Yvonne T. Griffin
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The information in this blog is based only on Virginia law and is not meant to apply in any other state. If you have questions regarding the laws in another state, please contact an attorney who is licensed to practice in that state. This information is also very general in nature. Every case is unique. Please consult with a Virgina attorney for the specfic details of your case.
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Tip 7-2012: REO(FREE Owners Title Insurance Is Never Free)
Prior Tucker Tips havecautioned against the attempt by REO Sellers (“Real Estate Owned” bythe banks or Fannie Mae or Freddie Mac) to direct the Purchaser to use theirREO’s attorney or settlement company. These practices usually include aprovision in the “REO Addendum” providing the Purchaser with a freeowner’s title insurance policy if they use the REO Seller’s settlementagent.
NEVER FALL FOR THISATTEMPT TO DIRECT THE PURCHASER’S CLOSING TO THE BANK’S SETTLEMENT AGENT.
Here’s why this is a BadPractice:
1. In order to receivethe Free Title Insurance, the Purchaser must allow the REO Settlement Agent orAttorney to represent both sides. This non-local law firm or settlementagency gets all of their business from the Bank, Fannie or Freddie. Theywant to represent the Purchaser so allegedly things will go smoother for theirmain client – the REO Seller. If there is a conflict with theclosing – Do you really believe they will favor their new client (thePurchaser) over their larger regular client (the REO Seller)? Whose realinterest are they looking out for?
2. This settlement agencyor law firm which normally represents the Seller is never local. They maybe from a nearby state like Maryland or from Virginia areas like VirginiaBeach. All communications with them and the Purchaser, the Lender and theRealtor has to be through long distance, fax or email. The only time theyappear locally is when they send someone (usually a notary) to the area toperform the signing of the closing documents. Is this a reasonable way toobtain a smooth closing? Do you really want the Purchaser to close with anotary at McDonalds?
Next weeks Tucker’s Tip willdiscuss the real economic costs of the closing and the “Free Owners TitleInsurance.”
Contact me at 434-951-0858 or Tucker@TGBLaw.comif you have questions.
Something Extra: Middle-agedracking up student debt faster than any other age group.
WilliamD. Tucker, III
TuckerGriffin Barnes P.C.
Charlottesville434-973-7474 | Lake Monticello 434-589-3636
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