Funny Business at the Title Company
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  1. #1
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    Funny Business at the Title Company

    So, PH's father closed on his house last week, got the check last Tuesday and deposited it. Yesterday his banker calls and said the Title Company cancelled the check.

    WOW.

    Called my father, broker for 40 years, and he's never heard of that. PH's step father hasn't ever heard of that, let alone PH's father's banker.

    Banker is going to look into it today.

    I think we have a good guy investigating it. Not only is he a personal friend he's also:

    VP of the Bank
    Lawyer and
    Municipal Judge

    "Always carry a knife with you. Just in Case there's cheesecake or you need to stab someone in the throat."
    "Do you know what the chain of command is here? It's the chain I go get and beat you with to show you who's in command."
    Friends don't let friends buy Keltecs...
    Molon Labe
    I live in a purple house, you got a problem with that?
    "Laws that forbid the carrying of arms...disarm only those who are neither inclined nor determined to commit crimes."

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    Every time I've closed, a cashier's or certified check was required. Title usually doesn't transfer for a month or so.

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    Holy crap! They can't do that... I'd file a complaint with the Texas Department of Insurance. Even if you work it out.
    Definition of clip

    1: any of various devices that grip, clasp, or hook
    2: a device to hold cartridges for charging the magazines of some rifles; also : a magazine from which ammunition is fed into the chamber of a firearm.

    http://www.merriam-webster.com/dictionary/clip

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    Did the Title Company give a reason for canceling the check? Did they find something wrong with the title at the last minute?
    Battle of Wanat: 10 years ago last 13 July, 1LT Brostram was killed in combat killing the last enemy combatant in the outpost. The LT went to the point of decision and made the difference that turned the tide of the battle. The original investigation found the Bde Cmdr, the Bn Cmdr and the Co Cmdr at fault for dereliction of duty. If you want to see what a sarcastic silver star citation reads like, pull up the company commander's silver star.

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    Looking into it today but the contract was executed and signed by all interested parties last week. Any mistake is directly on them at this point.

    Quote Originally Posted by GreenWolf70 View Post
    Did the Title Company give a reason for canceling the check? Did they find something wrong with the title at the last minute?
    glenwolde and bmbroker like this.

    "Always carry a knife with you. Just in Case there's cheesecake or you need to stab someone in the throat."
    "Do you know what the chain of command is here? It's the chain I go get and beat you with to show you who's in command."
    Friends don't let friends buy Keltecs...
    Molon Labe
    I live in a purple house, you got a problem with that?
    "Laws that forbid the carrying of arms...disarm only those who are neither inclined nor determined to commit crimes."

  7. #6
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    The only reason I could think of a Title Company doing something like this is to save their reputation. Could be something surfaced that made them doubt the validity of the title. Still, you think they would call before taking action. Or maybe they found an employee who took money to make the title look valid. But they get paid to make sure the title is good, a title company that doesn't do that doesn't last long.
    Texheim and TexasAviator like this.
    Battle of Wanat: 10 years ago last 13 July, 1LT Brostram was killed in combat killing the last enemy combatant in the outpost. The LT went to the point of decision and made the difference that turned the tide of the battle. The original investigation found the Bde Cmdr, the Bn Cmdr and the Co Cmdr at fault for dereliction of duty. If you want to see what a sarcastic silver star citation reads like, pull up the company commander's silver star.

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    Quote Originally Posted by Texheim View Post
    Looking into it today but the contract was executed and signed by all interested parties last week. Any mistake is directly on them at this point.
    Exactly...it's a done deal. There ain't no "do-overs". Anybody has a problem get a lawyer. You can't just cancel checks. Maybe there's something in the contract somewhere that allows for some kind of contingency. But I've never heard of anything like this. The buyer has to show up with certified funds.
    Texheim likes this.
    Definition of clip

    1: any of various devices that grip, clasp, or hook
    2: a device to hold cartridges for charging the magazines of some rifles; also : a magazine from which ammunition is fed into the chamber of a firearm.

    http://www.merriam-webster.com/dictionary/clip

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    I suspect the lender for the buyer backed out on the funding for some reason. However, this is something I've never heard of after this amount of time.... a title co not honoring an issued check.
    Jake3501 likes this.

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    ...they prob'ly found out Tex had been in the house and it kilt the deal.
    Ammo will get you through times of no money, better than money will get you through times of no ammo.



    I miss my 286.

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    Welfare...funding the illegal drug trade since 1935.

  11. #10
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    I was in Real Estate for 3 years and have had only 1 deal fall apart at closing.

    It was a divorce with the wife's parents owning about 200 yards of the long driveway. They were supposed to have singed a quit claim Deed on that portion of the property. But they never signed it because they were trying to screw with their daughters husband.

    They had singed a promissory note when the house was sold. So with the threat of a large lawsuit they signed it by the end of the day.
    The deal closed by the next day.

    Divorces are the worst deals to go through.

    I have never known of a Title Company canceling a check after closing.

    Sent from my SM-G930P using Tapatalk
    When I moved to the south I just didn't bring my things . By the grace of GOD he brought my soul!!"No free man shall ever be debarred the use of arms." -- Thomas Jefferson
    "The strongest reason for the people to retain the right to keep and bear arms is, as a last resort, to protect themselves against tyranny in government."
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