February 5, 2021 at 12:57 pm #74128TiaMember
I’m currently in the process of building a home with NACA & I have a scheduled close date of 2/26/21! I’m so excited.
I have one question that I’ve been unsuccessful in getting additional information on from my counselor. The title company I am using (through NACA) is Chicago Title. There is a representative from the title company contacting me via email asking me to pay $335 for Resale Certificate with a Statement of Account documents & the payment is being requested via PayPal which seems odd as all other payments (i.e., HOA dues + interest rate buy down amounts) are to be paid via wire transfer. From my own independent research, the documents the title company would like me to pay for are able to be located online for free. Additionally, I’ve been told new constructions typically don’t require these documents.
I’m so confused.
I contacted the builder and asked about the HOA documents and the representative I’ve been working with said they never ask for payments via Paypal but they also don’t use Chicago Title when buyers use their lender/title company so they’re unsure & to verify as this could be a potential scam.
I forwarded the email to the manager of my local NACA office and she said I’d pay at close…but mind you, the Chicago Title representative says I must pay BEFORE close for the documents or else I will not close on time as it takes up to 5 business days for the Paypal payment to process.
Has anyone else had to do this? Does this sound like a normal ask for those of us going through Chicago Title? I don’t have an issue with paying if this is something required but seeing PayPal payment instructions and seeing constant demands of payment before close is throwing me off.
Any information anyone has will be greatly appreciated!
-TiaFebruary 5, 2021 at 2:26 pm #74131NelsontMember
This is most likely a scam.
Naca members do not pay ANY closing fees. Everything the title company charges is included in the closing fees that bank of America pays on your behalf at the closing table.
EVERYTHING related to closing that is required to be paid by the member is not paid up front.
You said you received an email. Have you actually called and spoke with this person? I would call the receptionist and just pose the question.
Also check your state regulations. Closing fees might not be allowed by law to be anything other than a cashier’s check or ACH wire transfer.February 5, 2021 at 3:26 pm #74135TiaMember
Thank you so much for your response. You know, I did everything EXCEPT call the individual emailing me from the title company. I will call their main line and question the email. I’ll also check my state regulations.
Thanks again @Nelsont
-TiaApril 3, 2021 at 9:02 am #74876mariaavacadoParticipant
how exciting so did you end up paying fees for title who is your contact at Chicago title who is your lawyer please email id love to talk to you about your process I’m in Chicago and finding fees to. please please I would like to see if we are dealing with same people
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