Closing Protection Letters for Title Insurance | CLE Course

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Course Details

Course Information

smart_display Format
On-Demand
signal_cellular_alt Difficulty Level
Intermediate
work Practice Area
Real Property - Transactions

Date & Time

event Date
Friday, February 9, 2024
schedule Time
1:00 p.m. ET./10:00 a.m. PT
timer Program Length
90 minutes

Credit Information

This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$347.00

CLE

ALL

This CLE course will provide real estate counsel with practical guidance for structuring closing protection letters (CPLs) for title insurance. The panel will address the latest developments and trends in CPLs. The panel will also identify key provisions to be included in CPLs and drafting pitfalls to avoid.

Faculty

Michael R. O'Donnell

Partner

Riker Danzig, LLP

Mr. O’Donnell has represented every major title insurer including Chicago Title Insurance Co., First American Title Insurance Co., Fidelity National Title Insurance Co., Old Republic National Title Insurance Co., Stewart Title Guaranty Company, Westcor Land Title Insurance Co., and New Jersey Title Insurance Co., as well as their insureds. He has served as coverage counsel for title underwriters on numerous wide-ranging real estate frauds, some of which losses exceeded $45 million.

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Steve Zablocki

Underwriting Counsel

First American Title Insurance Company

Mr. Zablocki provides underwriting support, counsel, and authorization to company personnel, agents, and customer(s), related to the issuance of real estate title insurance commitments and policies. He utilizes underwriting standards and guidelines within delegated authority limits to underwrite the issuance of title insurance. Mr. Zablocki also provides guidance to company personnel in the performance of real estate settlement services. In addition, he prepares and presents training and educational manuals and programs to further agents training and education.

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Description

In CPLs, underwriters agree to indemnify the lender for actual losses caused by certain kinds of misconduct by the closing agent. Title underwriters often authorize closing agents to issue these letters to lenders when the closing agent anticipates issuing the underwriter's title insurance policies in the transaction. Typical CPL provisions cover the failure to follow written closing instructions, require the closing agent to obtain, but not to vouch for the validity or effectiveness of a specific document, or relate to the collection of funds due to the lender. Other standard clauses address fraud or dishonesty in handling the lender's funds or documents.

The CPL serves an essential function in providing lenders with assurance that title agents will properly handle their funds and documents. Yet the body of case law interpreting CPLs remains remarkably small. Understanding the CPL and its function is essential for any real estate counsel and litigators, lenders, and property owners.

Listen as our authoritative panel addresses the latest trends and developments in CPLs. The panel will practically guide real estate counsel in structuring enforceable CPLs for title insurance, addressing key provisions to be included, and drafting pitfalls to avoid.