[WSBARP] Can Realtor Have "In House" Title/Escrow Company?
Kary Krismer
Krismer at comcast.net
Tue Oct 22 06:46:24 PDT 2019
I think what you may be remembering is that the Insurance Commissioner
cracked down on title companies giving things to real estate agents.
Not sure it was a change in the law as much a change of enforcement
effort. This upset me greatly because all I ever got from a title
company was a mere hotdog. Little did I know they were giving things of
value away!
I would say that change occurred about 10 years ago. It got to the
point where title companies started charging for cancellation fees on
title policies, practically unheard of before, and $3.50 for an address
list of people living in a certain neighborhood.
Somewhat on this topic though, I do remember one office I was associated
with about that same time decided to obtain an in-house affiliated
lender. I remember they were required to have a separate door, and
maybe a separate address, but I don't know the basis for those
requirements or if they were even based on actual law or fiction.
Kary L. Krismer
John L. Scott, Inc.
206 723-2148
On 10/21/2019 9:39 AM, MK Henderson wrote:
> I remembered the law changed probably many years ago. It was customary
> for real estate offices to "refer" clients to an escrow company and
> receive a kick back but then the law required notice of the process.
> I found the statute by a google search. Also, there was a CLE years
> ago about lawyer's acting as real estate agents and escrow agents and
> the need to keep the two separate even though you could do both. It
> seems like disclosure is the key.
>
> On Mon, Oct 21, 2019 at 9:30 AM Kim Sandher
> <KSandher at pivotallawgroup.com <mailto:KSandher at pivotallawgroup.com>>
> wrote:
>
> Thank you! I found that RESPA section 1024.15 requires disclosure
> for an affiliated business arrangement, but can’t find anything
> specific to disclosing in Washington authority. Can I assume
> that’s where you got the disclosure requirement?
>
>
>
> *Kim Sandher*
> Attorney at Law
>
> cid:image001.jpg at 01D33B6F.7E8D8990
>
>
>
> IBM Building
> 1200 5^th Avenue, Suite 1217
> Seattle, Washington 98101
> Telephone 206.340.2008
>
> Direct 206.805.1490
> Facsimile 206.340.1962
> www.PivotalLawGroup.com <http://www.pivotallawgroup.com/>
>
> *From:*wsbarp-bounces at lists.wsbarppt.com
> <mailto:wsbarp-bounces at lists.wsbarppt.com>
> [mailto:wsbarp-bounces at lists.wsbarppt.com
> <mailto:wsbarp-bounces at lists.wsbarppt.com>] *On Behalf Of *MK
> Henderson
> *Sent:* Saturday, October 19, 2019 6:47 AM
> *To:* WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com
> <mailto:wsbarp at lists.wsbarppt.com>>
> *Subject:* Re: [WSBARP] Can Realtor Have "In House" Title/Escrow
> Company?
>
> Look at RCW 18.44.305. The agent must disclose the relationship
> and party may chose to close with another company. If they are
> being required to use in house title/escrow that is wrong.
>
> On Friday, October 18, 2019, Kim Sandher
> <KSandher at pivotallawgroup.com
> <mailto:KSandher at pivotallawgroup.com>> wrote:
>
> Hi All,
>
> Would anyone be able to point me to any legal authority that
> says whether a realtor can or cannot own an “in house”
> title/escrow company?
>
> Thank you in advance!
>
> Kim
>
>
>
> *Kim Sandher*
> Attorney at Law
>
> cid:image001.jpg at 01D33B6F.7E8D8990
>
>
>
> IBM Building
> 1200 5^th Avenue, Suite 1217
> Seattle, Washington 98101
> Telephone 206.340.2008
>
> Direct 206.805.1490
> Facsimile 206.340.1962
> www.PivotalLawGroup.com <http://www.pivotallawgroup.com/>
>
>
>
> --
>
> Mary K. Henderson
>
> Henderson Law Office PLLC
> 1123 Maple Ave SW, Suite 225
>
> Renton, WA 98057
>
> 206-650-2472
>
> ***Disclaimer: Please note that RPPT listserv participation is not
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>
>
> --
> Mary K. Henderson
> Henderson Law Office PLLC
> 1123 Maple Ave SW, Suite 225
> Renton, WA 98057
> 206-650-2472
>
> ***Disclaimer: Please note that RPPT listserv participation is not restricted to practicing attorneys and may include non-practicing attorneys, law students, professionals working in related fields, and others.***
>
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