§ 19-9-5 - Mortgagor to be offered title insurance. - Rhode Island Statutes

SECTION 19-9-5

   § 19-9-5  Mortgagor to be offered titleinsurance. – Every lending institution that accepts an application for a mortgage loan onproperty located in this state and which engages a title attorney to search thetitle of the subject real estate shall require the attorney to offer to theprospective mortgagor, at the usual premium rate, an owner's policy title forthe real estate. In the event the prospective mortgagor does not wish topurchase this title insurance, then the prospective mortgagor shall have theright to reject the offer of title insurance, provided the rejection is inwriting and signed.