Current through Register Vol. 54, No.43, October 26, 2024
Section 138e.68 - Title insurance(a) The county board shall provide the following to the State Board upon submission of its recommendation for the purchase of an easement: (1) A title insurance commitment.(2) Copies of all recorded or unrecorded documents listed on the title insurance commitment as exceptions to the title insurance policy.(b) At settlement, the county board shall provide a title insurance policy issued by a title insurance company authorized to conduct business in this Commonwealth by the Insurance Department. A marked up title commitment may serve as a policy until the final policy is issued. The amount of title insurance coverage shall equal or exceed the higher of the following amounts: (1) The difference between the appraised market value and the appraised farmland value, as described in § 138e.65(a) (relating to easement value and purchase price).(2) The difference between the agricultural value and the nonagricultural value, as described in § 138e.66(c)(3) (relating to offer of purchase by county board), if the values are used to calculate the easement value.The provisions of this §138e.68 amended December 26, 1997, effective 12/27/1997, 27 Pa.B. 6782; amended April 30, 2004, effective 5/1/2004, 34 Pa.B. 2421. This section cited in 7 Pa. Code § 138e.64 (relating to appraisal).