Q: Is bank wire transfer to a title company normal practice in a real estate closing? this is for a land sale.
Also how can i verify if ANY real estate agent and closing agent company is legit? It says they are secure insight verified but how do i verify that.
A: Bank wire transfers are common for real estate closings, both commercial and residential, and in some cases are required over certain amounts. Title agencies that are affiliated with law firms and write title insurance policies for major title insurance companies have to meet certain standards. Ohio has Closing Protection Coverage that is available at modest cost to buyers and sellers that insures against improper actions by title agencies. Real estate agents are licensed by the state, and any complaints are kept on file and are publicly available.
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