Is there any way to get the title company to close a cash transaction?

Asked by Cherry, Akron, OH Mon Nov 19, 2012

I was told 3 weeks ago by the title company that all he needed was 1 signature from the lawyer and 1 paper filed and we would close that week. He does not return calls to myself or the realtor and do not know what is going on.

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7
John Juarez, Agent, Fremont, CA
Wed Nov 21, 2012
We are obviously not getting the whole story. What is the real problem? I find it hard to believe that a title officer is not returning phone calls and is jeopardizing your transaction and their company’s fee without good reason.

I also doubt that the title company is a one-person-operation. Talk to a supervisor if you believe the person that you have been dealing with is not cooperating with you.
1 vote
Myra Ephross, Agent, Houston, TX
Mon Nov 19, 2012
I do not know what the laws are for title companies in Ohio, but something is amiss.If you can not get the assigned closer to return a call, you should speak to a superior or the owner of the company. Idf that is of no help, I would contact the state office that deals with Title insurance and explain your problem. Title companies in Texas are highly regulated, and I would think for consumer protection that would be the case in Ohio. Title companies DO close cash transastions with a great deal more speed and ease usually. The job of the title insurance is to insure that there is clear title to a piece of property before it is sold, that it is legally owned by the seller named on the contract and to insure that there are no issues with surveys,lawsuits, taxes, previous leins etc. How a sale is funded, as long as it is honest and acceptable to the seller, is not of their concern.
1 vote
Bruce Lynn, Agent, Coppell, TX
Mon Nov 19, 2012
Call them.
No reason not to close cash.
Well that being said the cash needs to be in a bank and either wired or cashier check to the title company. Not actually cash cash.
Now also you do want them to be able to issue title insurance and make sure there are no liens and that the seller who has signed your contract actually owns the property and transfers clear title to you. That normally does not take but 1-2-3 days, but it can take longer, especially if there are problems. For example if the seller is a widower and there was never a will and never probated, then it can take a while to clean up.

All this should be able to be resolved with a simple call to the title company. If they are not responding to you, then amend the contract and take it to a different title company.
1 vote
Gary Geer, Agent, Antioch, IL
Wed Nov 21, 2012
Cherry,
Title companies close cash deals all the time. Not sure what the issue is here. Contact your real estate attorney or hire one if you don't have one to help you with your situation.


All the best,


Gary Geer

http://www.ggeer.illinoisproperty.com
0 votes
Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Mon Nov 19, 2012
Switch title companies, ask for a refund of any POC funds.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
Web Reference:  http://jamessimms.com/
0 votes
Rene Castillo, Agent, Houston, TX
Mon Nov 19, 2012
Since calling has not worked, I would drive down there and speak to someone in person. It will be worth the drive.
0 votes
Penny & James…, Agent, League City, TX
Mon Nov 19, 2012
I would contact the closer's superior to find out what is going on. Although the transaction is all cash, you will still have to sign some documents, especially the deed, which transfers ownership. I find it hard to believe that only two documents are necessary to close. Keep going to the top of the food chain at the title company until you get someone to talk to you.
0 votes
They said that they had all the necessary papers except for this last one and unfortunately , it is a small agency ( that I did not choose) and the person handling the transaction is the owner :-( I suppose I can file a complaint with the BBB when this is over but it does not help me now. But thank you for the advice :-)
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