12 USC 2608 – Title companies; liability of seller
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(a) No seller of property that will be purchased with the assistance of a federally related mortgage loan shall require directly or indirectly, as a condition to selling the property, that title insurance covering the property be purchased by the buyer from any particular title company.
Terms Used In 12 USC 2608
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(b) Any seller who violates the provisions of subsection (a) shall be liable to the buyer in an amount equal to three times all charges made for such title insurance.