Co-hosts Michael O’Donnell and Bethany Abele welcomed special guest Scott Sumner, Vice President and Underwriting Counsel of Fidelity National Financial, who has played various roles in his 21-year career, including serving as NJ State Counsel and NJ State Manager for the business operations.
Scott provided insights as to what title agents can do to get their deals closed efficiently, including urging agents to raise potential issues as early as possible and to provide all known facts to the underwriting counsel. Some of the more challenging situations that Scott addressed were tidelands searches, bankruptcies and mortgage foreclosures, and application of the new Community Wealth Preservation Act. He also discussed the ramifications of two new State statutes on tax sale foreclosures. In addition, Scott shared details of one complex project, an energy generation facility on the Raritan River with a cable extending to the NY state line, presenting myriad title issues. Finally, Scott also had recommendations for affinity groups that young professionals in the industry should seek out, including the NJ Land Title Association, American Land Title Association, state and county bar associations, and others.
Then three of Riker Danzig’s Summer Associates provided summaries of some recent decisions affecting the title insurance industry that are posted on the firm’s blog on banking, real estate and title insurance.
Brandon Li, a rising third-year law student at Seton Hall University School of Law, discussed NorthMarq Financial, Ltd. v. Fidelity National Title Insurance Company decided in federal court in Colorado. In the case, the Court rejected the insured’s claim for defense and indemnity for mechanic’s liens on a construction project for a senior living center. Brandon said the case highlights the need for parties to include specific endorsements if they want coverage for post-policy liens.
Georgia Macedo Cardoso is also a rising third-year law student at Seton Hall University School of Law. Georgia discussed 771 Allison Court LLC v. Sirianni, in which the New Jersey Appellate Division decided that the failure to disclose a right of first refusal clause in a prior deed prevented good, marketable, and insurable title from being delivered at closing. Georgia said the case confirms the obvious: any seller of real estate should be forthcoming and disclose a right of first refusal before entering into any real estate contract and should not take shortcuts.
Keshav Agiwal, a rising third-year law student at the University of Richmond School of Law, discussed Nationstar Mortgage, L.L.C. v. Scarville, decided in the Court of Appeals in Ohio. The case involved the doctrine of lis pendens and the timeliness of a third party’s motion to intervene in a foreclosure litigation. Keshav suggested two major takeaways from this case: one is the importance for parties to know the intricacies of various state law doctrines, such as lis pendens and how it is used in one state versus another. The other big takeaway is that a buyer of property needs to know that property’s history of litigation and what litigation the property may still be involved in or could be in the future.