New Trend in Real Estate - Fly By Night Title Companies a Growing Trend

We have a habit of placing into our offers that either our buyer or seller we represent will select the Title Company to handle our transaction.

We`ve been working with the same Title Company for 7 years.

It`s been my belief for the past 2 years that too many Title companies have decided to "Open Shop" with an entirely different agenda!

I`ve dealt with Mortgage Brokers who have insisted we use these "Fly by Night Title Companies" which is a direct conflict of interest and many times "Junk fee`s" mysteriously are tacked on for no reason,except to line the pocket of the Mortgage Broker and these title companies.It`s amazing to see who`s interest they represent! protecting?

Yesterday, we ran into a situation where we closed on a transaction in Port Saint Lucie last week. We represented the Seller, in most area`s of Florida as well as the rest of the country, the seller selects Title Companies. The agent representing the buyer decided to use their Title Company to hold escrow which is their right. The escrow check was for $3000, a check was sent to our Title Company at closing and everything went well, except the Tile Companies check went NSF!

The attorney called the other Title Company and was told that another check would be FedEx the next day, again nothing. We called the Broker of the Buyers agent to let them know what transpired, believing it of importance,after all, if they`re using this company to hold escrow it`s very important to insure their clients deposits are safe!

We were attacked by the Broker who told us the Title Agent and the Broker were great friends and her friend would make good on all monies owed! I asked her how long has her "Friend" been in business only to be told she opened 6 months ago!

Yesterday the title company closed down and went out of business without notifying anyone!So much for being great friends. Forget the legalities involved or the State Laws broken, this Title Company is guilty of co-mingling fee`s which is a federal offense.

We called the Broker, and immediately asked if she filed a lien on her "So Called" friends Title Company, the answer was No!

Needless to say, mixing friendship with business doesn`t work too well. Selecting an established company is always in the best interest of your clients well being and yours!

Scott Daniels
Florida list for less realty, inc.
954-275-0200.
http://www.floridalistforlessrealty.com

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