An insured closing letter is issued in connection with real estate closings. The letter may be addressed to any of the parties to the real estate closing (i.e. a seller, purchaser, landlord, tenant, lender or current lienholder). The letter outlines the closing agent’s liability for losses arising from failure of the closing agent to comply with written closing instructions or from fraud, dishonesty or negligence of the closing agent in handling funds or documents in connection with a real estate closing. (more…)
Posts Tagged ‘real estate closing’
Insured Closing Letters
Monday, March 1st, 2010Indiana’s New Good Funds Law
Friday, August 21st, 2009Effective July 1, 2009, Indiana adopted legislation similar to legislation in thirty-two other states requiring “good funds’ in closing real estate purchase and loan transactions. This legislation is designed to protect consumers from fraud or other criminal actions which may occur in a real estate closing. (more…)