« C.A.R.’s 2010 Housing Market Forecast released | Home | NEW CALIFORNIA LAWS FOR 2009-10 AFFECTING REALTORS® »
Can REO Buyer Select Escrow and Title?
Posted: Administrator on Oct 16 | Headlines
Effective October 11, 2009, the Buyer’s Choice Act prohibits an REO lender selling residential property up to four units from directly or indirectly requiring the buyer to purchase escrow services or title insurance from any particular company. A buyer, however, who has received written notice of the right to make an independent selection, may agree to the REO lender’s escrow or title recommendations. An REO lender that violates this law can be held liable for three times the charges the buyer incurred, whereas a violation by the seller’s agent may be subject to license disciplinary action. This law expires on January 1, 2015. Assembly Bill 957. source: realtor.org
You must be logged in to post a comment.
No comments
Jump to comment form | comments rss | trackback uri