Title Guaranty to propose title opinions without abstracts? |
Laura McCann/IowaBar | Wednesday January 17, 2007 14:05 |
|
----- Message from "Amy Hughbanks" <amyhughbanks@iowatelecom.net>
on Thu, 14 Sep 2006 15:28:17 -0600 -----
To:
| <realestate@iabar.org>
|
Subject:
| RE: Title Guaranty to propose title opinions without abstracts? |
Thank you for the clarification
Mr. Ogle. It was very helpful.
Amy J. Hughbanks
Attorney at Law
DAVID L. JUNGMANN, P.C.
113 W. Iowa Street,
P.O. Box 329
Greenfield, Iowa 50849-0329
Tel: (641) 743-6195
Fax: (641) 743-8977
-----Original Message-----
From: White, Matt [IFA] [mailto:realestate-owner@iabar.org] On Behalf
Of White, Matt [IFA]
Sent: Thursday, September 14, 2006 3:57 PM
To: realestate@iabar.org
Subject: RE: Title Guaranty to propose title opinions without abstracts?
To try to clarify. First
of all, Title Guaranty DOES NOT PROPOSE TO ALLOW TITLE OPINIONS WITHOUT
ABSTRACTS. We have been in discussion with the real estate industry
in Council Bluffs for some time. If
I may try to clear the air, please let me do so. For the last year,
my staff and I have been meeting with lenders, attorneys and abstractors
in Council Bluffs. Last week we had a meeting attended by fourteen
attorneys and abstractors, representing attorneys with an active real estate
practice and the two abstractors that maintain a forty year plant in Council
Bluffs. This was not our first meeting. We have also met personally
with almost every lender who does a significant amount of business in Council
Bluffs. I can tell you without question that Title Guaranty is not
used in Council Bluffs, because of the requirement of an abstract, at least
as defined in our Administrative Code. Under that definition, most real
estate transactions would require the creation of a new abstract from scratch
at a cost of $800 to $1000. I expect that the abstractors, lenders
and attorneys in Council Bluffs will at some point come forward and ask
Title Guaranty to modify the definition of an abstract for real estate
in Pottawattamie County. This is a product, if approved, that would
be available in Pottawattamie County, and no where else in the state .
I do not view this as much different then when Title Guaranty introduced
the non-purchase product. As a result, we have begun to win back
re-fi business that we had lost. It is a fact that Title Guaranty
just does not do any business in Council Bluffs. I hope if the attorneys
and abstractors in Council Bluffs choose to come forward with a proposal
that will get them back in the real estate transaction, and do so in a
way that is considerably less expensive than what is offered by out of
state title insurance, that those of us in the rest of the state will keep
an open mind. I can’t help but take things a little personally,
I am a passionate advocate of the abstract/title opinion system and wish
to preserve it.
Loyd W. Ogle
Director
Title Guaranty Division
From: realestate-owner@iabar.org on behalf of Richard Bordwell
Sent: Thu 9/14/2006 1:32 PM
To: realestate@iabar.org
Subject: Title Guaranty to propose title opinions without abstracts?
It looks like Title Guaranty is planning
to kill with the Abstract/Title Opinion system in Iowa.
Minutes of the May 23 2006 Title Guaranty
Board state in part
:
“Mr. Ogle discussed Pottawattamie
County and Council Bluffs…The attorney/abstract system never took hold
there as it has in the rest of the state. The two abstract companies
in Pottawattamie County do not do abstract continuations; rather, they
do title searches. Attorneys do very few title opinions. TGD
will not get into that market if it stands on the requirement on a purchase
transaction that there needs to be an abstract continuation based off an
abstract when those abstracts don’t exist… It is a growing market,
and Mr. Ogle intends for a TGD to aggressively enter that market and garner
back that business. To do so, TGD will need to create some type
of mechanism for attorney to issue title opinions base on something different
than what is considered a traditional abstract continuation.” (emphasis
added).
Is the Iowa Bar going to do anything to stop
this?
Richard S. Bordwell
Bordwell Law Office PLC
Attorneys at Law
Washington, Iowa 52353
Voice 319-653-2177 FAX 319-653-4797
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