Resale Co dictating title co

[macman123]

I’ve just got another PVB contract

I’ve got another contract from https://*******.com/

I was going to use https://www.dvcclosings.com/ as I like Cammy

The resale co said they are not on their approved vendors list

I am not sure the resale co can dictate who I use to close, bearing in mind I am paying closing costs

Does anyone else have a similar experience ?

 

[Sandisw]

I have not but from what people have posted the person paying the fee have the right to choose the company.

 

[CraigInPA]

They're likely steering business to that closing company because they get a commission there. As the person paying for the closing services, you have the right to request that the closing be done by a specific company. It would be a different matter if the resale company was paying for the closing, but they aren't.

I'd tell them that they should add your choice of closing company to their "approved list" so you can move on to closing.

 

[OKW Lover]

I'd tell them that they should add your choice of closing company to their "approved list" so you can move on to closing.

This!! And make it clear that you won't close otherwise.

 

[Genie+]

Tell them you’d be happy to allow whoever pays closing to choose lol.

 

[macman123]

They're likely steering business to that closing company because they get a commission there. As the person paying for the closing services, you have the right to request that the closing be done by a specific company. It would be a different matter if the resale company was paying for the closing, but they aren't.

I'd tell them that they should add your choice of closing company to their "approved list" so you can move on to closing.

Are they required by law to tell you if they get a commission ?

 

[Chili327]

I’ve just got another PVB contract

I’ve got another contract from https://*******.com/

I was going to use https://www.dvcclosings.com/ as I like Cammy

The resale co said they are not on their approved vendors list

I am not sure the resale co can dictate who I use to close, bearing in mind I am paying closing costs

Does anyone else have a similar experience ?

Tell them they can pick whoever they want if they’re paying closing. Otherwise you’ll be using your choice.

 

[NY Pirate Princess]

Don't give in. I did and it took title company 30 days to provide paperwork for signature after rofr. Plus attitude when I dared to call and ask why they were taking so long. The closing docs are boilerplate for goodness sake.

You have the right to choose.

 

[Jimmy Geppetto]

Not a good broker if that’s the story they are telling you. I’m sure I can guess who it is and I’m not surprised to be honest. I agree with what everyone has stated above. If you pay, you choose. End of story. But if it’s a good price another option to consider is to accept, have the contract signed and within the 10 days advise you want to choose DVC Title and Escrow or rescind. This forces the broker to advise the seller of the truth because if any seller knew a broker was pulling this BS they’d likely pull the listing. I know I would.

 

[Cfabar1]

many brokers act as though you don't have a choice...

Luckily those on the DISboards can steer you towards the truth! You do!!!

I'd make clear, if you care about this, that this is non negotiable. If I were a seller and learned this is what is holding up the contract, I'd go somewhere else.

And I agree, I had a poor experience with a major title company filled with delays, and it required me to say if the contract didn't close on time I would back out of the deal. They finally got it done "just in time"...

 

[CastAStone]

The title company are literally the people you are trusting to make sure the seller and broker aren’t ripping you off or scamming you.

Whoever told you that can go to (not very Christmas-y place)

I would NEVER choose a title company recommended or even suggested by the broker. Their very suggestion or recommendation is both a conflict of interest and an introduction of personal financial risk for you.

 

[MilesofSmiles]

Ugh I wish I had pushed back harder on the broker who told me this recently. The “approved” title company is not very professional in my opinion. They didn’t send the link to pay the deposit till I asked for it 2 days after contract was accepted, No confirmation of deposit received until I emailed them and they took 4 days to reply, and they took over a week to send to ROFR after I sent the deposit. I don’t think I’ll buy from this broker again or at least I will push HARD to close with a team I like.

My last closing with Jordan from https://www.masontitle.com was a breeze.

 

[macman123]

The deal was good. Poly Aug UY 100 points 0/100/100 for $160pp

 

[MilesofSmiles]

Let us know if you are successful in getting your choice of title company. I’m pretty sure your broker is the same as mine because I saw that Poly contract post.

Agreed that’s a great deal on poly. Mine was a pretty good one for a small contract. OKW (2042) - 50 pts, $75 per point 0/50/50 that I wanted as sleep around points for the next 16 ish years. Honestly, this one could ROFR and I’ll be fine with it but I never want to use this title company again.

 

[macman123]

Let us know if you are successful in getting your choice of title company. I’m pretty sure your broker is the same as mine because I saw that Poly contract post.

Agreed that’s a great deal on poly. Mine was a pretty good one for a small contract. OKW (2042) - 50 pts, $75 per point 0/50/50 that I wanted as sleep around points for the next 16 ish years. Honestly, this one could ROFR and I’ll be fine with it but I never want to use this title company again.

Sent you PM

 

[CraigInPA]

Are they required by law to tell you if they get a commission ?

That's up to the individual state laws regarding brokers. In virtually all states, they are required to disclose if they have more than a nominal ownership stake in the business to which they are directing you. But, if they're only getting a commission, many states permit that without requiring them to disclose it.

 

[macman123]

Ah in the UK regardless, if they are getting any % they are required to tell you exactly how much.....

 

[Sandisw]

Since the OP has gotten information and it’s evident this broker is in the boards filter, no more discussion allowed.