Effective January 1st 2007 the state of Ohio passed a law that requires title companies to provide buyers with closing or settlement protection paperwork at the time of closing.
Senate Bill 185, Ohio Revised Code Section 3953.32 states "Title insurance companies offer closing or settlement protection to the lender, borrower, sell of the property and to any other applicant for title insurance." The purpose of the protection is to indemnify the lender, borrower, seller and applicant that has requested the protection, against the loss of settlement funds as a result of the actions of the title insurance agent. Those actions include theft, misappropriations fraud or any other failure to property disburse settlement, closing or escrow funds.
Questions or comments write or email:
eugene.dougherty@realliving.com
www.realtyone.com/eugene.dougherty
YOUR Personal Guide to Real Estate
Saturday, March 03, 2007
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