Con artists target millions of people every year. When they succeed, they can seriously affect the lives of victims and their families. [ Download this PDF ], published by the U.S. Postal Inspection Service to help protect against mail fraud.
An official looking document is sometimes mailed when property is refinanced or transferred. It is a solicitation to obtain a copy of your grant deed or other record of title, and it requires a hefty fee. Ignore this solicitation. It is a SCAM.
Certified copies of property deeds are available at the county clerk’s office. The county clerk’s office may charge a small fee for certified copies of such deeds, usually between two and four dollars a page. Since most property deeds are between two and five pages in length, a certified copy can usually be obtained for between four and twenty dollars.
This is an example of the SCAM document:
Starting October 1, 2013 in the Columbus area, this new program allows agents to pick the Title company instead of using the HUD selected title company. This falls under the new BSC a program which stands for buyers select closing agent. In the past, HUD required their own title, escrow and closing agent company to handle the finality’s on a real estate transaction but now buyers and their agents can choose. Currently, this program is in several counties and states and was just implemented on October 1, 2013 for the Columbus area. It will continue to be implemented across the country and different regions in the future.
– See more at: http://activerain.com/blogsview/4208415/hud-s-new-program-allows-agents-to-choose-title-company-columbus-oh#sthash.mUa7w9fM.dpuf
Posted in Articles
There’s a lot of confusion over who selects the title company. This article by Lorie Garland, OAR Assistant Vice President of Legal Services, helps to explain.
Who picks the title company? The seller, buyer, listing agent or selling agent? Who picks the closing agent? Are there any laws addressing these issues?
Federal law addresses the issue of title insurance. Section 9 of the Real Estate Settlement Procedures Act (“RESPA”) prohibits a seller from requiring a buyer to purchase title insurance from any particular title company. The first thing to note is that this prohibition only applies if the buyer is paying for title insurance. If the seller agrees to pay for the title insurance (owner and lender’s policy), this provision would not apply. However, if the buyer is paying for title insurance (lender and/or owner’s policy), the seller cannot require the buyer to purchase the insurance from a particular title company.
Under some purchase contracts, the seller provides and pays for the owner’s policy but the buyer pays for the lender’s policy. In this situation, because the buyer is paying for the lender’s policy, under RESPA, the seller is prohibited from requiring the buyer to purchase that lender’s policy from a particular title company. Although, to reduce costs, the buyer may choose to purchase the lender’s policy from the same company from which the seller is purchasing the owner’s policy. However, there is no requirement that the lender’s policy and owner’s policy be purchased from the same title company, although, economic considerations usually make that cost effective.
Another item to note is that Section 9 of RESPA deals with the purchase of title insurance, not where the transaction will be closed. So even if the buyer is paying for title insurance and RESPA prohibits the seller from requiring the buyer to purchase the insurance from a particular company, the seller could require a particular closing agent. (It should be noted that RESPA prohibits the required use of an affiliated settlement service provider. Therefore, if the seller is a lender, it could not require, in the purchase contract, that a closing agent in which the lender has an ownership interest be used to close the transaction.)
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American Patriot Title
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Elyria, Ohio 44035