We celebrated a major milestone today after issuing our one millionth Closing Protection Letter. We took a moment to celebrate the accomplishment with sheet cake and party poppers. Alliant National agent Texas Lone Star Title made the CPL request at 3:04 Mountain Time.
The new American Land Title Association (ALTA) Closing Protection Letter (CPL) form recently took effect in Florida.
The new form both streamlines the previous CPL’s language and addresses and corrects many of the problems created by recent bad case law. It brings the CPL into line with longstanding understandings of CPL’s purpose and scope within the title insurance industry.
The clear and laudable aim of this new form is to create a better relationship among the contracting parties with clearer language and more sensible limitations on liability. This article summarizes revisions, with particular focus on those areas that address case law that led us astray.