Closing Protection Letter Sample. Letter of protection confirming payment of medical expenses. Learn more about the closing protection letter in our blog.
The intent is to guarantee that a title agent acting on behalf of the insurer will handle a lender's funds and documents properly. ~ ryan wainio is a title attorney for investors title providing underwriting support to north carolina approved attorneys. Closing protection letter (subject property / transaction) dear john & mary seller, when name of agent (issuing agent) is specified in connection with closing of the real estate transaction referenced above in which you are the seller of an interest in land,
Provided that (i) such letter is available from the title company, (ii) any inability to deliver such letter shall not cause a delay in closing or any additional liability or obligations for seller, and (iii) such letter shall be at buyer’s sole expense.
Provided that (i) such letter is available from the title company, (ii) any inability to deliver such letter shall not cause a delay in closing or any additional liability or obligations for seller, and (iii) such letter shall be at buyer’s sole expense. This insurance is offered primarily to lenders, but can also be requested by buyers. Either a closing protection letter or a fidelity bond to protect the funding agency.12 the practic e is different in st ate s where closing, prote ction lette rs are prohibited by law, as in new york, where lenders protect themselves against the risk of misappropriation by a settlement agent by having their A cpl frees the lender from liability caused by fraud on the closing agent’s part, error, or negligence in complying with the terms of a.