UNDERWRITING GUIDELINES

FOR

BACK POLICY REQUESTS

PLEASE RETAIN FOR FUTURE REFERENCE 

 

As an agent for Old Republic National Title Insurance Company you are authorized to issue new policies of title insurance based on back policies furnished to you, subject to the following guidelines: 

CONDOMINIUMS 

Your rundown of title may begin with the first unit deed for the unit you are insuring, as long as the unit was conveyed at least once for full consideration prior to your current transaction.  If, however, the unit has never been conveyed for full consideration, or you are insuring the first unit deed, you should begin your search at the date of the vesting deed into the Declarant(s) of the Master Deed.  If the deed into the Declarant(s) is not for full consideration, you should continue back in the title until you come to such a deed for your start. 

SAME LOT OR SAME CONDOMINIUM UNIT AS BACK POLICY

You may begin your title rundown at the effective date of the policy. 

ANOTHER LOT IN SAME SUBDIVISION 

When you request a property or “any lot in the subdivision”, we can not determine with accuracy from the address whether the back policy we are sending you is in fact in the same subdivision.  It is important that you make an accurate determination that the back policy sent to you is for the same subdivision as the property you are about to insure. When we do not have an exact match to the property address that you requested and you have requested any lot in the subdivision, the policy that we send you will be the next closest address that we do have.  You must then make a careful comparison of the Exhibit A of the back policy and the legal description of the property to be insured.  If the recorded plan is the same for the back policy lot and the proposed insured lot, you may then proceed to use the supplied back policy to write a new policy on Old Republic Title. 

Your rundown of title may begin with the first deed out from the developer for the lot to be insured, as long as this particular lot was conveyed at least once for full consideration prior to your current transaction. If, however, this lot has never been conveyed for full consideration, or you are insuring the first conveyance of this lot from the developer, you should begin at the date of the vesting deed into the developer of the subdivision.  If the deed into the developer is not for full consideration, you should continue back in the title until you come to such a deed for your start. 

THE FOLLOWING APPLIES TO ALL BACK TITLE SITUATIONS

In addition to the foregoing, standard underwriting guidelines continue to apply.   You should always obtain all necessary conveyancing documentation such as municipal lien certificates, 6(d) certificates, discharges, partial releases, title affidavits, etc.  When preparing the new title insurance policy, you must make certain that all encumbrances listed in the back policy, together with any new matters disclosed by your rundown, are listed as exceptions 

Please be advised that back title information is provided to you for the sole purpose of preparing Old Republic policies of title insurance.  The furnishing of a back title policy is not intended to create, extend or otherwise imply any liability to Old Republic other than provided for in our policies of title insurance when validly issued.