LEO: Title Insurance Business - Participation LE Op. 603

 

Title Insurance Business - Participation by Attorneys.

 

June 24, 1985

 

It is not improper for a law firm to process applications for title

insurance on behalf of its clients through a title insurance business in

which the law firm or members of the law firm have a business interest,

when the offices of the law firm and the title insurance company occupy

the same premises, the employees of the title insurance business are

salaried employees of the law firm and the law firm serves as legal

counsel for the title insurance business, so long as the title insurance

carrier and the title insurance applicants have consented after full and

adequate disclosure under the circumstances, and the transactions are not

unconscionable, unfair, inequitable or in violation of Virginia Code

38.1-733.1 to the extent that said statute applies to such transactions.

[LE Op. 174, LE Op. 174-A, LE Op. 187, LE Op. 545, LE Op. 591; DR:1-

102(A)(3), 5-104(A); Virginia Code 38.1-733.1 of 1950]

 

Committee Opinion June 24, 1985

 

CROSS REFERENCES

 

See also LE Op. 712, LE Op. 825, LE Op. 869, and LE Op. 939.