Buyer may choose titlte company in Fannie Mae transactions
I get this question all the time. Can the buyer choose the title company when purchasing a Fannie Mae property? The answer is yes.
The Fannie Mae addendum states “The closing shall be held at a place designated and approved by the Purchaser. The Purchaser has the right to make an independent selection of their own attorney, settlement company, escrow company, title company and/or title insurance company in connection with the closing. “
This can be found on Fannie Mae’s Addendum on Page 1, Paragraph 2, Section B.
If the buyer choose to use their own title company there will be two title companies involved. Fannie Mae’s title company has to approve the hud and deed since they hold power of attorney. The two title companies must work together closely.
