A Title Agent Bond is a type of surety bond that must be furnished by those licensed as an individual or business entity title insurance agent, handling escrow, settlement, or closing functions for real estate transactions not involving the issuance of title insurance. The Ohio Title Bond is mandated pursuant to Section 3953.23 of the Ohio Revised Code. The surety bond is written for benefit of anyone suffering a loss resulting from theft, misappropriation, fraud, or any other failure to properly disburse settlement, closing, or escrow funds in a real estate transaction. Regardless of the number of years this surety bond remains active and in effect, in no will the aggregate liability of the surety company for all claims under this bond exceed the penal sum of this bond.
