Lately, we have been hearing from title agents that consumers are deciding not to purchase an owner’s policy because they have some sort of title monitoring service. And some real estate agents are similarly advising their clients to forego title insurance in view of this alternative product. I’ve even had a representative from one of the … Continue reading Title Monitoring
Do you own your title agency and are now in the early stages of exploring or thinking seriously about your exit strategy? As you can imagine, making the decision of when and how to exit your business can be one of the hardest and most emotional decisions you will have to make as a business … Continue reading Considerations in Selling Your Title Agency
(Part Two) In Part II of this article, 2021 changes to the title commitment, closing protection letters, Homeowner’s policy, extended coverage residential loan policies, short form loan policies, and endorsements will be discussed. Read Part I here. Specialty Loan Policies This group of policies had few substantive changes. Primarily, these policies were made consistent in … Continue reading What About Those 2021 ALTA Policy Forms? Part II
No one wants to be the reason a closing is delayed. Yet, issues with the power of attorney is one of the most prevalent closing hiccups and sources of delay. The purpose of this article is to provide a basic understanding of the power of attorney and give you some practice tips to help you … Continue reading USING POWER OF ATTORNEYS IN REAL ESTATE TRANSACTIONS: TIPS & PITFALLS
(Part One) After several years of review and editing, the American Land Title Association will roll out a new portfolio of owner’s and loan policies, a new title commitment, a new endorsement series (47 – Operative Law), and numerous technical amendments to existing endorsement forms to align them with the policies’ changes. This article will … Continue reading What About Those 2021 ALTA Policy Forms?
It has been a long day. After your calls to your title insurer’s underwriting counsel, your E&O carrier’s agent and your lawyer, you pulled together your file and retraced your steps. With 20/20 hindsight, it has become clear that you may have made a couple mistakes…… Your first question had been “Why us?” After all, … Continue reading Anatomy of A Claim – Part 2
E&O pricing can be a mystery, but there is a method to the madness. The base price comes from you, the insured, when you list your gross revenue on the E&O application. The more you make, the more your insurance costs. This is because the insurance companies view higher revenue as more work and higher … Continue reading Why Does Errors & Omission Insurance Cost So Much? And, Where Does The Pricing Come From?
[Queue the Dragnet theme The story you are about to read is true – only the names…and amounts…and addresses…and… you get the picture... have been changed to protect the insureds….] This is your lucky day. Just yesterday you questioned your decision to leave OCD Title, with its endless checklists and procedures (intake, title order, examination, … Continue reading Anatomy of A Claim