Bill Summary for S 518 (2011-2012)
|View NCGA Bill Details||2011-2012 Session|
TO PROTECT CONSUMERS BY REQUIRING BUYER'S CHOICE OF TITLE INSURER AND SETTLEMENT AGENT.Intro. by Vaughan, Stein.
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Senate committee substitute makes the following changes to 1st edition. Replaces proposed GS 45-45.3 with new proposed GS 45-45.3 providing that a buyer of residential property has the right to select the title insurer and closing attorney of the buyer’s choice. Provides that the statute does not prohibit a buyer from agreeing to accept the services of a title insurer and/or closing attorney selected or designated by the acquiring party to be used in the transaction if written notice of the right to make an independent selection of those services is first provided to the buyer by the acquiring party, as detailed. Provides that a transaction is not to be invalidated because of the failure of any person to comply with the provisions of the statute. Provides applicable definitions. Makes conforming changes to the title.
Effective when the act becomes law and applies to all sales placed under a sales contract on or after that date.