Conflict of Interest? Dual Professions? Attorney & Title Co. Board Executive/Employee...?

Asked by Condonightmare, Forest Park, IL Wed May 20, 2009

Is it a conflict of interest if a Seller's closing attorney also has a financial interest in the Title Company used at closing?

I bought a condo in 2007, and I just found out that the Title company used employs the Seller's closing attorney. I am sure this was disclosed to the seller (as he was her client) but it was not disclosed to me (the buyer), and I don't know if it is a conflict of interest that affects me.

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Marion Digre’s answer
Marion Digre, Agent, Oak Park, IL
Wed May 20, 2009
I can't see how it could have had any negative effect on you as a buyer or even if you had been the seller for that matter. Almost all real estate attorneys I know have title company affiliations. However, there should have been a disclosure in the package you signed when you closed. If I recall correctly, it would have been called something like the Controlled Business Arrangement or something like that. If you have any concerns, you should probably speak to the attorney that represented you at closing. I'm pretty sure they would have known of the seller's attorney title company affiliation.
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