Mar 18, 2015

Tip 8-2015: For REO Purchases, Choose Your Own Settlement Attorney

Tucker's Tips especially recommends choosing your own (local) settlement attorney or settlement agency when purchasing from an REO seller.  Never choose the settlement agent selected by the bank as the seller.  That settlement agent's primary relationship is with the REO bank. 

Recently Tucker's Tips encountered a closing situation where the REO selling bank had prepared the new deed based on the deed description from three owners prior!  Needless to say, the "Being" clause and the deed were completely wrong.  In this case Settlement was not delayed because the closing paralegal on the purchaser's side spotted the discrepancy while reviewing the proposed deed and comparing it to the property description in the title work and binder.  (Had the purchaser selected the bank's settlement agent, this error would have gone undiscovered as the bank's settlement agent prepared the incorrect deed.)

Remember, the REO seller's offer of "free" title insurance is not really "free", as it requires using the REO's choice in settlement agency which can create a whole host of unnecessary problems.

Contact me at 434-951-0858 or Tucker@TGBLaw.com if you have questions.


William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville & Lake Monticello
434-973-7474
www.TGBLaw.com

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