August 17, 2012
BEWARE! A title company is to assist in conveying property. The company assumes a fiduciary duty to both the buyer and seller by establishing an escrow account. This general arrangement ensures an unbiased handling by a third party on behalf of the buyer and seller until all conditions of a contract are met, at which time the third party is to hand over the property to the buyer and funds to the seller. The title company assumes the responsibility of collecting all funds necessary for the transfer and the prompt and accurate disbursement of monies. This company did not insist that all funds be in the escrow account before closing on the property and conveying the property the buyer. The escrow account was not funded in full until 15 hours after the "on or before" contract date and 24 hours after closing. The keys had been delivered and the seller was left wondering if they were going to receive the proceeds. A very unpleasant experience with this company.