In Florida, the ridiculous $3.28 title policy surcharge has finally expired. This was a policy put into place by the State of Florida in concert with title insurance underwriters. On the same day in 2012, Attorneys’ Title Insurance Fund, Inc., KEL Title Insurance and National Title Insurance were ordered not to issue any more title policies in Florida. This $3.28 surcharge was ordered in 2013 to cover the shortfall from those failures and every time a title policy was issued, this surcharge was collected from the parties and remitted to the agent’s title underwriter who would then remit it to the state. In the case of a simultaneous issue, only one surcharge would be collected total. If you have automated entry of this charge set up in your Landtech program, the latest version of Landtech will look at the Settlement Date and if it is beyond 12/31/2016, it will not let you check the surcharge check-box.
As one of the only independent software developers for the land title business, we develop Landtech with only our customers in mind. We don’t care which underwriters you use, how many bank accounts you need to reconcile, how many closings you do every day/month/year. We just want to ensure that your needs are met. Remember, with Landtech, everything is built-in – escrow management, 1099S electronic reporting, over 300 variations of pre-built reports and the unlimited creation of reports on any information in your Landtech, plus a full set of merge documents including title forms for any underwriters. Everything you need for the complete closing transaction, from the initial Title Commitment to the final Title Policies and everything in between at a very reasonable price. True one time entry. Come on over to Landtech for the best software in the industry! We’ll even give you a discount to help you trade up to Landtech. Contact us now.