If your purchasing a property from an owner who owns a title company is it a bad idea to have their title company hold your deposit in escrow?

Michele
Home Buyer
Cocoa, FL

Also is it advisable to have the closing, and purchase title insurance through their company?

Answers (4)
Al Raymondi
Broker
Ormond Beach, FL

Part of your offer should include having a real estate attorney or title company of YOUR CHOICE handle the closing.

Web Reference: http://www.ovrealty.com
Mon Oct 5 2009, 03:38
Lynn911.com Dal...
Agent
Dallas, TX

WOW I have never had this happen I would consider going to another title company if their is a conflict easy resolve from a neutral 3rd party.

GREAT QUESTION !

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Sun Oct 4 2009, 09:52
Nadine Mauro
Agent
Boca Raton, FL

Hi Michele,

I would say you should find yourself an independent title company or a Real Estate Attorney. You want some separate representation on this purchase, someone who will not have a relationship with the seller.

Nadine Mauro
The Herman Group Real Estate
561-414-0864
NadineMauroRE@yahoo.com

Sun Oct 4 2009, 09:48
Thomas Martin
Mortgage Broker
or Lender

Fort Lauderdale, FL
FIRST ANSWER

Yes ,it is a BAD idea to deposit Escrow in the owner of the Florida title company that your buying from. Basically your giving the owner a deposit check directly becasue he owns the title company. Write up a contact and write out the deposit check to a title company of your choice. So you have a neutrual 3rd party inbetween you and the seller. Also they will probably take advantage of you on the title closing cost. Personally I would never make a deposit into a sellers/ owners escrow account.

Sun Oct 4 2009, 05:44

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