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Escrow - How can seller be sure it's legit?

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  • Escrow - How can seller be sure it's legit?

    I have an offer on my TS. The buyer has chosen their broker. I don't know who it is yet. How can I be sure that I'm sending the paperwork, etc. to a legitimate company and that I will actually get my payment?

    Sue

  • #2
    Check to see if they have been around a while goggle them and see if they are registered with BBB if not happy go with some one you like.

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    • #3
      Use the oldest and most reliable

      First American Title Vacation Ownership and Chicago Title and the most reliable. First American requires Title Insurance so they are not available in every state. Both companies are well known and trustworthy.

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      • #4
        Thanks for your suggestions.

        The buyer has chosen his/her closing agent. I will want to verify that they are legit. I will reject anyone who doesn't appear to be, but I'm not currently in the driver's seat on the selection.

        Sue

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        • #5
          Check with the county recorders office to see if your timeshare was recorded.
          Check with the state DRE to see if they are licensed or have complaints filed against them.
          Check with the local BBB to find out if what their rating is and if they are members.
          Check to be sure that there is a licensed real estate broker running all real estate transactions.
          Be sure that the agent handling your transaction is a licensed real estate agent.
          If you can't get a positive answer to any of these inquires. DO NOT DO BUSINESS WITH THEM. Unless they are licensed with the DRE then there is no real oversight over them.

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          • #6
            Originally posted by khun hunter
            Check with the county recorders office to see if your timeshare was recorded.
            Check with the state DRE to see if they are licensed or have complaints filed against them.
            Check with the local BBB to find out if what their rating is and if they are members.
            Check to be sure that there is a licensed real estate broker running all real estate transactions.
            Be sure that the agent handling your transaction is a licensed real estate agent.
            If you can't get a positive answer to any of these inquires. DO NOT DO BUSINESS WITH THEM. Unless they are licensed with the DRE then there is no real oversight over them.

            Not always true. DRE regulates Real Estate agents, not closing/escrow companies. In many states, either the Department of Insurance if they are licensed to sell title insurance or the Department of Banking and Finance if it is a state that requires escrow companies to be licensed.

            If the real estate agent is holding the escrow, then DRE is right, but most closing companies woould not be real estate agents.

            Dave

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