Am I the only one old enough to remember that Attorney Opinion Letters were once the norm and title insurance was an outlier? My predecessor worked very hard to introduce title insurance to our corner of NE Pennsylvania, and now I'm seeing things go backwards!
While there are many attorneys who focus on real estate title and are quite capable of issuing quality opinions, the Jack-of-all-trades type of attorney is NOT equipped to issue opinion letters on title. Pennsylvania title insurance agents (both attorney-agents and non-attorney agents) are required to carry errors & omissions insurance, however if only practicing law, attorneys in Pennsylvania are NOT required to carry malpractice insurance. Hundreds of thousands of dollars in mortgage loans could be reliant upon one attorney's $300,000.00 malpractice policy – assuming they even have a policy.
Can you imagine a world in which accepting an AOL from an uninsured attorney becomes the standard practice? Oh wait, we don't have to imagine it because it already happened once, and it failed miserably.
Donna Brady Miller
Sent from Mail for Windows
1800 M St. NW, Ste 300SWashington, DC 20036
Phone+1 202 296 3671
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