§ 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.
Source The provisions of this § 138e.68 amended December 26, 1997, effective December 27, 1997, 27 Pa.B. 6782; amended April 30, 2004, effective May 1, 2004, 34 Pa.B. 2421. Immediately preceding text appears at serial page (239113).
Cross References This section cited in 7 Pa. Code § 138e.64 (relating to appraisal).
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