How many of you, as a listing agent, put a "Preferred Title Company" in one of your listings? Here in Texas, usually the seller pays title policy and chooses the closing title company. As a buyer's agent, I comply with the wishes of the seller to close at their preferred location and company.
I got a contract tonight on a listing of mine and the agent chose his own title company. I made a few changes to the contract and changed the title company. I then get a fax that has a large box and star by RESPA Section 9 stating that:
"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 a sale. Buyers may sue a seller who violates this provision for an amount equal to three times all charges made for the title insurance".
Are you serious? Why are we getting all Larry Lawyer over a title company closing a deal? I am being silly or ignorant in thinking this is a bit of a joke? I like my transactions to be first-name basis, let's go out for a drink when this is all done. Everyone should be looking to keep the peace. Why can't we all just get along?
This is almost like Carrie from Sex and The City getting dumped on a Post-It. What exactly do you say to something like that?
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