Escrow & Title
In Washington, a title insurance company that underwrites title for a real estate transaction is required to be licensed by the:
ADepartment of Licensing (DOL)
BWashington Office of Insurance Commissioner (OIC)✓ Correct
CDepartment of Financial Institutions (DFI)
DDepartment of Revenue
Explanation
Title insurance companies operating in Washington must be licensed as insurers by the Washington Office of the Insurance Commissioner (OIC), which regulates all insurance companies in the state.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
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