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Old 11-08-2008, 07:18 AM
 
Location: Palm Coast, Fl
2,249 posts, read 8,872,019 times
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Here, Florida, the escrow can be held by any broker with an escrow account, title company or attorney and they do not have to be the same as the company or attorney closing the deal. I have a deal right now where the esrow is at one title company but another will actually be doing the closing. The one with the escrow will just transfer the funds over to the other at the appropriate time.
As for which title company is used for the actual title work and closing, that is up to the person paying for it. In my area, it is customary for the seller to pay for it. If the buyer wants to chose the company then they pay for it.
The home warranty company AND the coverage is again chosen by whoever pays for it, but it is a negotiable item...as in the seller says, well, I get this company with this policy and the buyer says no, I want this policy (plan) but you still pay for it.
The home inspector, same thing...who ever is paying for it and it is STRONGLY recommended the buyer choose and pay for their own.
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Old 11-08-2008, 08:03 AM
 
1,151 posts, read 2,984,689 times
Reputation: 252
Quote:
Originally Posted by palmcoasting View Post
Here, Florida, the escrow can be held by any broker with an escrow account, title company or attorney and they do not have to be the same as the company or attorney closing the deal. I have a deal right now where the esrow is at one title company but another will actually be doing the closing. The one with the escrow will just transfer the funds over to the other at the appropriate time.
As for which title company is used for the actual title work and closing, that is up to the person paying for it. In my area, it is customary for the seller to pay for it. If the buyer wants to chose the company then they pay for it.
The home warranty company AND the coverage is again chosen by whoever pays for it, but it is a negotiable item...as in the seller says, well, I get this company with this policy and the buyer says no, I want this policy (plan) but you still pay for it.
The home inspector, same thing...who ever is paying for it and it is STRONGLY recommended the buyer choose and pay for their own.
I would guess that most states are the same as FL from the standpoint that the earnest money can pretty much be held by anyone. In fact, I'm not aware of any rule, in Texas at least, prohibiting the seller from holding it. However, since you are already paying a premium to the title company, they will do it for free, while others who are not making any money off the deal will usually charge a small additional fee.

I hear what you are saying about the custom in FL that sellers pay for the policy and therefore usually get to choose the title company. But I'd love to hear a seller's (or agent's, for that matter) rationale for why the party who pays should get to choose. The party that benefits from the policy has a much more legitimate interest, IMO.
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Old 01-18-2010, 01:40 AM
 
1 posts, read 1,856 times
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I am on California and here is a summary of the situation at hand. the seller chose in the purchase contract who the escrow company is... come to find out 2 days before the close of escrow that the sellers agent owns the escrow company and failed to disclose this at anytime.

Now the lender does not want to close escrow with and escrow company that is dre licensed only and not doc licensed. this is holding up the close of the escrow.

the seller refuses to move to another escrow company, per the selling agent who owns the escrow company.

we need an escrow co that is doc and they, the sellers will not budge.

is this legal? and is it legal for the selling agent to not disclose his relationship with the escrow company?
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