Orlando Title Companies cover their butts for problems
Last week at a closing, the title company slipped in a paragraph buried in with other pertinent closing docs that stated: "IF THE BUYER CHOOSES TO SUE THE TITLE COMPANY, THEY WILL BE RESPONSIBLE FOR TITLE COMPANY'S ATTORNEY FEES".
Of course I made the title company delete that paragraph...it had nothing to do with the closing.
In the last few years 35% of title companies across Florida have had their business license revoked or suspended by the state, some for something as simple as not having bond insurance and other for blatant fraudulent activity. Many Orlando title companies have closed their doors due to business drying up or for not being in compliant with state laws.
The rest of the title companies in Orlando are mediocre at best. Studies have shown that 70% of title work is flawed and now title companies in Orlando are all jumping on the bandwagon to not be accountable...or at least scare the buyer into not suing over their shoddy title work.
Read the closing documents...
Almost all Orlando Title companies try to have a "hold harmless" or "compliance agreement" that they have the buyer sign which releases them of any screw-ups whether accidental or intentional. They slip this in at the closing table, when the buyer is unaware. DON"T SIGN IT...it has NOTHING to do with your closing...is just allows an incompetent title company to get by with not being accountable. Don't help Orlando Title Companies cover their butts for problems that they themselves created!
Copyright @ Buyers Broker of Florida 2012 "Orlando Title Companies cover their butts for problems"