Washington REALTORS® has got your back. We just helped stop the mandatory imposition of cancellation fees for preliminary title reports. This is yet another example of how we are hard at work behind the scenes to protect you, your business, your clients and our communities, no matter where the threats arise.
In a pre-emptive effort to protect our industry from increased fees, closing delays and other legal transaction complications, Washington REALTOR® staff and real estate industry attorneys met with representatives of the Office of Insurance Commissioner (OIC) in time to help prevent a rule that would force title insurance companies and their agents to charge and collect cancellation fees for preliminary title reports.
For the past several weeks all affected groups within the real estate community united to share their comments and concerns with the Insurance Commissioner's Office. Washington REALTORS® appreciates the OIC's quick response to the collective industry concerns, and acknowledges the true beneficiaries of this decision will be Washington real estate sellers and buyers.