Gap Insurance Indemnity Agreement

This memorandum relates to some of the changes we are seeing in title insurance as a result of COVID-19. Although the problems and effects vary slightly across counties and securitized companies, this memorandum addresses the following three (3) recurring concerns: Please note that the effects of COVID-19 on title insurance are changing rapidly. The recommendations contained here are general in nature and may require a change on the basis of a deal-by-deal and in the decency of the effect of COVID-19 on title insurance. „The entity reserves the right, before and after closing, to grant exemptions and requirements for the establishment of a ownership policy (s) on the basis of the specifics of the transaction or transactions, verification of final documents and changes in registration and title search functions resulting from the consequences of the COVID 19 pandemic and the closures of businesses and government.“ Below is our assessment of the above questions and our recommendations. This blog was written by Brian Memory and Caleb Rush, lawyers at Spencer Fane LLP Plano, TX office. For more information, see spencerfane.com.

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