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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Title Comany's, Partnerships, and Hoops - Updates Needed Posted by Kristine-CA on May 16, 2009 at 9:05 AM In Reply to: Title Comany's, Partnerships, and Hoops - Updates Needed posted by Mark H. on May 15, 2009 at 3:16 PM It's interesting to me that you comment that title doesn't seem to care what the law says. Why should they? They are underwriters and are taking risks. They will often go beyond law to satisfy their needs for documentation. They aren't in the business of following the law to make you the customer happy, but trying to document every policy so as to avoid law suits. Title is not in the business of customer service. They do the escrows as customer service to get the policy. They can and will do whatever they need to do to avoid problem situations and/or request endless documentation. Just like all insurance companies. I doubt that Ward or anyone else can keep up with title policy issues as they are policy and not law (in spite of what some of those escrow officers say!). : Now that I am in the midst of a wrangle with Old Republic, it is clear to me that the prior board advice on these issues need updated. : A few comments: : 1) Have your partnership agreement notarized on signing. : 2) Leave out the words "Joint Venture" - it confuses title officers and makes them question your agreement as a true partnership. : 3) Prepare a BP-1 and have it certified...they seem pretty insistent that this be done. Alternatively, they may accept a notarized BP-1 with ALL PARTNERS signing. (Yes, I know that the form only requires two signitures and no notarization, but they don't seem to care what the law says). : 4) Make sure they understand what kind of partnership you have. The requirements of a limited liability partnership is a bit different, requiring registration (sections 16100 to 16114). However a general partnership does not (I am still arguing with the Old Republic officer about this point). : If anyone has a different understanding, especially on registration and the differences between a limited liability partnership and a general partnership...please contribute. : (California Partnerships) Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : It's interesting to me that you comment that title doesn't seem to care what the law says. Why should they? They are underwriters and are taking risks. They will often go beyond law to satisfy their needs for documentation. They aren't in the business of following the law to make you the customer happy, but trying to document every policy so as to avoid law suits. Title is not in the business of customer service. They do the escrows as customer service to get the policy. They can and will do whatever they need to do to avoid problem situations and/or request endless documentation. Just like all insurance companies. : I doubt that Ward or anyone else can keep up with title policy issues as they are policy and not law (in spite of what some of those escrow officers say!). : : Now that I am in the midst of a wrangle with Old Republic, it is clear to me that the prior board advice on these issues need updated. : : A few comments: : : 1) Have your partnership agreement notarized on signing. : : 2) Leave out the words "Joint Venture" - it confuses title officers and makes them question your agreement as a true partnership. : : 3) Prepare a BP-1 and have it certified...they seem pretty insistent that this be done. Alternatively, they may accept a notarized BP-1 with ALL PARTNERS signing. (Yes, I know that the form only requires two signitures and no notarization, but they don't seem to care what the law says). : : 4) Make sure they understand what kind of partnership you have. The requirements of a limited liability partnership is a bit different, requiring registration (sections 16100 to 16114). However a general partnership does not (I am still arguing with the Old Republic officer about this point). : : If anyone has a different understanding, especially on registration and the differences between a limited liability partnership and a general partnership...please contribute. : : (California Partnerships) [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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