Georgia Attorneys Title Guaranty Fund |
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Attorneys' Title Guaranty Fund, Inc.Background Upon incorporation ATGF-Georgia became the newest of nine bar-related title assuring organizations operating in 18 states. Collectively, these companies comprise the National Association of Bar-Related Title Insurers, a trade organization expounding the Bar's interest in protecting the public with independent legal advise supported by financial responsibility in real property examinations. By December 12, 1971 an operating manual had been approved, a sufficient number of law staff, and a special Georgia form of ALTA Owner and Mortgagee Policies devised, which form includes the delineation of the member's title opinion onto the policy. Progress by ATGF during the calendar year 1972, our first year of operation status, was significant and encouraging. Of the premium volumes reported by the 25 title insurers qualified and doing business in Georgia, for example, ATGF premium volume ranked seventh from the top. From June 1, 1982 until March 12, 1989, ATGF was with a title insurance company from New York. On March 13, 1989 ATGF entered into correspondent agreement with First America Company of California. Approved members of ATGF can now furnish First American Title Insurance Company ALTA policies to clients upon a member's rendering of title opinion to the insured. Funding "Additional Contributions" are premiums covering the cost of pure insurance underwriting which a member pays to ATGF as he issues our policies. The Additional Contributions to the Fund is currently set at approximately 40% of the local and statewide rates for title insurance applicable in Georgia. Principles and Objectives Our objective is to make the public aware of the lawyer's role in a real estate transaction, aware that independent legal advise plus title insurance is greater protection than title insurance alone, but aware that independent legal advise in the client's best interest, plus title insurance, is available only through law offices. The Concept To the extent that your client will rarely understand your innocence should a flaw outside the record title cause him, and to the extent that your client will expect prompt and full title insurance is just as much for your protection and goodwill as it is for your client's protection. Attorneys concerned with the appropriateness of furnishing title insurance with all title opinion and including the cost thereof in your fee, should read Formal Opinion No. 304 of ABA Committee on Professional Ethics, which affirms the appropriateness of both. The Procedure Attorneys who are determined to be competent to render opinion as to the marketable status of title are authorized to follow this procedure in reliance upon the State Bar's Title Standards. |
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