Lawyers Title Of Nevada ripoff Las Vegas Nevada

The fee that Lawyer's Title charged is an industry standard and not only is it legitimate but it is required by law in many states. It is for recovering the cost of the property title search that they were required to produce anytime an escrow service is opened. Depending on the type of property, the title search could have taken many hours or many days to complete. Many people do not understand the amount of work it can take to produce the full search of public records.

It may not have seemed as though they didn't do any work, but when the order was placed with them and you sent your earnest money to them, they had to spend several hundred dollars to produce the required preliminary title report.

Someone has to pay for this fee, or the title company loses money. If they didn't charge a cancellation fee, title companies would lose a lot of money when you consider how many deals can fall through before closing.

One way to avoid having this problem is to ask your loan officer if there is any obligation to you if your loan is not approved. Many mortgage companies will pay the title cancellation fee if the loan does not close. Another way to avoid this problem is to have your earnest money held by your real estate agent, instead of the title company, then have the title company subtract that amount from the real estate agent's commission check when the funds are disbursed after closing. That way, you're at no risk of losing any of your money. The title company would have to invoice the real estate agency or mortgage company to recover their expenses.