An Express Article from the California Land Title Association
Over 100 real estate industry representatives participated in a conference call held on Monday, December 3rd, to review the current draft of the proposed Uniform General Closing Instructions. The groups that have developed the draft – the American Land Title Association, the Mortgage Bankers Association, and the American Escrow Association – are a ccepting comments, and have asked those who are interested in analyzing and commenting on the draft to forward their remarks to their respective trade association. For those in the title industry, comments may be sent to Ed Miller, Chief Counsel and Vice President of the ALTA at firstname.lastname@example.org. The California Land Title Association is asking that any comments sent to the ALTA also be sent to the CLTA at email@example.com.
The stated intent regarding the instructions is to improve efficiencies and lower costs to the industry and consumers by replacing numerous sets of instructions with a single Uniform General Closing Instruction and a single Uniform Specific Closing Instruction. Comments on the instructions will be collected through the end of January, after which it is contemplated that they will be adopted.
View CLTA analysis (PDF) of selected provisions of the instructions.