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A title attorney’s bond — also called a title agent’s bond or a title agency bond — is a surety bond which is required of title insurance agencies. These bonds guarantee that both title agencies or title agents will comply with the requirements of the state, such as the state’s department of insurance, for title agents. The bond also serves as a guarantee that title agencies and agents will perform their duties in a manner which is honest and precise, which appliance to the functions and searches by the title agency; the issuing and handling of legal documents; the title insurance; and any other tasks requested by the title agency’s clients.
As with other types of bonds, title agency bonds act as an agreement among the principal — the title agency or agent, the obligee — the state department which licenses the title agency and the public, and the surety bond company that financially supports the bond. The purpose of a title attorney’s bond is to provide protection to the state and the public from title agencies and title agents who mislead and/or misrepresent their clients as well as those who act in a dishonest manner or otherwise engage in noncompliance with regard to state regulations for title agencies. If a title agency bond fails to comply with the state’s regulations, which results in financial harm to the obligee, the obligee may file a claim against the agency’s surety bond.
Title agency bonds are required for title agents and title agencies in states which require these parties to become bonded. The discrepancies in local regulations result in the need for a separate title agency bond for each of the state’s requirements. In addition, title insurance agents and title attorneys must also obtain a title attorney’s bond in order to receive their license, as required by state law. These bonds differ from title service agency bonds, which are required for car title agencies.
Title agency bonds typically differ with regard to the terminology used to identify them, depending on state definitions and specifications for local regulations. While this type of bond is referred to as title agency bonds, overall, they may also be called title insurance agent bonds, title attorney bonds, escrow agent bonds, and title insurance settlement agent bonds, among other forms of bond identification — as a result, title agencies who wish to operate in multiple states must get bonded within each individual state which requires bonding.
Title agency bonds cost a fraction of the total amount of the bond — the exact amount of the bond is determined within each state and can vary significantly from the total cost of the bond in other states. Each state’s department of insurance (or another type of similar agency) sets the bond requirements for title agents. The bond cost is determined by sureties at the time in which they receive an applicant’s bond application. In order to determine the rate, sureties review the applicant’s personal credit score, the applicant's financial statements, and the applicant's asset profile, among other potential financial indicators.
Well-qualified applicants with strong financial credentials could qualify to pay as low as 1 percent of the required bond amount — applicants who have a relatively high credit score and other approved indicators may expect a quote between 1 percent and 3 percent of the total bond amount — in other words, if an individual is getting bonded in the State of Florida, the standard market rate on his or her title agency bond may vary between $350 and $1,050.
To find out how much a title bond costs, please fill out and submit the free quote form. Once we have processed your application, we will send you a free bond quote.
The most effective method to obtain a bond starts with finding the right surety bonds by state and applying for a bond with the help of The ProSure Group. We feature flexible underwriting criteria to ensure the approval of applicants at competitive market rates. Our application process is both fast and simple, and clients with good financial features often qualify for rates as low as 1 percent to 3 percent. For more information, or to get started, fill out the free bond quote form.
Individuals who apply for a title agent’s license are required to fulfill a wide range of additional requirements, in addition to submitting the title agency surety bond. These requirements vary from state to state. In addition, applicants will be required to pay a fee, such as a licensing fee, a processing fee, or an application fee. Local requirements may include the following.
With regard to renewal requirements for title agency bonds, title agency licenses are issues for a specific duration, after which the applicant will be required to renew their license, in addition to their surety bond, and submit a number of the aforementioned documents thereafter.
Whether you are looking for a title bond or any other type of surety bond, The ProSure Group helps you find the right surety bond quicker & easier. Our goal is to provide you with simple and efficient service so you can focus on your business while we make sure your suppliers are dependable. We also have a simple and straightforward application process — fill out and submit your bond application and leave the rest to us. To get started, contact us today.
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