| In an
escrow for a sale (or exchange) of real property where
no title insurance is to be issued, the buyer (or both
parties to an exchange) must receive and sign/acknowledge
the following notice as a separate document in the escrow:
"IMPORTANT: IN A PURCHASE OR EXCHANGE OF REAL
PROPERTY, IT MAY BE ADVISABLE TO OBTAIN TITLE INSURANCE
IN CONNECTION WITH THE CLOSE OF ESCROW SINCE THERE MAY
BE PRIOR RECORDED LIENS AND ENCUMBRANCES WHICH AFFECT
YOUR INTEREST IN THE PROPERTY BEING ACQUIRED. A NEW
POLICY OF TITLE INSURANCE SHOULD BE OBTAINED IN ORDER
TO ENSURE YOUR INTEREST IN THE PROPERTY THAT YOU ARE
ACQUIRING."
While the statute does not expressly assign the duty,
it is reasonable to assume that delivery of the notice
is an obligation of the escrow holder. A real estate
broker conducting an escrow pursuant to the exemption
set forth in Financial Code Section 17006(d) would,
therefore, be responsible for delivery of the notice.
Civil Code Section 1057.6
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Advisability of Title Insurance
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