issues and didn'tmiss the closing date.
So, wow.
Again, the key is early, get inearly communicate early, and
(09:30):
that takes away the stress.
Definitely.
Speaker 2 (09:33):
Yes.
Well, we like to get two thingsfrom our guests before they
leave us.
Number one, I'd like to get atip that our, uh, listeners can
take away for a good, uh, titlesituation on their end.
What can they do?
And then I'd also like you tothink of a personal tip of our
(09:56):
Southwest Florida that maybesome secret place or,
Speaker 3 (10:01):
Well, okay.
A tip for, for, uh, efficientlytransferring 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 greatteam.
And it starts with a realtor forthe most part and or a lender.
Sometimes a lender will referthe lender or, or the realtor,
(10:23):
but, uh, start with a great real, uh, and communicate with the
title company gets your personalinformation in as soon as
possible, because you may thinkone thing may not be a big deal.
Mm-hmm like takingthe title in a certain name or a
trust.
(10:44):
And so communicating early isalways a great tip, huge, and,
um, making sure that, uh, you'renot traveling overseas during
your closing date, which that'sokay.
But if you plan ahead, just dothat.
And, uh, as far as a personaltip, uh, Southwest Florida, I've
(11:05):
been here 20 years.
I've lived all over the countryand I just think this is one of
the best places to live in theentire world, I would say,
because totally agree.
It's so the people here and it'sjust so beautiful, there's so
much to do fishing and golf andtennis.
In fact, we're the, we're the,uh, golf capital of the world.
(11:28):
We're one of the fishingcapitals of the world, uh, the
lightning capital of the worldtoo.
But, uh, I'll tell you it's
Speaker 2 (11:36):
We had a good show last night.
Speaker 3 (11:38):
Yes.
Oh my goodness.
It's, it's crazy.
But, uh, but I would say it'sjust, it's this great place to
live, work and play.
Speaker 2 (11:47):
Do you have a secret fishing home?
Speaker 3 (11:49):
No, no.
I'd leave that up to the guides.
you know, I, that'ssmart.
Yeah.
There's a lot of guides.
That'll that'll, uh, save you alot of time and money.
Yes.
Just get a fishing guide.
That is a good tip.
Speaker 2 (12:01):
And that is a good tip.
Get a fishing guide and they,they bait your
Speaker 3 (12:05):
Hook.
Oh, they do everything right.
They fill up the, the, the, uh,the bait well, and, uh, fishing
with live bait is always thebest for sure.
Yes.
And so,
Speaker 2 (12:15):
Well, thank you, Joe.
It has been great to chat withyou this morning, everyone
listening, make sure that you'remindful of your title company
kind of gets overlooked.
Check into that.
It's important.
It's a valuable part of howsmoothly your transaction will
go and make sure, uh,marketplace titles on the top of
your list to explore with yourrealtor.
(12:37):
And as always, we wanna inviteyou guys to live your best life
barefoot.
Speaker 1 (12:41):
Thank you for listening to the live, your best
life barefoot podcast.
Sponsored find barefoot bungalowRealty to learn more about
barefoot bungalow Realty, go towww.barefootbungalowrealty.com
or call 2 3 9 3 5 0 5 5 3 5.
Welcome to the live your best life barefoot podcast
(00:02):
with your host, Mary Morrisonand the team at barefoot
bungalow Realty.
Speaker 2 (00:08):
Good morning, everyone, Mary, with barefoot
bungalow homes, we are excitedto have our guest in house
today.
Little change from our usual.
We have Joe here withmarketplace title, and we just
were discussing what your titleis at marketplace title.
So why don't you tell us aboutthat?
Speaker 3 (00:27):
Well, I'm the owner of marketplace title started it
15 years ago here in lovely Leecounty, Florida and Collier
county.
Of course, and I was in themortgage business for 10 years.
Prior to that started atmarketplace title.
We're a real estate titlesettlement company.
We provide title insurance andwe prepare all the documents and
(00:50):
handle all of the escrow fundswhen, uh, exchanging property
here in the state of Florida.
So it's pretty exciting, a lotof fun.
Speaker 2 (00:58):
It is pretty exciting.
And I think it's the onecomponent of the whole home
purchase process that a lot ofbuyers and sellers don't really
see or totally understand.
So I that's part of why I wasexcited to have you come join us
and maybe walk us through alittle bit more of what's going
(01:19):
on behind the scenes wheneverything gets turned over to
you.
Speaker 3 (01:24):
Well, that's great.
Yes.
Uh, as you know, realtors are a,a big part of it.
Obviously they, they start theprocess for helping people buy
and sell in the state ofFlorida.
So after they get to the salescontract, they send that over to
a title company.
And then what we do is we startsearching public records and
(01:48):
preparing a title commitment tomake sure that that property is
marketable and there are no, uh,liens or encumbrances on the
title.
And then, so we have to gatherinformation from the buyer, the
seller, their lender.
If the buyer is using a lender,then we have to gather
(02:12):
information from a surveycompany.
We have to gather informationfrom an HOA it's called an
estoppel.
Sometimes there are two or threeestoppels for each property.
Then we put it all together withall that information.
And then we prepare all theclosing documents and then we
also manage the money, thedeposit from the buyer.
(02:34):
And then we make sure that theseller is paid.
We make sure the taxes are paid,make sure realtors are paid.
And we prepare all the documentsand get everyone signed.
And then we record the documentsin the county records, and then
we issue the title, the finaltitle policy to the new owner.
(02:57):
And, uh, then also maybe thelender.
So it is a detailed business.
There is a lot of behind thescenes.
There are probably a hundredsteps that need to be done,
Mary.
Yeah.
And we just enjoy it becausethat's an opportunity to, uh,
provide a great service.
If you can get ahead of thosesteps and also communicate in a
(03:19):
way to these buyers and sellersto take away some of the stress,
as you know, it's verystressful, right?
Or it can be buyers and sellers.
They're, they're worried aboutpacking things and mm-hmm
the other details which you helpwith.
And that's a great thing that alot of people don't know what
realtors do either.
(03:39):
They, they do a lot of work.
Let me tell you, um, and sothat's, we come to appreciate
realtors and also lenders.
Yes.
Uh, a lot of people don't knowwhat lenders do.
So that's, what's great aboutspecializing.
You're an expert in buying andselling real estate and we are
experts in transferring theownership.
So
Speaker 2 (03:59):
It's fun.
And it's great to have thatpartnership with people you can
trust because, you know, as abuyer or seller comes on, they
may only buy or sell a house twoor three times in their
lifetime.
So it's really nice for them toknow that those people, that
they're entrusting this hugetransaction to are really good.
Speaker 3 (04:22):
Absolutely.
And that comes with experience.
Pardon me.
And, uh, having just a greatteam, we actually have, well,
that's a great point.
Some people maybe have boughtthree or four homes in their
whole lifetime and maybe theybought'em up north or in a, in a
state that requires a realestate attorney to close their
(04:43):
property right down here.
You just need a licensed title,insurance aging.
And some of them do haveattorneys on staff.
And we do have a, uh, full-timereal estate attorney on staff
provides a little more comfortand, uh, to our Northern
clients, right.
If you will.
And, uh, but trust is a big partof it.
And the relationships withrealtors.
(05:03):
Absolutely.
Speaker 2 (05:04):
It is huge.
So tell me about now that we'reare, how many years into having
title checks and having, um,that component in real estate.
How many years are we like
Speaker 3 (05:18):
For marketplace?
Speaker 2 (05:19):
Um, in general, like I know this wasn't common.
What, 50 years ago maybe.
Speaker 3 (05:26):
Oh, land titles goes back hun a hundred years.
Absolutely.
Uh, some of the title insurancecompanies go back into the late
18 hundreds.
Fascinating.
Yes.
It's uh, it's neat.
I mean, the, the, the delivery'sa little different, very
electronic.
Yes.
You don't have handwrittencommitments.
Yes.
Like, uh, some of the peoplehave told me about, but, uh,
(05:48):
yes.
It's been around for many, manydecades.
Speaker 2 (05:50):
Really?
Yes.
I, I have no idea.
That's what do you learn?
Something new to date
of challenges when you're diveinto a title?
Like,
Speaker 3 (06:04):
Well, yes, absolutely.
Yes.
So that, that's the importanceof getting a commitment as soon
as possible.
When we get a contract from arealtor, generally it's about a
30 day close or maybe 45 days.
Mm-hmm
(06:25):
transaction, sometimes even twoweeks.
But the most important thing isordering that title commitment
from our underwriter.
So they can dive in right awayas soon as possible, as soon as
possible.
Mm-hmm
there may be a, uh, a problemwith the chain of title.
There was a problem from when itwas first, uh, transferred, you
(06:48):
have liens or encumbrances, andyou have, uh, a lot of
contractors, they do what theycall notice of commencements.
When they work on a home, theyopen up this, uh, notice that
says we have the right to do afuture lean.
We have to get those closed.
Mm-hmm
Then you have deaths of owners.
(07:11):
Uh, you have other, other thingsthat need to be addressed in
the, in the chain of titlebefore it can be transferred.
Speaker 2 (07:18):
So do you have a favorite title story?
Speaker 3 (07:21):
Oh gosh.
Every, every one of'em isinteresting.
remote online notaries are verypopular today, where you could
actually close somebody, uh,over a video, it's still pretty
(07:41):
extensive because you'renotarizing them through video.
So it's still a bit, uh, new andit can be done, but we close
somebody over in Kuwait or, orover in London, and we could do
it right over the computerinstead of them having to go to
a consulate consulate or a, uh,a notary over overseas, which
(08:06):
really can take time to schedulesure.
Sometimes it could take threeweeks and if you're not
prepared, so in a pinch, we cando a remote notary right over
the computer, but then you stillhave to have two witnesses on
that video conference and notevery buyer is, uh, you know,
can go through the process onthe computer, but it's, it's
(08:30):
gaining popularity.
Speaker 2 (08:31):
So it's fascinating.
It's,
Speaker 3 (08:33):
It's technology is definitely driving our industry
as well.
It's like,
Speaker 2 (08:37):
It is, it is.
And all, all of our latest, um,changes in our world.
Everybody's figuring out ways wecan do it more
Speaker 3 (08:48):
Quicker, faster, easier, right.
So, but the key is to get tothat commitment, order it right
away so that we can, uh, clearsome of these, uh, uh, issues on
the title without any delays,without, you know, stress, we're
clearing a lot of conditionswithout anyone ever knowing.
(09:09):
And if it's something major,we're gonna call you, Hey, Mary,
it looks like we've got prettymajor cloud here, but here's
what we're gonna do to, to clearit.
It could even mean probatesometime we've, we've actually
probated, uh, issues and didn'tmiss the closing date.
So, wow.
Again, the key is early, get inearly communicate early, and
(09:30):
that takes away the stress.
Definitely.
Speaker 2 (09:33):
Yes.
Well, we like to get two thingsfrom our guests before they
leave us.
Number one, I'd like to get atip that our, uh, listeners can
take away for a good, uh, titlesituation on their end.
What can they do?
And then I'd also like you tothink of a personal tip of our
(09:56):
Southwest Florida that maybesome secret place or,
Speaker 3 (10:01):
Well, okay.
A tip for, for, uh, efficientlytransferring 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 greatteam.
And it starts with a realtor forthe most part and or a lender.
Sometimes a lender will referthe lender or, or the realtor,
(10:23):
but, uh, start with a great real, uh, and communicate with the
title company gets your personalinformation in as soon as
possible, because you may thinkone thing may not be a big deal.
Mm-hmm
trust.
(10:44):
And so communicating early isalways a great tip, huge, and,
um, making sure that, uh, you'renot traveling overseas during
your closing date, which that'sokay.
But if you plan ahead, just dothat.
And, uh, as far as a personaltip, uh, Southwest Florida, I've
(11:05):
been here 20 years.
I've lived all over the countryand I just think this is one of
the best places to live in theentire world, I would say,
because totally agree.
It's so the people here and it'sjust so beautiful, there's so
much to do fishing and golf andtennis.
In fact, we're the, we're the,uh, golf capital of the world.
(11:28):
We're one of the fishingcapitals of the world, uh, the
lightning capital of the worldtoo.
But, uh, I'll tell you it's
Speaker 2 (11:36):
We had a good show last night.
Speaker 3 (11:38):
Yes.
Oh my goodness.
It's, it's crazy.
But, uh, but I would say it'sjust, it's this great place to
live, work and play.
Speaker 2 (11:47):
Do you have a secret fishing home?
Speaker 3 (11:49):
No, no.
I'd leave that up to the guides.
Yeah.
There's a lot of guides.
That'll that'll, uh, save you alot of time and money.
Yes.
Just get a fishing guide.
That is a good tip.
Speaker 2 (12:01):
And that is a good tip.
Get a fishing guide and they,they bait your
Speaker 3 (12:05):
Hook.
Oh, they do everything right.
They fill up the, the, the, uh,the bait well, and, uh, fishing
with live bait is always thebest for sure.
Yes.
And so,
Speaker 2 (12:15):
Well, thank you, Joe.
It has been great to chat withyou this morning, everyone
listening, make sure that you'remindful of your title company
kind of gets overlooked.
Check into that.
It's important.
It's a valuable part of howsmoothly your transaction will
go and make sure, uh,marketplace titles on the top of
your list to explore with yourrealtor.
(12:37):
And as always, we wanna inviteyou guys to live your best life
barefoot.
Speaker 1 (12:41):
Thank you for listening to the live, your best
life barefoot podcast.
Sponsored find barefoot bungalowRealty to learn more about
barefoot bungalow Realty, go towww.barefootbungalowrealty.com
or call 2 3 9 3 5 0 5 5 3 5.
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