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.
~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?
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.
Posted on May 10, 2013, in Title and tagged 1868, Australia, Ben Franklin, Canada, Cape Coral, China, Conveyancer, Europe, Fort Myers, HUD-1, Jennifer Ferri, Korea, Mexico, New Zealand, Northern Ireland, Pennsylvania, Property Guiding, Settlement Statement, State Insurance Agency, SWFL Real Estate, The Law Property Assurance and Trust Society, Title Abstracts, Title Insurance, Title Junction, Title Work, United Kingdom. Bookmark the permalink. Leave a comment.