Alliance Title shuts its doors

Alliance Title Co. has closed all its offices in California. The offices closed for good at 5 p.m. Thursday.

The move came without warning. The company had six offices in Placer County and three in Sacramento, according to its Web site.

The state's insurance regulator said Alliance's closing and escrow accounts were being handled by Financial Title Co. offices in many areas and also at First American Title Co.

Campbell-based Alliance Title was a fast-growing player during the real estate boom of the last decade, when it grew from five branches to nearly 200. At its peak it had more than 2,000 employees. The company started consolidating some offices in late October. For example, it closed its midtown Sacramento branch and consolidated operations at another office.

Title companies are facing tough times because of the real estate downturn. The number of home sales is declining and with it the number of deals that close. Title companies only get paid when an escrow closes, so when deals fall through, the title company doesn't get paid for the time it spent.

In addition, the sales market is getting swamped by banks selling foreclosed properties. Those sellers often don't use a local title company.

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source: bizjournals.com