Title Company- Errors and Omissions Insurance
I had a purchase deal fall through when the sellers walked away the day of closing because the funds were not available. I had arranged everything with the title Company doing the closing however they did not follow the process (that they acknowledge in writing) to get the funds from the 1031 intermediary. As a result they are submitting an insurance claim through their Errors and Omissions insurance. They informed me that the insurance company has retained legal council for this and would be in touch. As I have never been through this process before, do I need to retain legal council as well? or is this more like a car/home insurance claim where I list all the expenses/Tax exposure and they reimburse for each of those?