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Should Buyers Decide Where to Close?

Here in North Texas, we typically use a title company to coordinate all parties to the real estate transaction including buyers, sellers, mortgage lenders and their real estate representatives. One of the most important roles that a title company does is to insure and issue Title insurance policies. To the new homeowner, the Title Company issues an Owner's Title policy while a Mortgage Title Insurance is required by the mortgage company to protect its interest in the policy. Upon title searches and examinations, the title company issues an Owner's Title policy to protect the new homeowners (ie. Buyers in the transaction) from unforeseen claims, hidden risks or fraud against the property. In short, the end result is that the Owner's Title Policy is in benefit of the Buyers (ie. soon-to-be homeowners). Something that they will hold for their protection for as long as they own the property, or until they re-finance the mortgage.

It is a negotiation between the buyers and sellers which title company both parties want to select to close. More often than not, it has been the Seller's final decision on where to close. Unless there had been special circumstances about the property and title work was started at a title company, it is my personal opinion that Buyers should decide where to close. After all, it is the Buyers (ie new homeowners) that will have a lasting impact of this decision.

Note under HUD RESPA Section 9 ruling, Section 9 of RESPA prohibits a seller from requiring the home buyer to use a particular title insurance company, either directly or indirectly, as a condition of sale. Buyers may sue a seller who violates this provision for an amount equal to three times all charges made for the title insurance.

With the new standardized instructions from HUD/ RESPA on the Good Faith Estimate put out by Loan officers effective January 2010, it is my hope that Buyers and their Loan Officers will strive to see that this ruling is enforced and Buyers have more weight in deciding where to close on the sale of their home, especially when the end-result is a Owner's Title Policy that will last a long time.

Although this ruling have been in place for a long time, no one really enforces it. The worst are Home Builders and Banks (with REO sales) who are notorious for violating this ruling. Some day when they hurt a real estate attorney who is also a buyer in the transaction, someone may be hurt financially for enforcing such violating ruling.

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Posted by Loreena Yeo, Realtor®| Frisco TX Community Ambassador (214)783-2210 on 12/11/2009 06:57 AM

Comments (80)

Should Buyers Decide Where to Close? in the Home Buying Channel

home buying in frisco, new gfe effective january 1 2010

Originally posted at: faithfully frisco tx homes for sale: Should Buyers Decide Where to Close?

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80 Comments on Should Buyers Decide Where to Close?

DEC

2009

Here in our County it is basically been whoever pays for the title insurance chooses the title company...although rates are pro-rated so there is not much difference in charges.

It is common practice in our area for the listing agent to arrange the closing and title work. This summer I sold a listing to a loan officer with a mortgage company that wanted to use the title company he works closely with, which was fine with the sellers. It went very well and saved everyone a little money.

Most buyers probably dont have a clue about the process anyway. Most will ask for guidance on this. I have bought many houses and when the agent asked if I had would mind closing with this or that title company my response was, it doesn't matter to me, I dont have a particular choice. Of course, its much different now that I am in the business. I know of one or two title companies that I would prefer to work with over the others and would suggest because they are excellent at fixing those pesky unexpected issues.

The buyers select the title company, either through guidance of their agent, incentive from a builder/seller.

The buyer decides.

About the only entity that tries to direct title services against the buyer's wishes is banks selling their foreclosures or short sale lenders.

We live with it.

The worst closings we've had is when the buyer selected the title company because they were

family members - total disaster but we got through it.
directed by an out of state builder - title company didn't know local transfer fees. Fortunately, I did.
recommended by a friend - took 4 hours for me to instruct the attorney in the HUD-1.
the buyer shopped closing fees thinking that was how the title company made their money. They saved $23 dollars for the closing meeting and paid an additional $130 for title examination.
buyer got quote for an apprisal that was $3,500 (acreage). They would have lost $1,500 if I hadn't educated them on appraisal re-issues. When they saw what their choice was going to be, they used the title company I recommended.

Because we have a predominant REO market, the bank (seller) will typically choose the title company in our market. Our contract also requires the seller provide the buyer with an owner's title policy.

Interesting - here in the DC metro area, as Lenn said, the buyer decides - and then the buyer can decide to go along with the seller's wishes. I have a settlement now that I am helping out with in which the seller's agent refused to settle where the buyer wanted to because the seller's agent didn't like the parking lot at the title company and blamed it on the sellers. Argh!

Loreena,

In my experience here in Maryland, the buyers select the Title Company in the vast majority of cases. As it should be.

Rich

I am going to side with Tom #3 above there are a few that are efficient and can handle just about anything, then there are those that you are really risking your reputation as an agent recommending.

Could you make the call Monday morning if the Title Agency you suggested your client to open escrow at on Friday.. closed it doors for business over the weekend? What happens to the security deposits if the owner of the Agency disappears over the weekend after cleaning out the account?

Four years ago we had 136 "Title providers" in our county we are at about 43 now.

I once saw on line a CD set for $996 start your own title agency. Would you bring your clients to one of those? Would you know if you did?

If you are going to suggest... I would suggest you do your homework and stick with a Title Company verses a Title Agency.

It is the Financial strength and claims paying ability of the company that will be protecting your clients assets.

Oh look what I did... Sorry I got carried away. Long story short.. The buyers usually don't have a clue about Title Companies they need guidance from you. :)

Loreena, in my area it is customary for the Buyer to choose the title company. I have come across Seller who will insist on using their title company, but the Buyer has the choice.

Loreena, most of our closing occur where the listing agent ordered the title policy.

Now the buyers can pick their own title company and we call that a "split" closing in Michigan.

We are seeing "split closings" more often now with short sales and foreclosure's.

Most of the time, the title work is not ordered until it goes into escrow here. Realistically, there should not be a problem as to where to close. But I feel that there seems to be agents' agendas involved.

Missy - Do you see split closings still occuring with the instructions of the new GFE?

Paul - You're right. I see title companies closing down FAST and it's not good for the industry.

Hasn't it always been the Buyer's choice? If I'm representing the Buyer, I usually ask him to see who his Lender prefers to close with.

All very interesting, here in Manhattan all parties get together at one of the attorney's office or managing agent's office and we do the closing around one big table. It is quite an event.

In Lee County, Florida, the Seller decides since in most cases, the Seller is paying for the Title Insurance.

We have many "split-title" closings where the Seller selects a title company to close the real estate side of the deal and provide an "owner's title policy" while the Buyer selects his own title company to close the mortgage and provide the "morgage title policy". The actual location of the Closing is usually up to the Seller to determine.

Hi Loreena, New Orleans is another place where buyer chooses title company. Often in the MLS we'll see requests by the seller's agent asking to close at one title company or another. Sometimes it's loyalty to the title company, sometimes it's a legitimate reason. For example, a particular lawyer is already working on a succession, etc. regarding the property and will only save time by not reinventing the wheel. Even in the area of short sales, most mortgages are not held locally and so the big players like B of A, etc certainly have no preference of local title company. Let your buyers show some muscle here. Guide them but let them choose. The relationship they develop with their title attorney can often be as strong and long lasting as the one they have with you.

It is customary for the seller to pick the title company in our area, although with the new RESPA changes, I will be asking for the the buyer to choose the title company.

I agree..the standard line from the listing agent is if the buyer wants to pay for it then the buyer can close where they want. There is no discussion with a foreclosure and the Title companies they use usually give the worst customer service.

Here in my corner of the world the buyer chooses his/her own title company. Sometimes the seller chooses someone different to represent them at the closing but often the sellers just go with whomever the buyer chooses to make it easier.

Here in our area, it is the buyer who chooses the closing company. Like Lori Cain said, the lender will sometimes choose where they want to close, but many will allow the buyer to pick. Often we Realtors have a list of 3-4 that we have experience with that the buyer can choose from.

Of course, this doesn't stop the seller or their title company from trying to get everyone to close there....

Interesting how things differ around the country. Generally in Massachuetts the closing place is determined by the buyer and the lenders attorney.

I am reblogging this because in Oklahoma we are set up like Texas with title companies. I cannot tell you how many listings I see that says buyer must close at XYZ title company. The majority of Realtors here I believe know RESPA but a good portion either do no know or don't care.

For the most part I've found that the buyers request where to close. With that said, I've found most people to be considerate of the other side....(seller/ or buyer) as to location. Sometimes it's logistically more convenient for others concerned. I haven't every had an issue arise on where to close in my 22 years of being a Realtor.

Patricia/Seacoast NH

Loreena...

I have never understood this controversy. The BUYER is taking title in exchange for money, so it is ALWAYS the buyer's choice. Even if the seller agrees to pay that does not entitle the seller to dictate the place of closing or the title insurer. It's the most violated law in the land and no one cares.

Loreena,

In our state wide forms the buyer choses the title company as part of the purchase and sale.

In Maryland the buyer decides. I agree with Lenn that thewrong decision has an impact on the closing.

Loreena: Referring to the title policy is an awesome way to put it. I often ask agents to write offers with title being the buyer's choice. Unfortunatelly, quite a few of them won't do it and experience shows that sometimes it's because they fear their offer being rejected. I'm not a Realtor but believe that agents should at least try to have their buyers choose the title company.

In Alaska, it's buyer choice, but we do have relocation companies that bully people into using their preferred company. It's frustrating because that preferred company is the Anchorage office, which is 600 miles away and since they don't have to see agents, buyers and sellers in Southeast Alaska the service leaves a lot to be desired.

In the Charleston SC area the buyer chooses the closing attorney and title company. The only sellers that I have ever had to educate and negotiate about this are new constuction companies, who often have it in their contract that they will only pay closing costs if they buyer uses their closing attorney. In SC the seller cannot dictate to the buyer who their closing attorney will be. I've had a few try to refuse to pay closing costs because of this. When we walk away from negotiations, their tune quickly changes.

There are a few new construction companies that have built a reputation for these tactics, and I brief my buyers about it before going to the site.

Loreena,

You hit the nail on the head quoting RESPA. Buyer's should have the right to choose the title company UNLESS, the seller pays all of the buyers closing costs or at least the title portion of it. I think it boils down to whomever actually pays for the title insurance part of the title costs and I have had many Brokers and Agents agree.

What really chaps my hide are the agents who bully their way into choosing the title company, especially by writing it into the contract. I find these actions to be very unprofessional. Our business is one of give and get and you can catch more flies with sugar than vinegar but many agents today just don't understand that concept.

Oh well, life goes on.......

It's interesting in this post and comment thread to see how different it is in every state. In my area (Central PA) buyers always choose, as it is the buyers responsibility to pay both the owner and lender coverage, they choose who to use mostly at the suggestion of their agent. We are very fortunate that our various title companies do a great job in closing, so no matter who they choose locally we have no worries

Good comments above. Last month I had a closing I didn't go to ... it was in a VERY bad neighborhood, chosen by the buyer, who didn't even live there, and was buying about 15 miles away. She picked the title company because they "had the cheapest fees" - which also turned out to be a train-wreck of a company. I suggested working with someone I knew, but never forced it. She overwhelmingly agreed with me after settlement though!

In our area ( Florence Oregon) on the coast, the seller chooses and that is usually posted on the MLS in advance. If they don't then its left blank.

I understand the rule and the only time I come across this is when a party has a interest or a friend in a different office. No big deal

have a great day

tony

Here is Illinois the sellerd attorney picks the title company to use and they have their favorites. However they are supposed to pick the offie closest to the property - this is not always done. It is not fair on anyone to close 20 miles or more away from the property but that's what happens.

Loreena,

In my area of NJ, the common practice is to use attorneys. The Buyer/Lawyer select the title company. Closings typically take place at the Buyer's attorney's office. Interesting to see how this is handled elsewhere!

In my area sellers usually choose the title company. I have had a few instances where the buyer's agent requested a certain agency (usually it was a request written in the purchase contract) and their request was honored. I'm not sure buyers or sellers really care as long as there aren't any surprises and the deal gets closed On Time.

Loreena - As Irene says above we use attorneys and recommend it to our sellers and buyers as well. Closings normally take place at the buyers attorney but we have had different occasions when it is the opposite. Worst case is an out of state attorney whom does not know NJ law but is still licensed here... Lotta fun on that scenario let me tell ya...

Loreena

Like Gary, we use title companies but it is standard that whoever pays choses who they want to use.

I agree we have no choice with foreclosures

Great post! I am a lender in Tennessee. When a contract gets to me it usually has a title company that the buyers agent has chosen. HUD repos and bank forclosures are a different story...HUD calls the shots and says where we close.

Good luck to us all with the new respa laws in Jan.

Merry Christmas and Happy New Year,

Amy in TN

Here in Kansas, the buyer can choose to close wherever they choose. I ask every buyer if they have a preferance. If not, I give them info on all and let them choose.

Title companies cut deals with the Banks to handle their REO properties and new home builders so good luck to buyers insisting they use their own title company.

When I was the Director of Sales for a new home builder... no way were we going to try to track down 30+ different transactions with multiple title companies... There was a system in place for all involved including the lender providing the construction loan.

Think about what REO agents, Asset Managers and/or New Home Builders would have to go through if their transactions were in multiple title companies and have a little sympathy... There is a lot of penny tracking going on in the back offices...

I usually have the buyer asking who I would recommend. One of the incentives that the title company we deal with is they give the (buyer) the option of where to close.

One of the most popular has been the mobile closing. 85% of my clients go with this option and it is done at their (new) home at NO ADDITIONAL COST TO ANY PARTY.

At any time, whether a refi or a purchase, I always ask if they have a certain title company they would like to use. I can think of only one time where they came back to me and gave me a specific company, which we used.

Hi Loreena! This was one great post!

Here in New York, it's an attorney state and it's usually the seller's attorney's office where a closing takes place. Unless it's too far for everyone to travel to then it's the buyer's attorney's office.

Loreena, we have split closings here. The seller gets to pick where he wants to close and the buyer gets to pick where he wants to close. It is obviously a lot of work for the title companies to coordinate everything but then each side of the transaction has an equal say.

Illinois isn't a title state and hence the seller's attorneys have been selecting the title company. The seller had the right to select the title company but I can't tell you how many attorneys would "boycott" the deal because they wanted their affiliation so they would receive "the benefits" and hence, the seller and buyer have, on a whole, in the past been given no choice if they wanted representation from that attorney. Sad but true and I could give you the names of the attorneys, their respective law firms as well as the files that closed with the title companies.

Where they close - again, it is not the seller's or buyer's option but am looking forward to this new guideline policy and see what will happen. Not much has happened as far as "you are going to use my title company or get someone else" syndrome because the market has changed. Different story in seller's market.

that's the common practice here. it's good you know the rules so you can protect your buyer's interested. but in my market, it is common practice for the title company and closing be coordinated on the buyer side. now every now and then, i will have a co-op ask if we can close closer to where his office is located and if the seller, buyer, and co-op are located close to each other, we will close as the co-op's office just to make it easier and the title company will travel. rarely do my closings occur at the title company location, they normally close at my office.

It is going to be interesting to see what the banks do...you are right about them being the worst at dictating the title company and closing attorney.

Hey Loreena, great topic. Here in Southern California, for some reason the listing agents always try to have THEIR services in the transaction. This means title, escrow, NHD and homw warranty. And, in the past, before RESPA started cracking down on it all, these services usually went to which title rep brought in the best bagels or donuts. lol But, now things have changed, and the listing agents are not fighting it as much. What I find interesting about all this is that it's not the listing agent's right to choose in the first place. It is supposed to be negotiable between the buyer and seller.

Wow, I've never heard of such here. Location of closing is always determined by the buyer and their attorney, unless otherwise noted in the contract to purchase.

Loreena, In Florida my sellers pay for the Owners Title Policy and therefore they choose the title agent. If the buyer wants to choose then they can pay. The Buyer does pay for the lenders title policy and can purchase that any where they want. They usually purchase form the same title agency because it's less expensive to piggy back the owners policy.

I have had many buyers want to pick the closing agent. As soon as we tell them no problem you can pay for the insurance they change their mind. My opinion is that Buyers and sellers could care less who handles the closing.

My seller use my preferred closing agent because it makes the closing go smoother.

We encourage closings at the Registry. We are fortunate to live in the same town as the Registry of Deeds. Title companies will have to come here to record the deed anyway so closing there is convenient as they can record before we leave. Some title companies insist on their offices, some will come to our office, but generally, the registry is the chosen place. Even though the seller and buyer have some input, the title company often sets the tone as to when and where.

If it were up to me, I would always want a say on who performs the title work. Starting 1/1/2010, LOs will have to provide a list of Service Providers within the area. The buyer will need to choose which title company to close with.

In my neck of the woods the seller usually pays so they choose which title company to use. If the buyer wants to pay then they can choose whoever they want but that rarely happens.

We are an attorney close state. The buyer may hire an attorney who does the title search and orders title insurance for them. They may chose which title insurance policy they chose to buy if they'd like to. The seller will commonly use the buyer's attorney to prepare their deed and lien waiver for them though they can use their own attorney and then have the documents sent over to the closing attorney.

Attorneys handle the closings up here. In my expreince, 75 % of the time they are done at the sellers attorneys office.

Wow, Loreena, here it is almost always the buyer who chooses, because they generally pay more of the fees and all of the title insurance, unless specified in the contract. The only time we tend to see the seller trying to choose is when they are bank owned or short sale because they have negotiated other work with them -- which, unfortunately, the buyer ends up paying....

Loreena, I have always seen more power with the buyers in this selection.

Buyers get to decide around our area!

Where to close is the least of our worries at this point. Just get the checks out, haha.

However, here the seller normally pays for the title insurance policy for the owner and chooses the company. By tradition the closing is held at the listing brokerage''s office. However, if it is more convenient for everyone, I will close in the title insurance company's office. If my seller is not going to be present, then it usually will take place there anyway. Once in a great while I will do it at the sellign agent's office, but not often. We are a small town so usually this is worked out in a friendly matter.

Where it gets tricky is when an out-of-town agent lists a home and then wants it to close in a different county. Our contracts state that the closing will take place in the county where the property is located. Most title companies will comply, but a few that play dirty will try to stick the seller and buyer with extra fees for doing it here. In my opinion, a listing agent and their customer should use a local agent if the other company is going to try to squeeze out extra funds just for travelling. If they do not want to travel, they should tell the agent they are sorry but they cannot handle the closing. Do not stick it to the buyer/seller.

Another issue is that, for example, in Tampa, a lot of title companies do not handle mobile homes and will not research them for liens etc. If you are a listing agent that is using one of these, you are better off finding one that does. I had a listing agent sell my buyer a mobile home on its lot. BUT, the title company warned him that they did nothing about mobile home titles (just like car titles). He went ahead and used them any way when he bought the home via foreclosure. Guess what, he only bought the lot and did not even know it. He ended up paying $6,000 to another entity to get the title to the mobile. This after the contract had been signed and he was locked in. So he lost $6,000 of his profit on a home that was already underpriced for here. The title company told me that they had warned him, but last I heard, he was still using them. Oh well.

With foreclosures here it is usually a company in Miami that handles a lot of them, but they will pay a local title company a reasonable fee to come to the closing and get the signatures, etc. I like that better than having just a notary show up who has no idea of the requirements of a real estate deal. Most of them do not even know if a paper is missing and certainly cannot explain anything about the docs.

In regard to RESPA, if the sale is financed, you are right, for the mortgage company's policy, the buyer cannot be forced to use the seller's company. However, usually it is cheaper to "piggy back" the lender's policy on top of the owner's policy. But if they want to, the buyer can have a separate company issue the coverage for the lender. If it is a cash deal I do not believe that RESPA has any say in the matter. In all of my years of doing this, the seller (be it a person or bank) has chosen the title company and I have never had a buyer insist on paying more to have a separate company write the lenders policy. Not sure what the benefit would be since the title companies here are not on the side of the buyer or seller, and usually their underwriters like Old Republic or First Amercian are the same no matter which company your buyer/seller ultimately use.

It's negotiable in Northern California. The buyer will normally make a choice in the contract but the seller can counter. With traditional sales the buyer usually gets their choice, with short sales the seller usually gets their choice because there has been some preliminary work already done.

With REO's, banks (seller) used to ALWAYS chose, then the state passed a law that they couldn't do that as a condition of sale. Now the banks say, OK, you want to pick title & escrow...you pay for it. If we can pick...we'll pay for it. Sooo...banks still ALWAYS chose because buyers will take the free services every time.

I believe that it is always the buyers choice here in California although it is usually open for discussion.

Loreena - Here in Connecticut we are an attorney state and the buyer's attorney does all the title work and in almost all instances, the closing is held at the office of the buyer's attorney. Very interesting how differently things are done across the country.

In Washington it is a point of negotiation and FYI, RESPA does not in any way shape or form prevent a seller from negotiating where the closing takes place. Typically the escrow closing and title insurance are two separate issue. You could have xyz escrow company close a transaction and 123 title company provide the title Insurance. You could even have two separate escrow companies close, one who represents the buyer and one who represents the seller.

Generally we have buyers who must get financing, that buyer provides title insurance to the lender. The seller provides title insurance to the buyer and since the seller is paying for the insurance policy to the buyer the RESPA guidelines do not restrict the seller from negotiating where to close.

If the buyer is a cash buyer with no policy to the lender, it's still the choice of the seller because they are paying for it. In other words, he who pays chooses. Could you imagine a world where you were told by the Feds where you can spend your money...

Gene

Title insurance is regulated by the state of Texas so every title company is charging the same amount. The only point to picking the title company is for customer service. It's a negotiated term in the contract. On average, it's tradition for the seller to pay the title policy and if they already have title opened somewhere, and the buyer decides they want a different title company, the seller has every right to now negotiate NOT paying the title policy. That's not against RESPA in any way.

It's all about customer service since each company is held by another higher and larger company if they fold.

Loreena

In South Florida who ever pays for the title insurance picks the location of the closing.

Good luck and success.

Lou Ludwig

Hi Loreena~ The buyer usually decides where to close here. Funny how things are so different in other areas!

Does this mean that HUD will no longer be mandating where the title goes as they try to do now in VA?

I agree with Russell's comments -- who is paying what? if it's split, then it's negotiable. If one party is paying, they should get the say so. Also, there is a difference in variable fees that vary from title and escrow company to title and escrow company, and agents can stil their heads in and try to convince buyers and sellers to use their recommendation because they may have ownership and receive quarterly dividends, their brokerage may have a joint venture or even an Affiliated Business Arrangement (ABA). What a mess. I don't have any interest in anything and only recommend the most competent and cost-effective, independent companies that have solid underwriters behind them.

Loreena, I like your post. You are always on point.

However, I have to agree with Donna. I just took an MCE class on Title Insurance and Title Policy and all Title Companies Fees are the same, it really does come down to Customer Service.

But usually, since the seller is the one paying for the Title Policy the majority of the time, they are the ones who get to select which Title Company to close at. That's how builders are able to get away with it. I worked for a builder and there were hardly ever any changes in closing location, unless it was for an out of state investor.

I have had some of my buyers request to close at title companies outside of the one suggested by the listing agent and that worked out fine.

I usually suggest a title company and/or attorney to my buyers and let them make the final decision.

DEC

2009

Donna - The title company on my recommended list has several locations all over the metroplex. The fees do vary a little but not much. I sure hope our clients are not charge sensitive ($25-$50). I do think that with the new standardized GFE, that the title company will also put their act together.

Customer service is exactly why I keep doing business with one Title Company. My escrow lady watches my back, watches the transaction and gets title commitments out in less than 3 days. Any issues will be handled IMMEDIATELY. Now, that's service.

In our area some agents specify what title company they want to use right in their listing notes, although I believe it should be up to the buyer to choose.

Good comments from everyone. I agree in principle that the buyer should have his choice in who issues the title policy since he is the one who will benefit. I understand the argument that when the seller pays the seller chooses. In reality, the seller and buyer usually have no clue and rely on their agents. The agents all have their favorite title companies and through loyalty or sometimes just to exercise control over the transaction frequently get into pissing matches to see who gets to pick closing agent. I've seen bad feeling and even deals fall apart over this. Bottom line, the agents need to protect the interests and wishes of their clients not their own ego's. If there is a legitimate reason NOT to use a title company then work with the other agent to determine a solution. Don't assume it's MY WAY or the HIGHWAY.

Interesting that it's a RESPA violation for a seller to mandate which title co. the buyer can use. Here in Orlando, Florida, the seller picks the title company as they pay for it. If this is the case then the buyer should pay for the owners title insuranance.

Until the new laws came out, many REO banks insisted on their own title companies, not always to the benefit of the buyers.

Hi Loreena:

Once again, you hit the nail on the head!

Recently, I had a client who bought a property owned by a large "Bank in America".

Here in Northern Virgina, this large seller of "Bank Owned Property in America" likes to try to sell home buyers shoddy title insurance sold by settlement companies that seem to be straight out of the "twilight zone".

Often times this "title insurance" isn't worth the paper it is written on.

When my client asked if it was worth the extra money to buy the "owner's title insurance", and settle at a "reputable" settlement company, there wasn't any hesitation on my part, as a little experience at one of these "house of horrors" wasn't worth repeating.

Ten days after settlement, this large "Bank that thinks it owns America", called to say it "forgot" about an HOA lien, and if my client would like to come up with $2,500.

"Well", I said, "isn't that why there is Home Owner's Title Insurance?"

"Yes", the bank extorted, "but nobody gets that, our policy doesn't cover that."

"Who said anything about buying your title insurance? My client bought his own", I remarked.

Just then the phone went dead, and remarkablely I haven't had any trouble with this large bank since.

Johnny "Culdesac" Yankoviak

www.johnnyculdesac.com

DEC

2009

Loreena - In Philly, it is always the buyers decision to decide which title company is used and thus, ultimately determine where the closing will be. It usually ends up being the buyers agent's office or where the title company is. One of my pet peeves is when they choose a title company in a different county who balks on traveling out to a more convenient location for all the parties to do a settlement. You are right though that some bank listings and other listings will direct title to go through "their" title company. It will be interesting to see what happens with that in the future.

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Loreena Yeo, Realtor®| Frisco TX Community Ambassador (214)783-2210

Frisco, TX

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3:16 team REALTY ~ Locally-owned Frisco TX Real Estate Co.

Address: Frisco, McKinney, Allen, Plano, Valley Ranch, Little Elm, The Colony, North Dallas, Addison, Frisco, TX, 75035

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