Re: Title Insurance

The more probable recovery would be through the broker's E&O (Errors & Omissions) insurance coverage. Even if the lady you were working with was only an agent, she should have been managed by a licensed broker. Further, you do not indicate the current status of the escrow or how much time has passed. It sounds like you need to run, not walk, to a real estate attorney's office! I would be concerned about being statutorily barred from recovery if you do not act promptly.

Re: Title Insurance

The more probable recovery would be through the broker's E&O (Errors & Omissions) insurance coverage. Even if the lady you were working with was only an agent, she should have been managed by a licensed broker. Further, you do not indicate the current status of the escrow or how much time has passed. It sounds like you need to run, not walk, to a real estate attorney's office! I would be concerned about being statutorily barred from recovery if you do not act promptly.

Re: Title Insurance

I agree with Ms. Cowin.

Additionally, the agent should be "assigned" to a broker. The broker is the one you would actually pursue to rectify the situation, and that broker would/should have errors and omissions insurance which would likely benefit you (that will make recovery easier if you are successful).

If the agent was not working for a broker and was working independently that agent will be in bigger problems (disciplinary action by the Department of Real Estate at least). It might be more difficult to recover from the agent if there are no assets or insurance but your case will likely be stronger if the agent is not attached to a broker (since he/she was breaking the rules to begin with).

Re: Title Insurance

You will have to take the matter to an attorney for an evaluation. Can't offer any guidance in this type of forum. Must take the time to review the documents and records.

Re: Title Insurance

I doubt very much that you have a case against the title insurance or the escrow firm. Title insurance doesn't cover errors made by your agent or broker in handling money, nor would the escrow company have any liability to you unless it, not the agent, were directly responsible for mishandling money remaining in escrow. (The latter is a remote possibility, I suppose; but you should be able to eliminate them as a source of errors by reviewing the file to see whether they acted on instructions or not).

You have a strong case against the agent and the employing broker (if any). They have contractual and fiduciary duties to you, and it looks as though these were breached in more than one way and there's probably fraud here too....a case could be made for punitive damages. If perchance you wion at trial but could not collect a judgment, the Dept. of Real Estate has a "victims of fraud fund" to which you could apply for restitution of up to $25,000 of the harm you proved in your suit.