Hello and Welcome to August 2009 here in Michigan Real Estate!
I'm dropping by with some info, some updates, and asking for your support in the Boy's & Girl's Club's upcoming event.
First, I want to show you a great article posted by Marx Sterbcow about having the right to choose your own title insurance company per RESPA:
RESPA: SECTION 9 WHY WAS I REQUIRED TO BUY TITLE INSURANCE FROM SPECIFIC TITLE COMPANY BY SELLER? http://www.respalawyer.com/2009/04/respa_section_9_why_was_i_requ.html
Posted On: April 30, 2009 by Marx Sterbcow The Real Estate Settlement Procedures Act's (RESPA) Section 9 (12 U.S.C. §2608) and Regulation X (§ 3500.16) prohibits, either directly or indirectly, a seller from requiring a purchaser to buy title insurance from a specific title company in any transaction as a condition of the sale.
Section 9 of RESPA (12 U.S.C. §2608) states that:
1. No seller of property that will be purchased with the assistance of a federally related mortgage loan shall require directly or indirectly, as a condition to selling the property, that title insurance covering the property be purchased by the buyer from any particular title company. 2. Any seller who violates the provisions of subsection (a) of this section shall be liable to the buyer in an amount equal to three times all charges made for such title insurance. The only way a Seller can mandate that purchaser use a particular title company is if the seller paid 100% of all title insurance and related title costs. HUD's RESPA Division has stated on numerous occasions that unless the seller pays 100% of the title related costs then the seller has violated RESPA. REO companies need to pay particular attention to Section 9 because required use practices by REO companies are on the HUD's radar right now.. Additionally there are several local real estate purchase agreements that are in use in parts of the United States where the language in the purchase contract states that Seller picks the title company but purchaser pays for title costs. It should be clearly noted that you can not contract out of a RESPA Section 9 violation. Just because the purchase agreement is signed by the borrower doesn't prohibit the borrower from coming back and suing the seller for required use if the borrower is stuck with any of the title related fees. Lastly another clever technique that is in use is where the seller says they will pay for the owner's title insurance policy but that purchaser has to pay for the lender's title insurance policy and all other costs. This does not pass the smell test nor does it pass HUD's smell test. The practice while novel in its approach is still considered a Section 9 violation. If you are a borrower has been a victim of this technique within the last year please give our firm a call. If you are a victim of a Section 9 violation within the last year please give the Sterbcow Law Group LLC a call or if your transaction was more than a year but less than three years please contact HUD's RESPA Division so you can file an official complaint.
Second, I want to offer my services in working with you in getting more expsoure, leads, referrals, clients, and of course - business through social networking taking only minutes a day and getting you the expsoure for a lifetime through S.E.O. (Search Engine Optomization) as it has grown my business nearly 30% and I'm a title insurance company. Imagine what it could do for YOU and your business!
Third, I want to let you know about the 18th Annual Boy's & Girl's Clubs Golf Outing August 10th at Fieldstone Golf Club. We still need tee sponsors, event sponsors, foursomes, etc. This is the club's 2nd largest fundraiser of the year behind the Steak & Burger Dinner both with some of the biggest names in Oakland County in attendance. Please email me at keith.franklintitle@yahoo.com for the informational flyer about the golf outing for the kids, the families, and the communities.
Fourth, I am submitting my paperwork today to get on the dockett for my run for Auburn Hills City Council 2009 and will be having a formal campaign party at the end of this month. If you are interested in attending this please let me know ASAP and thank you for your support.
Fifth, I want to Thank You for your business this year as 2009 has been a record year for Franklin Title Agency thanks to you and your company. We appreciate everything and look forward to another great month here in August.
Thank You for your time in reading this email and again - Looking forward to another great month ahead. Let me know what we can do for you and your clients.
Keith Stonehouse - Vice President, Franklin Title Agency & Founder, Michigan Realtor Masterminds
http://www.franklintitleagency.com
Follow me on Twitter at @keithstonehouse
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