I just read an article in RealtorMag that an owner of a Southlake, TX title company was arrested after she was accused of stealing millions of dollars from an Escrow account. Millennial Title, which has only been in business a year and has multiple offices in the North Dallas area was taken over by the Texas Department of Insurance after an audit showed they didn't have enough funds to meet their bills.
So what does this mean for you as a consumer? First of all any funds up to $250,000 are insured and the those with more than $250,000 will likely get their money back after the Title company is liquidated. Here is a link to the website, if any of my readers think they may have been affected.
The next thing to remember is that this business was only in business one year, most Realtors® have long established relationships with their Title Officers so be sure to heed their advice whenever possible. Saving a few dollars on a company with no track record just isn't worth the risk.
The final thing I'd like people to take away is that this is actually a case of something going right, the State saw a problem and corrected it before too many consumers were affected so the long term damage should be minimal. Oversight is often a good thing.
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