Title Insurance, Fifth Edition
A Comprehensive Overview of the Law and Coverage
Erschienen am 6. Juli 2022
1144 Seiten
978-1-63905-099-4 (ISBN)
Beschreibung
Title insurance is an increasingly complex and critical factor in real estate transactions, and lawyers must be prepared to play equally critical roles as advisors to their clients. This updated and expanded edition of Title Insurance: A Comprehensive Overview of the Law and Coverage provides practical tools and essential information for real estate attorneys who need to understand title insurance coverage and who want to secure optimum coverage for their clients. This edition will help you:
- Compare and contrast 2006 ALTA policies and othertitle insurance policies
- Outline commonly used title insurance endorsements, including ALTA and CLTA endorsements
- Understand the state laws relating to title insurance through easy-to-understand charts and checklists
- Comprehend the title insurance provisions through the included commentaries after each provision
This edition of Title Insurance by noted authority James L. Gosdin is a valuable, single-source guide covering the provisions and statutes of title insurance for all 50 states and the District of Columbia. It includes checklists of endorsements and coverages, financial checklists and charts, International and UCC Policies, and charts of title insurance related laws for all states.
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07/2022
American Bar Association
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Person
James L. Gosdin is Senior Vice-President, Chief Underwriting Counsel, and Chief Reinsurance Counsel for Stewart Title Guaranty Company. Jim underwrites title insurance transactions throughout the United States, reinsurance transactions, and international title insurance transactions for the company. Jim received his Bachelor's degree from the University of Texas with high honors and his Juris Doctor with honors from the University of Texas School of Law. He is a member of the Order of the Coif and Phi Beta Kappa. Jim is Board Certified by the Texas Board of Legal Specialization in farm and ranch, commercial, and residential real estate. Jim is a member of the American Land Title Association Forms Committee and the ALTA Reinsurance Committee. He also serves on the State Legislative and Regulatory Action Committee. Jim is a member of the American Bar Association, the Texas Bar Association and the Houston Bar Association. He is also a member of the Texas Title Standards Joint Editorial Board. (TLTA). Jim was named the 1998-1999 Title Person of the Year by TLTA. Jim is a Fellow of the American College of Mortgage Attorneys and is a member of the American College of Real Estate Lawyers. Jim is AV Rated by Martindale-Hubbell's Peer Review Ratings.
Inhalt
- Intro
- Title Page
- Copyright Page
- Front Matter
- ACKNOWLEDGMENTS
- JAMES (JIM) L. GOSDIN
- Contents
- I. THE STANDARD AMERICAN LAND TITLE ASSOCIATION (ALTA) FORMS
- A. WHY SHOULD CONSUMERS ACQUIRE TITLE INSURANCE?
- 1. Matters Covered by Title Insurance
- 2. Patterns of Claims, Risk Categories, and ALTA Risk Codes
- 3. Limits of the U.S. Recording Systems
- 4. Marketable Record Title Acts and Title Examination Standards
- 5. Advice to Purchasers
- 6. Secondary Market Demand
- B. WHAT DOES TITLE INSURANCE DO AND NOT DO?
- 1. Statutory Definition of Title Insurance
- 2. Monoline Restrictions
- 3. Application of Monoline Restrictions
- 4. Competitive Title Insurance Products
- 5. Environmental Superlien Coverage
- 6. Creditors' Rights Coverage
- 7. Title Examination and Casualty Insurance
- 8. Title Insurance versus Information
- C. WHICH COMMON LAW RIGHTS AND ESTATES IN REAL PROPERTY WILL TITLE INSURERS INSURE?
- D. WHICH ISSUES WILL THE TITLE INSURERS INSURE?
- 1. Matters Appearing in the Public Records
- 2. Matters Not Appearing in the Public Records
- 3. Insurance of Surface, Subsurface, and Mineral Rights
- 4. Insurance against Mechanic's Liens
- 5. Insurance of Rights
- 6. Insurance of Covenants Running with the Land
- 7. Insurance against Damage because of Mineral Development
- 8. Insurance of Water Rights
- 9. Insurance of Wind, Solar, Geothermal, and Other Energy Rights
- 10. Insurance of Options to Purchase Title to Land
- 11. Insurance of Tax Titles
- 12. Insurance against Previously Created Matters
- 13. Insurance against Future Matters
- 14. Insurance of Real Property Interests Only
- 15. Insurance of Personal Property Interests
- 16. Insurance against Creditors' Rights Issues Arising out of Prior Transactions
- 17. Insurance without a Survey
- 18. Title Insurance without an Examination of Title
- 19. Insurance of Zoning
- 20. Insurance of Truth in Lending
- 21. Marketability
- 22. Enhancements or Requirements That Title Insurers May Require If Defects Are Not Cured
- E. BACKGROUND OF POLICY DEVELOPMENT
- 1. Development of Title Insurance Coverage
- 2. Strict Liability and Policy Development
- 3. Warranty versus Title Insurance
- F. FORMAT AND STRUCTURE OF THE 2006 AND 2021 ALTA OWNER'S AND LOAN POLICIES
- 1. Laundry List of Covered Risks
- 2. Tax Coverage
- 3. Survey Matter Coverage
- 4. Electronic Transaction Coverage
- 5. Unmarketable Title Coverage
- 6. Street Assessment Coverage
- 7. Gap Coverage
- 8. Covered Risks regarding Excluded Matters
- 9. Mechanic's Lien Coverage
- 10. Priority Coverage
- 11. Exclusions from Coverage
- 12. Schedules
- 13. Conditions
- 14. Improved ALTA Owner's Policy
- 15. Creditors' Rights Coverage
- 16. Conforming Changes for 2021 ALTA Owner's and Loan Policies to Other Forms
- G. COMPARISON OF ALTA POLICIES
- Table 1 Comparison of ALTA Loan Policies
- Table 2 Comparison of ALTA Owner's Policies
- Table 3 Changes in the Text of the 2021 ALTA Owner's and Loan Policies from the 2006 ALTA Owner's and Loan Policies
- Table 4 Changes in the Text of the 2006 ALTA Owner's and Loan Policies from the 1992 ALTA Owner's and Loan Policies
- H. SHORT FORM POLICIES AND OTHER SHORT FORMS
- 1. Overview of Short Forms
- 2. Types of Short Forms
- 3. Why Use a Short Form?
- 4. ALTA Short Form Residential Loan Policies
- Table 5 ALTA Short Form Residential Loan Policy Endorsements
- 5. ALTA Short Form Expanded Coverage Residential Loan Policies
- 6. ALTA Short Form Residential Limited Coverage Junior Loan Policy
- 7. ALTA Short Form Commitment
- 8. Short Form Commercial Loan Policy
- 9. Short Form Residential Owner's Policy
- 10. Conversion Endorsements
- II. NEGOTIATING ADDITIONAL COVERAGE
- A. COMMITMENTS AND EXCEPTIONS
- 1. Types of Commitments
- 2. Provisions in the Commitments
- 3. Requirements of the Commitments
- 4. Exceptions in the Commitments
- 5. Guidelines for Acceptable Exceptions
- 6. Markups of the Commitments and Pro Forma Policies
- B. ENDORSEMENTS
- 1. Purposes and Sources of Endorsements
- 2. Recent Changes to the ALTA Endorsements
- Table 6 Comparison of the Available ALTA 9 Series Endorsements
- 3. Checklist of Endorsements
- 4. Commercial and Residential Property
- Table 7 ALTA Commercial and Residential Endorsements for the 2006 ALTA Owner's and Loan Policies
- Table 8 ALTA Commercial and Residential Endorsements for the 2021 ALTA Owner's and Loan Policies
- 5. Special Commercial Project Endorsements
- Table 9 Applicable Commercial Transactions-2006 ALTA Owner's and Loan Policies
- Table 10 Applicable Commercial Transactions-2021 ALTA Owner's and Loan Policies
- 6. Promulgated Endorsements
- Table 11 Promulgated/Rating Bureau ALTA Forms
- 7. Current ALTA Endorsements
- C. SINGLE RISK RETENTION BY TITLE INSURERS
- 1. Statutory Limits
- 2. Financial Strength
- 3. Reinsurance
- 4. Co-Insurance
- 5. Blanket Policies
- D. CLOSING PROTECTION LETTERS (CPLs)
- 1. Necessity of Closing Protection Letters
- 2. Availability of Closing Protection Letters
- 3. Coverage of Closing Protection Letters
- 4. Customary Requirements of Closing Protection Letters
- 5. Overview of Closing Protection Letters
- 6. Need for Closing Protection Letters
- 7. State Limitations of Closing Protection Letters
- 8. Loss under Closing Protection Letters
- 9. Arbitration Clause in Closing Protection Letters
- 10. Good Faith Clause in Closing Protection Letters
- 11. Evidence of Authority in Closing Protection Letters
- 12. Reinsurance under Closing Protection Letters
- 13. Non-Cumulative Liability Clause in Closing Protection Letters
- 14. Third-Party Beneficiary/Assignee in Closing Protection Letters
- 15. Policy Issuance under Closing Protection Letters
- 16. Time Limit of Closing Protection Letters
- 17. Tolling on Closing Protection Letters
- 18. Absence of Closing Protection Letters
- 19. Due Diligence in Closing Protection Letters
- 20. ALTA Closing Protection Letters
- III. ENHANCED POLICIES OF TITLE INSURANCE
- A. RESIDENTIAL OWNERS' POLICIES OF TITLE INSURANCE
- 1. Why Will the Customer Prefer the ALTA Homeowner's Policy?
- 2. Covered Risks of the ALTA Homeowner's Policy
- 3. Schedule A of the ALTA Homeowner's Policy
- 4. Schedule B of the ALTA Homeowner's Policy
- 5. Exclusions of the ALTA Homeowner's Policy
- 6. Conditions of the ALTA Homeowner's Policy
- 7. How to Improve the Coverage of the 2021 ALTA Homeowner's Policy
- B. ALTA EXPANDED COVERAGE RESIDENTIAL LOAN POLICIES
- 1. Optimum Lender Coverage
- 2. Comparable Provisions in the ALTA Expanded Coverage Residential Loan Policies and the ALTA Loan Policies
- IV. OTHER TITLE INSURANCE COVERAGE
- A. LEASEHOLD POLICIES AND EASEMENT POLICIES
- B. ALTA RESIDENTIAL LIMITED COVERAGE JUNIOR LOAN POLICY AND OTHER HOME EQUITY PRODUCTS
- C. MORTGAGE MODIFICATION AND FORECLOSURE PRODUCTS
- D. GUARANTEES
- E. BINDERS AND THE CALIFORNIA LAND TITLE ASSOCIATION (CLTA) STANDARD COVERAGE POLICY
- F. UNIFORM COMMERCIAL CODE (UCC) POLICIES
- G. INTERNATIONAL TITLE INSURANCE PRODUCTS
- V. REGULATORY AND STATUTORY LIMITATIONS
- A. TYPES OF REGULATION
- 1. Overview
- 2. Types of Rates
- 3. Remittance to the Title Insurer
- 4. Rate and Form Filing Requirements
- 5. Summary of Filing Requirements for Each State
- 6. Additional Summary of Filing Requirements by Categories
- 7. Exceptions to Filing Requirements
- 8. Exceptions to Standard Rate Filings
- 9. Verifying Rates and Availability of Forms
- 10. Allegations of Reverse Competition
- 11. Group Boycotts
- B. MODEL LAWS
- C. REBATES
- 1. Blending of Rates
- 2. Bank Bribery Act
- 3. Captive Reinsurance and Subsequent Investigations
- 4. Builder Discounts
- 5. Builder Rebates
- 6. Markups
- 7. Application Services
- 8. Payments to Attorneys for Title Examinations
- 9. Core Title Services/Shams
- 10. Conference Room Rentals
- 11. Virtual Tours
- 12. Marketing Representatives and Marketing Expenses
- 13. Payments to the Agent for Exclusive Contract
- 14. Improper Disclosure of Affiliated Business Arrangement (ABA)
- 15. Illegal Fees
- D. FINANCIAL REGULATION OF BANKS AND DODD-FRANK
- 1. Banking Regulation
- 2. Dodd-Frank and Financial Regulation
- E. DISCLAIMERS
- F. REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA) AND THE SETTLEMENT STATEMENTS
- G. INTERPRETATION OF TITLE POLICIES
- H. CLAIMS HANDLING REGULATION
- I. ARBITRATION J. INSOLVENCY
- VI. UNDERWRITING RISKS
- A. UNDERWRITING AGREEMENTS
- B. CASUALTY INSURANCE
- C. BANKRUPTCY
- D. FORECLOSURE AND MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC. (MERS)
- E. FRAUD
- F. WATER RIGHTS
- G. MINERALS AND SUBSURFACE RIGHTS
- H. WIND AND SOLAR RIGHTS
- I. SHARIA LOANS
- J. SUBORDINATIONS AND NO-SUBORDINATION PROGRAMS
- K. NATIVE AMERICAN TRANSACTIONS
- L. INSURING COVENANTS
- M. FEATURES OF SELECTED OTHER TRANSACTIONS
- 1. Assignment of Rents
- 2. Tenant in Common (TIC)
- 3. Timber
- 4. Timeshares
- 5. Wireless Communication (Cell) Towers
- VII. EVALUATING RISKS
- A. EXAMINATION OF TITLE
- 1. Period of Search
- 2. Gap Coverage
- 3. Office of Foreign Assets Control (OFAC), Specially Designated Nationals (SDNs), and Committee on Foreign Investment in the United States (CFIUS)
- 4. Bankruptcy
- B. STANDARD EXCEPTIONS
- C. UNRELEASED MORTGAGES
- D. SURVEYS
- E. MECHANIC'S LIENS
- F. SECRET LIENS
- 1. Perishable Agricultural Commodities Act (PACA)
- 2. Packers and Stockyards Act (PSA)
- 3. Property Assessed Clean Energy (PACE)
- G. CREDITORS' RIGHTS
- H. SUBROGATION OF INSURED LENDER TO PRIOR LIENS
- I. INDEMNITIES
- VIII. ANALYSIS OF THE ALTA OWNER'S AND LOAN POLICIES
- A. COVERED RISKS OF THE ALTA OWNER'S AND LOAN POLICIES
- Table 12 State Recording Laws
- Table 13 Marketable Record Title Acts
- Table 14 ALTA Standard Exceptions for Mechanic's Liens
- B. EXCLUSIONS FROM COVERAGE OF THE ALTA OWNER'S AND LOAN POLICIES
- C. SCHEDULE A OF THE ALTA OWNER'S AND LOAN POLICIES
- D. SCHEDULE B OF THE ALTA OWNER'S AND LOAN POLICIES
- E. CONDITIONS OF THE ALTA OWNER'S AND LOAN POLICIES
- Glossary
- Index
