Title Search Attorney
The enforcement standards HUD applies to determine whether certain practices involving title insurance companies and title insurance agents comply with the Real Estate Settlement Procedures Act (RESPA). Although this Statement specifically addresses issues and practices that HUD reviewed in the State of Florida, its general principles may apply by analogy to other geographic and settlement service areas.
Need the assistance of a qualified Title Search Attorney? Contact us now for immediate help from our Title Search Attorney!
Title Insurance Terms:
- Title Insurance Agent
- Core title services
- Pro forma commitment
- Title evidence
Section 8(c)(1)(B) involving payments of a fee by a title company to its duly appointed agent for services actually performed in the issuance of a policy of title insurance; and Section 8(c)(2) involving the ``payment to any person of a bona fide salary or compensation or other payment for goods or facilities actually furnished or for services actually performed.'' HUD is publishing this Statement to inform the public of its interpretation of the law.
Core Title Services mean the following in Florida:
1.) The examination and evaluation, based on relevant law and title insurance underwriting principles and guidelines, of the title evidence (as defined below) to determine the insurability of the title being examined, and what items to include and/or exclude in any title commitment and policy to be issued.
2.) The preparation and issuance of the title commitment, or other document, that discloses the status of the title as it is proposed to be insured, identifies the conditions that must be met before the policy will be issued, and obligates the insurer to issue a policy of title insurance if such conditions are met.
3.) The clearance of underwriting objections and the taking of those steps that are needed to satisfy any conditions to the issuance of the policies.
4.) The preparation and issuance of the policy or policies of title insurance.
5.) The handling of the closing or settlement, when it is customary for title insurance agents to provide such services and when the agent's compensation for such services is customarily part of the payment or retention from the insurer.
Title evidence is a written or computer generated document that identifies and either describes or compiles those documents, records, judgments, liens, and other information from the public records relevant to the history and current condition of the title to be insured. Title evidence does not, however, include a pro forma commitment.
Need the assistance of a qualified Title Search Attorney? Contact us now for immediate help from our Title Search Attorney!
A pro forma commitment is a document that contains determinations or conclusions that are the product of legal or underwriting judgment regarding the operation or effect of the various documents or instruments or how they affect the
title, or what matters constitute defects in title, or how the defects can be removed, or instructions concerning what items to include and/or to exclude in any title commitment or policy to be issued on behalf of the underwriter.
