What can be done when a title company holds $1,000,000 upon completion of home but then closes its doors prior to deal closing
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That is much too vague a question to answer. Why did it close its doors? Is it under bankruptcy protection? Who is currently in control of its assets and funds? You need to contact a lawyer in person and go over all the facts and details with them.
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I agree with Mr. McCormick.
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Title companies should hold client funds in trust accounts so the funds are protected against any misdeeds or financial failures of the company holding the funds. I must assume your vague reference to "close its doors" means the title company went out of business. If so, why? Did it merge with some other company? Did it go bankrupt? In either case, the funds on deposit with it shouldn't be unrecoverable. If you wish contact me privately with the name and address (or former address) of the title company, and I can give you some further advice, no charge.
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