Title Company Closes Doors in 47 States

What do you do when you're all set to close on a house and your selected title company goes belly up? That's what many homebuyers and real estate agents across the country are grappling with right now. Or at least there's a scramble to move their paperwork on to another company after one of the nation's largest title companies shuttered its doors on Friday.

"We are considered officially closed," said a woman answering the Titleserv National's main telephone line.

Based in Woodbury, NY, Titleserv operated across the country in 47 states as well as in select international markets, according to its website. Founded in 1986, it not only provided title insurance, but also appraisal and settlement services nationwide.

"Certainly this comes as a shock to the New York Title Insurance industry since TitleServ has long been a major force in the local and national title insurance business," Rafael Castellanos of Expert Title Insurance Agency told AOL Real Estate.