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Closing Protection Letters - New Forms

By Doug Cornelius

The American Land Title Association (ALTA), recently approved three new form closing protection letters. These new forms took effect on January 1, 2008.Closing Protection LetterClosing Protection Letter - LimitationsClosing Protection Letter - Single Transaction LiabilityJon Anderson, Senior Title Counsel for CATIC wrote an article on these new forms and how they clarify the underwriter's liability.The Closing Protection Letter is the broadest form. The Closing Protection Letter - Limitations imposes a specified dollar limit on the liability, although this limitation is not applicable to mortgage loan transactions for individual one-to-four family residential properties. The Closing Protection Letter - Single Transaction Liability is limited to a single transaction with funds not in excess of a specified dollar amount...continue to full post

Full post as published by Real Estate Space on January 24, 2008 (boomark / email).