LEO: Title Insurance Business - Participation LE Op. 712

 

Title Insurance Business - Participation by Attorneys.

 

August 30, 1985

 

Assuming that a title agency is merely an agency of an independent title

insurance company and not a title insurance company in and of itself,

Opinion 603 is reiterated. LE Op. 603 states that it is not improper for

a law firm or a member of a law firm to search titles for a salary or to

process applications for the title insurance business in which the law

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

officers of the law firm and title insurance business occupy the same

premises, the employees of the title insurance business are salaried

employees of the law firm, the law firm serves as legal counsel for the

title insurance business, the title insurance carrier and 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.

 

Committee Opinion August 30, 1985