Facts about title insurance ~ Did you know??…

Title insurance is one of the most misunderstood products of the real estate transaction. i Property records are jerky and confusing at best. There are no consistent recording methods and the laws pertaining to them are not easily maneuvered. When I got in the title business 12 years ago and since then, I have reviewed thousands of HUD1 settlement statements. I have closed too many transactions and until just recently, I thought I a had a pretty good handle on it all. Well, not the case!………. and I am certain that even those that have 2 or 3 times my years of experience, do not know it all.

So, a few things that I am still learning along the way……and some interesting and kind of fun to study historical facts of title insurance.

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get the facts property guiding~Did you know the name of the first title insurance company was The Law Property Assurance and Trust Society formed in Pennsylvania?

~Did you know title insurance is regulated by state insurance agencies?

~Did you know that titles abstracts were originally performed by a “conveyancer”?

~Did you know that title insurance is available in other countries like Canada, United Kingdom, Northern Ireland, Mexico, New Zealand, China, Korea, Australia and throughout Europe?

~Did you know that title insurance is only 140 years old?

~Did you know that until 1868 a title search had no guarantees as to its accuracy?

~Did you know that the state that created the laws to allow insurance of title was Pennsylvania?

~Did you know that Ben Franklin layed the groundwork for the model and concept of insurance as we know it today?

~Did you know that tile insurance emphasizes prevention rather than assumption of risk?

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You will only find a few facts about the industry and its making. Make sure to ask a qualified title agent questions before selling, buying or refinancing.

Title Junction is a full service real estate title company serving the area of Fort Myers, Cape Coral and the entire state of Florida since 2005. The company handles a number of real estate title services for both commercial and residential properties. Employees of Title Junction can also act as a witness in courtesy closings as well as an escrow agent or a notary public. Please contact Jennifer Ferri of Title Junction, LLC for further information @ 239-415-6574 or www.title-junction.com.

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Posted on May 10, 2013, in Title and tagged , , , , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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