Posted by aasailor_MD on 5/13/05 3:04pm
Msg #37563

2 questions

It a parent wanted to add there daugther to the title on her property, what document would the escrow officer include with the closing documents?

Who is the settler on a Trust Certification and in what case would it be utilized?

Reply by Ted_MI on 5/13/05 5:56pm
Msg #37618

aasailor,

The word is spelled settlor (OK, so I guess I am getting picky). And the settlor is the person who establishes the trust. Don't know if this answers your question or not.

Reply by aasailor_MD on 5/14/05 10:57pm
Msg #37874

I was typing fast. Sorry for the miss spell words. But thanks for responding.

Reply by Becca/FL on 5/13/05 7:51pm
Msg #37648

Taking a test?????

Frankly, you should at least know the answer to the first question if you are "putting yourself out there" to conduct closings a/k/a signings.

Please don't take offense to my answer but, don't you need a Title producers license in MD and if so, shouldn't you know this?

I'm a sailor too. First Mate aboard S/V Charisma Too.

Reply by Art_MD on 5/13/05 9:21pm
Msg #37680

Re: Becca - re: TPL

The reason we need a TPL is the MD insurance admin reasoned " when all the papers are signed at a refi, title insurance is being produced (sold). To produce (sell) title insurance you have to have a license. The only one there besides the borrower is the person presenting the papers. Therefore, that person must be licensed to produce title insurance."
Our classes, test and continuing ed classes qualify us to sell title insurance. We know all about what is covered by title insurance, types of errors, liability, process, etc. etc.

About the only things re: title insurance that ever comes up at a closing are:

1. Borrower asks if title insurance covers him (no- unless he buys seperate coverage)
2. Isn't that cost high ( the rates are submitted by the title company and approved by the state insurance admin.).

Art

Reply by Ernest_CT on 5/13/05 9:23pm
Msg #37682

Sounds like test questions to me. And you know ...

... that everyone here frowns on taking tests for other people. There's an unlovely word for it.

The tests are supposed to test individual knowledge, not that of all the Notary Rotary Forum's participants. Everyone who asks test-type questions can expect to be flamed.

Reply by Art_MD on 5/13/05 9:24pm
Msg #37683

Re: first question

Most likely a quit claim deed would work. I'm assuming that there is a refi going on since you mentioned an escrow officer.

Art

Reply by Barry on 5/14/05 1:12am
Msg #37716

Careful! You're crossing a line here. If you are not an attorney, just a notary, you should not be making reccommendations as to what legal forms the owner needs to use. The title company should not be asking you either. This is practicing law, and you can find yourself in a heck of a lawsuit against your bond, which you would have to repay, your E & O, and in all probability, lose your commission. You might also be held accountable for practicng law without a license.