Friday, April 14, 2006

B.L. Title Services attacks lawyers

I got a letter at home recently from B.L. Title Services, 505 Crescent Blvd., Glen Ellyn, IL 60137 regarding profiteering lawyers in the title insurance industry and how to avoid them (See Below).

"Dear Home Seller:

The contract for your house sale requires that you gettitle insurance. This is usually ordered by your realestate lawyer and is your biggest expense after thereal estate broker fees.Why is it 54 expensive? Because most real estatelawyers get a "kickback" from the title -company theyuse. They pay their title company fees then the restof your money is the lawyer's profit. So, ask yourlawyer how much "his" title company will charge youand how much he pockets.Cut out the middle man and order your title insurance:from B.L. Title. Save that money that would otherwisego to your lawyer.We are underwritten by Stewart Title, the 3rd largesttitle insurance company in the country. As you can seefrom the long list of closing offices, there is sureto be a convenient location near you.For a limited time if you order your title from us, wewill issue you a check at your closing for $300. That$300 can be used for anything you like. You could useit to pay some of your closing fees, you could put itin your pocket, (or you could even pay your lawyerwith it!)Call us today toll free at 866-790-5900 so we can putsome money in. your pocket, not in your lawyer's.

Sincerly,

Michael Freedman
President"


Is B.L. Title Services reviewing titles without an attorney? Do they not charge some fee over and above what Stewart Title charges?? Is BL an agent for Stewart Title? Would it be appropriate to include in an offer to purchase that Stewart Title will not be acceptable to the purchaser? I would think a consumer would be better off with an attorney reviewing documents than a non-attorney or no review at all.

As someone who is a title agent the label of "kickback" is absurd. Not only does it violate RESPA, but my legal assistant spends a good hour or two per transaction getting the title commitment together and I'm involved review and title clearing too.

1 Comments:

At 3:40 PM, Anonymous Anonymous said...

I believe that Michael Todd Freedman, President of BL is disbarred.

See:
http://www.iardc.org/ldetail.asp?id=118394971

 

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