Forcing Buyer to Use
Seller's Title Co. Is a NO NO!!!
Sometimes us Realtor's make transactions so much harder than they need to be. Working as a Buyer's Agent, it is my duty to make sure my Buyer's rights are not taken away.
After looking at a few homes my Buyer's decided on a home and their offer was accepted. Included with the disclosures was an addendum, the Seller insisted the Buyer must use their title company. If the title company was going to provide an incentive for my client to "want" to use them, then my client would consider it was my response on the addendum. Seller who is also the listing agent crossed it out and advised either the Buyer's use his title company or no deal!!!
Clearly, the Seller/Listing Agent wasn't familiar with Title 17-607 which states a real estate Agent cannot require a Buyer as a condition of settlement to use a specific settlement company, title insurance company, escrow company, mortgage lender, or title lawyer. The penalty if found guilty is a misdemeanor, up to $5,000 fine and up to one year in prison.
I don't know about anyone else, but that is just not worth it to me. The Seller/Listing Agent said he wanted to use his title company because it was more convenient for him and doesn't understand why there was an issue. I had to in several email communications remind the Seller/Listing Agent of the Buyer's right to choose the title company. He did not back down until I sent a copy of the title which included the fine and jail time. I guess that made him think if it were worth it too!
Tabitha Rector-Richardson
Broker, REALTOR®
email: info@premierhomesmd.com
web: www.PremierHomesMD.com
(443) 415-4215 cell
(410) 363-1535 x101 office
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