NEW YORK, Oct. 11 /PRNewswire-USNewswire/ -- Freehold Capital Partners (http://www.FreeholdCapitalPartners.com) is pleased to announce the existence of an agreement with Fidelity National Title Group ("Fidelity"), whose brands include Fidelity Title, Chicago Title, Lawyers Title, Commonwealth Title, Alamo Title and Ticor Title. The agreement provides "a procedure by which property encumbered by a [Freehold] Covenant can be insured without undue risk to either party".
According to Freehold's general counsel, Bryan Cohen, "in negotiating the agreement earlier this year, Freehold addressed concerns raised by Fidelity, other insurers, and the American Land Title Association (ALTA). In return, Fidelity agreed to close transactions with the Freehold private transfer fee covenant in place, and to obtain a separate signed disclosure form related to the transfer fee. Through this process, buyers, sellers, policy-makers and the title insurance industry can have confidence that the fee is fully disclosed and that real estate transactions will continue to proceed smoothly."
Mr. Cohen went on to say, "Clear and prominent disclosure ensures that homebuyers and sellers are knowledgeable and take the fee into account in their negotiations for a fair sales price. This agreement, negotiated by its largest member, resolves the concerns raised by ALTA and the title industry, and we hope to see the remaining title insurers voluntarily adopt this transparent disclosure form."
Freehold helps real estate developers utilize capital recovery fees (a form of private transfer fee) to spread infrastructure costs, lower the cost of homeownership and build long-term sustainable funding for non-profits.
Nothing herein shall be deemed legal advice, nor shall the above be construed as an endorsement of any kind. Trademarks belong to their respective owners. No reliance shall be based upon the information contained herein. Readers should consult with legal professionals of their own choosing before undertaking any real estate transaction.
SOURCE Freehold Capital Partners