Who Picks The Title Company?
Who gets to pick the title company that will issue the owner policy of title insurance? It depends.
- If the seller pays for both the owner policy and the lender policy of title insurance, then the seller can pick the title company without violating the Real Estate Settlement Procedures Act (RESPA).
- However, if the buyer pays for the owner policy, the seller cannot condition the sale of the property on the buyer purchasing the owner policy from a particular title company. Rather, the buyer would get to pick the title company.
If a seller wants to avoid a possible violation of RESPA, the seller should not insist on a particular title company for the transaction unless the seller is paying for both the owner policy and the lender policy of title insurance.
☵ Request Title Online ☵ Meet The A-1 Team ☵ Our Services ☵ A-1 Title Promise & Reviews ☵
Request Your Free Home Closing Quote – Satisfaction Guaranteed
At your work, on your lunch hour, at your home, at our office, it doesn’t matter – we travel. Our closing agents work for you and with you to fit your schedule. We also offer in office closing throughout Florida. Add your request in the message area and we’ll reach you after submission. We’re committed to providing consistently reliable service in a timely and professional manner.