The new closing disclosure in October refers to the Owner’s Title Insurance as optional. It will be important to be prepared to answer any questions that your customer may have and how the insurance protects them and their investment. In addition, if the Buyer elects to “opt out” of the coverage will you be responsible should something arise down the road for having not advised them? If the consumer declines coverage after seeing the closing disclosure, the rate structure may change and pose an issue of re-disclosure resulting in potential closing delays.
At Access Title Agency, we have a handout available for you to share with your customers so that they are informed and ready prior to signing the contract. If they have questions, we are always happy to speak with them on this important issue.
If they elect to decline coverage after reviewing, we will have a disclosure signed by the Buyer that they elected to not afford themselves with this important insurance to protect them and their interest!