Doma Adds Tax Title Services to Vendor Partnership Program
March 23, 2023
Doma Title Insurance Inc. added tax sale certification provider Tax Title Services to its AgentMarketplace vendor partnership program.
This addition will help Doma’s independent and affiliated title agent and attorney customers overcome the challenges of insuring properties involved in tax foreclosure auctions, in which private buyers and investors purchase real property with defaulted property taxes from a government body.
“Tax Title Services has assisted title agents and investors with their tax foreclosure auction-related needs for a quarter of a century, and their industry knowledge and expertise in this area is unrivaled,” said Amy Tankersley, assistant vice president, director of education and industry relations for Doma Title Insurance. “We are pleased to partner with Tax Title Services to help our title agent and attorney customers avoid the costs and delays associated with quiet title actions – giving them more time and resources to focus on growing their business and succeeding in a challenging market.”
Founded in 2000, Tax Title Services qualifies tax deed properties for title insurance and provides an alternative to title insurers’ requirement of a quiet title judicial action. In order to convey title after purchasing property emanating from a tax foreclosure auction, the buyer must be able to sell the property free and clear of any liens, encumbrances or judgments. In many states, a title insurance commitment or preliminary report cannot be issued without the successful completion of a quiet title judicial action against the former owners and mortgagees. The quiet title process can be costly and cumbersome, possibly involving multiple complex lawsuits that can take years to resolve.
To meet the title commitment or preliminary report requirements, and to avoid the delays and expenses associated with a quiet title suit, Tax Title Services issues a due process certification affirming that all ownership interests and money matters are wiped out by the tax foreclosure auction process. With the assurance that the procedure followed in the tax foreclosure auction are sufficient to insure the purchaser or its successors, Doma can issue a title insurance policy, allowing the property to be sold or refinanced. The policy includes claims coverage from standard underwriting requirements.
To date, Tax Title Services has qualified more than 50,000 properties for title insurance, helping investors maximize their potential profit and minimize negative financial responsibilities. The company offers its services in nearly 40 states for a reasonable, flat-rate cost, and says its average turnaround time is approximately 25 to 45 days.
“Tax Title Services has long admired Doma’s commitment to its independent agent and attorney customers, and we’re thrilled to collaborate with Doma to ease the burden and necessity of a quiet title action in insuring tax deeds,” said Ryan Meredith, president of Tax Title Services. “Tax Title Services’ certification process supports a diversified product for Doma’s agents and provides a highly favorable alternative for the end consumer. We’re excited to make it easier for Doma to penetrate this important business segment.”
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