Showing posts from December 23, 2007

Bill Limits Title Insurance Sales

A bill that requires licensure of individual title insurance agents and bars licensed insurance agents from selling title insurance was approved by the House Wednesday.
A floor substitute for House Bill 3176, by Rep. Richard Phillips, R-Warr Acres, also prohibits abstractors and attorneys from acting as a title insurance agent unless licensed to do so. Phillips said insurance commissioner John Crawford interprets current law as providing that only abstractors can sell title insurance, an interpretation that affects about 29 individuals who could offer title insurance under a previous commissioner's interpretation. Currently, Phillips said, real estate closing firms sometimes employ attorneys to countersign title policies, a practice he said frowned upon by Crawford and abstractors. Under the bill, title insurance agents would have to be state residents, obtain a surety bond of not to exceed $50,000, file an annual financial statement with the state insurance commissioner and discl…

Consider Title Insurance For Yourself

In terms of real estate, a title is the piece of paper that proves your house is really your house. It is your deed. That piece of paper is so important that before you get it the lender will insist on a title search. And just in case that search misses something, your lender will also insist that you buy title insurance to protect his or her investment. Even though it is not required, you should also consider purchasing title insurance to protect yourself. A title search is a records search to see who actually owns the house. Does the seller have a clear title to it? If two people own a home, for example, both must agree to sell it. If one tries to sell it while the other does not want it sold, the whole matter could end up in court.A side note: If you bought the house with someone else whose name is still on the deed, such as an ex-spouse, that person has a say in whether or not the house can be sold. Make sure the house is completely in your name or that the other deed holder ag…