Consumer Fraud How To Tell If Payment By Check For Property Purchase Is Legitimate

[macgregormacgregor]

Jurisdiction

Louisiana

I'm selling a property , and have run across many unscrupulous potential buyers. When I do sell the property how can I be sure their check is good? I'm assuming they'll be using a title company to give out the check. How can I be sure about the title company? I've come across an article or two about shady title companies.

 

[adjusterjack]

You can pick your own title company. Title companies require cashier's checks before they process the deed.

Out of 30 at this link I recognize a couple as being national.

Best 30 Title And Escrow Companies in Monroe, LA with Reviews - YP.com

You can read reviews online at google, yelp, YP, and others.

Pick a good one and contact them when you put your property up for sale. Find out the fees and the process and who your contact will be so you can put that title company in your contract when you get a buyer.

If a buyer insists on picking the title company you can check them out the same way before you sign the contract.

 

[zddoodah]

When I do sell the property how can I be sure their check is good?

For starters, don't accept a personal check and use an escrow company.

I'm assuming they'll be using a title company to give out the check.

Why would you assume that? I have never heard of a real estate transaction in which the buyer "us[ed] a title company to give out the check." What does that even mean?

How can I be sure about the title company?

Do your research.

 

[Zigner]

Why would you assume that? I have never heard of a real estate transaction in which the buyer "us[ed] a title company to give out the check." What does that even mean?

Change "title company" to "escrow company", and the meaning becomes clear. Of course, that's assuming that the OP meant "escrow company"...

 

[macgregormacgregor]

Sounds like excellent advice. Thanks.

Change "title company" to "escrow company", and the meaning becomes clear. Of course, that's assuming that the OP meant "escrow company"...

What I remember from 2 1/2 years ago was that the payment was given to me by a company calling itself a title company. They subtracted out of the amount for me to receive the taxes owed for the last year I was responsible to make payment for. I think a couple of other fees were subtracted such as their fee and an attorney fee. I'm fairly sure the check was from them and not the buyer. I think I would have been concerned if it had been. By then they had postponed a couple of times the act of sale with such things as one of them supposedly took a vacation to Switzerland for a few weeks right before the act of sale was scheduled, and it had to be rescheduled. That was the 2nd time it was rescheduled. 3 months altogether for act of sale to go through. Meanwhile, I ran out of funds which the buyer partners knew I would but chose to take the vacation then anyway. I found out both of them didn't need to be at the act of sale.. I don't think the vacation was real. It was a lousy thing for them to do. I couldn't afford at all to take 2 sick cats to get treatment. (I had called every vet in town explained my situation and they turned me down -- no real sympathy for pets here unlike some cities and they passed away. Tried treating them myself. They didn't seem real sick, but they passed anyway). Oh, yes I think I'd remember everything connected to that situation. I was almost suicidal after that. The check was from the title company.

 

[adjusterjack]

Change "title company" to "escrow company",

The terms are often used interchangeably by realtors and the general public. Title companies perform escrow services in addition to providing title searches and the title insurance policies.

 

[Zigner]

The check was from the title company.

It was likely a company that does both title and escrow services. The name was probably something along the lines of "XYZ Title & Escrow Company".