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There is a long list of title-related problems that can be costly or even lead to the loss of the property if a buyer is not covered with title insurance. As with most insurance, you hope never to need it.
Title insurance can protect you from concerns related to both your new house and the land on which it is built.
Similar to requirements under federal law, Section 35.5 of the final regulations requires "an affiliated person that directly or indirectly refers an applicant for title insurance to a title insurance agent or title insurance corporation" to, "at the time of making the referral," provide certain disclosures pursuant to New York Insurance Law Section 2113(d) "in a separate writing to the applicant" and obtain "written acknowledgement of receipt from the applicant." The disclosures include, but are not limited to:
is a title insurance company through its title insurance underwriters: Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York.
One of the reasons for the inequity, Vullo claims, is the millions of dollars that New York title insurance companies spend on schmoozing their clients for steering business to them, which she says is ultimately passed onto the property-buying consumer.
Garelli was a member of the Attorneys' Title Insurance Fund; ran a general practice specializing in real estate transactions and civil litigation; and served as executive vice president & general counsel for TDR Equities, Inc.
The ARIS title insurance policy excludes two general categories from coverage.
As part of New York State's budget process and title insurance industry reforms, Bill S6357D Part V / A8557-D Part V, which subjects title insurance agents to licensure and regulation by DFS, was passed by the New York State Legislature and signed into law on April 1, 2014.
During its September 21 meeting, the Professional Ethics Committee looked at that question stemming from a new state law requiring law firms to allow title insurance companies to audit trust accounts, which contain funds for real estate transactions.
Wright and her firm, The Title Agency Inc., allegedly used another title insurance agent's name and license number without approval when she issued a title insurance commitment last year, according to the order by Arkansas Insurance Commissioner Jay Bradford.
Santa Ana, California-based First American Title Insurance Co., through its Mortgage Services division, and Cincinnati-based eLynx, a portfolio company of American Capital, have integrated the eLynx electronic closing network (eCN) with First American Title Insurance Co.'s transaction system, known as FAST.
A law aiming to prevent improper quid pro quos for title insurance agents just got a new set of sharp teeth -- causing a furor in the already embattled industry.