At SETCO Services, we believe nothing should hinder your real estate closing, especially fraud. Recent reports from the Florida Land Title Association have shown instances of real estate fraud using smart phones.
Many banks are allowing customers to deposit checks using smart phones. After these checks are deposited, there is no indication on the check that it’s been deposited, so there have been instances in other markets where customers have walked away from the closing table and deposited checks using their smart phone. Then, they immediately brought checks back to the title company and asked for a wire instead - leading them to being paid twice.
Rest assured, SETCO is a title company up-to-date with fraud schemes like this and has developed a specific policy to handle payment changes at the closing table. We take a proactive approach to protect our customers and their real estate purchase throughout Northwest Florida. If you have a customer who requests a late payment change, be sure you get all information regarding the reasons of the change.
From all of us at SETCO Services, we hope this helps you in your future closing transactions, and as always, we are always here for you!
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