I am interested to hear from readers on this one. Are there specific procedures in your state? As far as I can tell, it's pretty haphazard or perhaps I should say each situation is unique?
The title underwriters will perform an audit to make certain they have accounted for all policy jackets and that the premiums for issued policies have been remitted.
If the title company is closing without a successor taking over, I'm not certain who takes custody of the remaining escrows. A responsible title agent would make arrangements for someone to take their files and accounts. It's sort of like a law office closing. Someone at least takes the records.
If a title company closes without warning, perhaps due to defalcation, the title underwriters and bond companies and perhaps the state would step in to resolve accounts and protect the public.
What do you think, readers. Do we have anyone who's been through this that might want to comment anonymously?
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