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Elisa Uribe

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REO Buyer Can Select Escrow and Title Effective October 11, 2009

It's not uncommon to meet a buyer who is looking for a bank owned property to purchase.  There are many layers to buying a home. One of them involves chosing a title company to work with. When you write an offer on a property, it's your choice which title company you want to use but lately, bank owned properties have been telling the buyer which title company they have to use. .

Effective October 11, 2009, the Buyer's Choice Act prohibits an REO lender selling residential property up to four units from directly or indirectly requiring the buyer to purchase escrow services or title insurance from any particular company.  A buyer, however, who has received written notice of the right to make an independent selection, may agree to the REO lender's escrow or title recommendations.  An REO lender that violates this law can be held liable for three times the charges the buyer incurred, whereas a violation by the seller's agent may be subject to license disciplinary action.  This law expires on January 1, 2015.  Assembly Bill 957.

Good news!

 

Published Friday, October 16, 2009 12:36 PM by Elisa Uribe

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