Establish and maintain current license(s) as required to conduct [the business of title insurance and] settlement services.
PURPOSE: Maintaining state mandated insurance licenses and corporate registrations (as applicable) helps ensure the Company remains in good standing with the state.
INFORMATION: N.C. Gen. Stat. 84-2.1 defines the practice of law to include: (i) preparing or aiding in preparation of deeds, deeds of trust, lien waivers or affidavits, or other legal documents; (ii) abstracting or passing upon titles; or (iii) advising or giving an opinion upon the legal rights or obligations of any person, firm, or corporation. The closing of a residential real estate transaction involves many of these components. Therefore, Authorized Practice Advisory Opinion 2002-1 (Rev. 1-26-2012) requires that closings be handled by or under the direct supervision of a licensed North Carolina attorney. Read More >> N.C. Gen. Stat. 58-26-1(a) provides that title insurance cannot be "issued as to North Carolina real property unless and until the title insurance company has obtained the opinion of an attorney, licensed to practice law in North Carolina and not an employee or agent of the company, who has conducted or caused to be conducted under the attorney's direct supervision a reasonable examination of the title." Notaries are commissioned by the NC Secretary of State and must comply with statutory requirements, including commissioning, renewals and compliance with the requirements of Chapter 10B of the North Carolina General Statutes.