Attorneys Complaint and Removal of Regulation to Title Closers
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TIME TO RE-CONSIDER AND REMOVE THE RESTRICTIONS ON THE TITLE INSURANCE CLOSER
Undersigned attorney at law and all that support the legal counsel who represent buyers and sellers in real estate transactions in the booming New York downstate real estate market, are signing this petition in opposition to the implementation of Insurance Regulation 208 against the title insurance industry. The regulation unfairly singles out and punishes good and highly skilled, self-employed independent title closers who number in the thousands.
When an attorney finally reaches the closing table of a transaction, we rely on the qualities of an experienced, skilled and efficient title closer to make the closing process, which can last several hours, easier on all who are present. Many duties are assumed by the title closer who handle all the sensitive documents and monies entrusted to them to be 100% before their package is turned into the company for final processing. Title closers have many expenses to come out of their pockets for traveling to pick up packages from companies and come and go to a closing. They absorb costs of federal express expenses if a company is not in their reach to send a final closing package back to the them. Some companies email a closing package to them that then closers must use their own office supplies to print out this package. They just do not appear at a closing "cost free". The current attendance fees paid by companies to closers will have them working below minimum wage or could actually have them take money out of their pockets and work for free .
Further, we are OUTRAGED and OFFENDED that a State Employee is more capable to Educate, Advise and Protect our clients from a rapacious title closer. We know the value of a good title closer and do not want any interference for the proper compensation of a skilled professional.
With the financial prohibitions on the title companies, they will not be able to properly compensate these skilled professionals and then there will be the replacement by inexperienced people who do not see this as a career.
EVERYONE IN A REAL ESTATE TRANSACTION, THE PURCHASER, THE SELLER, THE LENDER AND THE TITLE UNDERWRITER WILL SUFFER.
TIME THAT YOU RE-CONSIDER AND REMOVE THE RESTRICTIONS OF THE TITLE CLOSER IN YOUR REGULATION.
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