American Land Title Association
Print Friendly
Home  >  News Room
News Room

SoftPro is the nation's leading provider of Real Estate Closing and Title Insurance software

North American Title Insurance Company is a seasoned title insurance underwriter that has been helping customers achieve the American dream of homeownership for more than 50 years. In the past several years, we have become known as the “underwriter next door,� because our associates are always easy to reach and our processes are, at all times, quick and straightforward. Our agency application process is fast and transparent for qualified agents. NATIC offers a one-hour underwriting response guarantee that is unparallelled in our industry. In addition, we value our agents based on their title industry knowledge and experience, not just on profits alone.

Listen to Audio from Minn. Teleconference Regarding Threats of Private Transfer Fees

May 27, 2010

ALTA continues to work with state land title associations in efforts to get legislation passed banning private transfer fee covenants (PTFs), also known as Wall Street Home Resale Fees.

Last week, ALTA helped develop a joint teleconference with the Minnesota Land Title Association, Minnesota Association of Realtors and three state legislators urging Minnesota Gov. Tim Pawlenty to sign the bill banning PTFs. Pawlenty signed the bill shortly after the teleconference was held.

Click here to listen to audio of the teleconference. Contact Justin Ailes if you would like information on how to conduct a teleconference in your state. Minnesota is the ninth state to ban the use of PTFs. Others include Arizona, Florida, Iowa, Maryland, Missouri, Kansas, Oregon and Utah. Texas and California have legislation that limits the use of PTFs. Many other states have pending bills that would ban PTFs as well, including Alabama, Hawaii, Illinois, Indiana, Louisiana, Minnesota, Ohio, Rhode Island and South Carolina.

Companies are attempting to add language to home purchase contracts requiring that a percentage of the sale price be paid to the developer or builder of a property every time the property is sold for the next 99 years. The right to collect these PTFs could then be securitized and sold to enrich investors at the cost of stealing equity from consumers, forcing homeowners to pay a large fee to sell their homes and adding a complicated legal roadblock to the home sale process.

Print Friendly

How To Find Us:
American Land Title Association
1800 M Street, NW, Suite 300S
Washington, D.C. 20036-5828
P. 202.296.3671 F. 202.223.5843
Copyright © 2004-2016 American Land Title Association. All rights reserved.
SecurityMetrics for PCI Compliance, QSA, IDS, Penetration Testing, Forensics, and Vulnerability Assessment