Getting Real about UCC Insurance for Real Estate Transactions
Sherin and Lodgen LLP
Complex Law. Clear Guidance - Real Estate | Litigation | Business Law | Employment
By Ian Lane and Gary Markoff
Imagine a world where real estate transactions are closed without title insurance. Title insurance has become such a common fixture of real estate transactions that it is difficult to imagine a world without.?? We take title insurance for granted, but many of our real estate colleagues from the baby boomer generation can recall a time when it was common to rely on opinions of title prepared by closing attorneys instead of purchasing title insurance policies.?? History repeats itself, and we now find ourselves in a similar phase with UCC insurance.? We are more likely to rely on opinions of closing attorneys instead of buying UCC insurance when pledging members interests in entities that own real estate.