In 2009, the Governator signed AB 957, also called the “The Buyer’s Choice Act.”
With that signature, buyers of residential, 1-4 unit foreclosed properties in California could select their own title and escrow companies. Previously, banks and their representatives required REO property buyers to use a particular title or escrow company. Some even went so far as to not entertain offers from buyers who requested to use a different title and escrow company. If you think this sounds unethical, unfair and detrimental to competition, you’re right! The consumer (6 comments)