A Closing protection letter is an optional protection available to buyers and sellers provided by the title company. The following information from Monarch Title Company explains the coverage and the right to waive it. This is a choice for your buyers and/or sellers and may be a requirement from the lender. If you have any questions regarding this coverage please feel free to contact the title company you are working with.
A closing protection letter protects a buyer, lender or seller against losses because of the following acts of the title insurer's named issuing title agency or agent:
a. Acts of theft of settlement funds or fraud with regard to settlement funds; and
b. Failure to comply with written closing instructions by the proposed insured when agreed to by the title agency or title agent relating to title insurance coverage.
This is to certify that despite the availability of protection against the above matters in exchange for a fee of $25.00, I hereby waive my right to receive a closing protection letter on the transaction identified above and understand that no title insurer is providing any protection to me for closing and settlement funds received by its policy issuing agency or agent or for losses resulting from the failure to follow my written instructions.
Thanks,
Jamie Thornsberry
RE/MAX Boone Realty
33 E. Broadway, Ste. 200
Columbia, MO 65203
PH: (573) 256.3182
www.boonerealty.com | www.seeremax.com
www.facebook.com/remaxboonerealty
@boonerealty
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