Birthright Title Services Reviews (%countItem)
Birthright Title & Escrow, LLC's breach of fiduciary duty as an escrow agent to act impartially to all parties represented in escrow.
Birthright Title & Escrow is the designated title & escrow agent for the Commercial Purchase and Sales Agreement dated *** 3, 2018 along with the Commercial Closing Date/Possession Date Amendment #1 dated June 14, 2018 between *** Holdings, LLC and *** Builder, LLC.
The agreement expired on June 30, 2018 and multiple requests to Birthright have been made regarding a decision on the earnest/trust money being held in escrow by Birthright.
For the last 33 days Birthright has refused to make a decision regarding the release of earnest/trust money being held in conjunction with the agreement or to interplead the matter into a court of competent jurisdiction per contractual obligations.
Furthermore, during the course of events relating to this matter, Birthright made comments that *** Builder, LLC was in their office often as they do a lot of business with them. These statements, along with their refusal to complete their fiduciary duties impartially to all parties represented in escrow, constitutes a conflict of interest and breach of fiduciary duty of an escrow agent.
Birthright Title & Escrow, LLC should immediately, without further delay, release the earnest/trust money or interplead the funds into a court of competent jurisdiction.
This was a case of a commercial sale contract that expired. The parties continued to negotiate and it was BTE's understanding that they were trying to come to terms on an additional earnest money deposit until shortly before Mr. company made clear that these negotiations were at an end. Ms. Birthright had ordered a refund check prior to the filing of this Complaint, and it is my understanding that Mr. has already received it.
The handling of earnest money is often a problematic thing for an escrow company, as it is difficult to please all parties if their dealings go sour, and we have returned to our former practice of requiring all earnest money deposits to be paid to a real estate agent or, where there is none, to the property seller.
(The consumer indicated he/she DID NOT accept the response from the business.)
We do not agree Birthrights response regarding both parties negotiating until shortly after the buyer made it clear the negotiations were at and end.
Parties did not continue to negotiate after the contract expired. The attached email shows Birthright Title was put on notice July 6, 2018 that all earnest money was due and the buyer did not wish to sign an extension amendment -along with several phone calls and followup emails to their office over the following month to the same. Birthright continued to stall their decision to release or inter-plead the funds into court until the release on August 6, 2018. Birthright refused to release the funds for 36day past the expiration of the commercial sales contract.
June 30 - Contract Expired with no extension.
July 6 - Birthright notified via email the buyer did not wish to sign an extension amendment and the earnest money was due to seller per the contract.
Jul 7-20 Subsequent calls to Birthrights office for updates.
July 20 - Legal notice was given to Birthright and the Seller demanding a release of the earnest money.
July 25 - Followup email to Birthright seeking release and and update.
August 2 - Final Legal Notice of Demand given to *** and the seller.
August 3 - Complaint filled with the Revdex.com
August 6 - Buyer was notified of the release of funds
August 7 - Funds were received
At this time we DO consider the matter resolved. NO further response is needed from Birthright Title and Escrow.