Legal Question in Real Estate Law in Arizona
Financial liability for errors made by Title Company
In 6/05 I purchased some land in Navaho Cty. Made a down payment and the seller financed the balance through a Trust with a Title Co. In Sept. 05, I called for a payoff amount - payoff was made 9/27. I received a Release and Reconveyance from Title Co. and now hold Title. Today I received a demand for $13K from Title Co. Apparently they made an error in my favor and now want the difference and interest on that $ from 9/27 to present because the seller is short. Am I liable for that amount even though I now hold Title? Or is the Title Co. responsible for their error?
Thank You.
1 Answer from Attorneys
Re: Financial liability for errors made by Title Company
Tough question. Unilateral errors can be set aside by a court, but it is more difficult if someone has relied upon the information and taken other steps in reliance. I think the title company has a tough case since you relied on their figure, paid off a loan you might not have paid, now owe more due to thier fault.
You will likely need counsel to defend you or perhaps negotiate on your behalf after having all the facts. We offer free initial in-person consultations for cases at 480.835.1500. I would be willing to speak with you personally.
Good luck,
James D. Jenkins
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