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You are about to wire closing funds to the table, into the hands of a lawyer or settlement company employee you have never met before, but no worries because you have a closing protection letter right? Wrong.

Take a good look at the language in that closing protection letter. The majority of CPLs insure only against the invalidity or unenforceability of the lien of the mortgage on the title. Thus, if the closing agent fails to properly record the mortgage, the validity of your lien and its priority are covered. The underwriter will take appropriate steps to re-record or challenge priority at its cost and expense.

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