RealtySouth

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RealtySouth
IndustryReal estate
Founded1955; 70 years ago (1955)
HeadquartersBirmingham, Alabama, United States
Key people
Richard Grimes (President and CEO)[1]
BrandsRealtySouth, TitleSouth, Home Service Lending, RealtySouth Relocation Services, InsuranceSouth[citation needed]
ParentBerkshire Hathaway[2]
Websiterealtysouth.com

RealtySouth is an Alabama-based real estate company comprising over 1,000 sales associates in 27 locations across Alabama.[3]

History

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RealtySouth was formed in 1955 by the merger of Johnson-Rast & Hays, Brigham-Williams, First Real Estate, and Ray & Company.[citation needed]

In 2002, it was acquired by HomeServices of America, a holding of Berkshire Hathaway.[2]

In 2014, the company was ordered to pay a $500,000 fine for alleged violations of the Real Estate Settlement Procedures Act (RESPA), with the specific claim that RealtySouth improperly urged, and in some cases, required, customers to use RealtySouth's own title insurer, TitleSouth.[4] While not admitting any wrongdoing, RealtySouth agreed to a consent order requiring them to pay the $500,000 fine and to alter their customer paperwork to allow for a more clear choice of title insurers.[4]

References

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  1. ^ "Grimes named new RealtySouth CEO". Birmingham Business Journal. 7 January 2015.
  2. ^ a b Milazzo, Don (12 August 2002). "Warren Buffett affiliate buying RealtySouth". Birmingham Business Journal.
  3. ^ "RealtySouth joins ACRE Corporate Cabinet" (Press release). Alabama Center Real Estate (ACRE). 1 July 2016.
  4. ^ a b Tomberlin, Michael (3 June 2014). "RealtySouth ordered to pay $500,000 for improperly steering customers to its own title company". AL.com.
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