Good morning, my friends,
Title insurance may be the most misunderstood product and part of the real estate transaction in the whole process of transferring property. Property records are disjointed and confusing at best. There is no consistent recording methods and the laws pertaining to them are not easily disseminated or maneuvered. When I got in the mortgage business 15 years ago and since then, I have seen 1000's of closings. I have reviewed 1000's of HUD1 settlement statements. I have even closed many loans and until a year ago, I figured a had a pretty good handle on it. Well, no way!.......... and I am certain that even folks that have 2 or 3 times my years of experience, do not know it all.
So I thought it interesting and kind of fun to study some of the historical facts of title insurance.
~Did you know that Ben Franklin layed the groundwork for the model and concept of insurance as we know it today?
~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 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 titles abstracts were originally performed by a "conveyancer"?
~Did you know that until 1868 a title search had no guarantees as to it's accuracy?
~Did you know that the state that created the laws to allow insurance of title was Pennsylvania?
~Did you know title insurance is regulated by state insurance agencies?
~Did you know that tile insurance emphasizes prevention rather than assumption of risk?
There are but just a few facts of record about the title insurance industry. Make sure to ask a qualified title agent or real estate attorney for advice before purchasing or refinancing home.
Thanks for stopping by
To your success
Until next time my friends,
LEADING EDGE TITLE SOLUTIONS
Matching experience with technology to give
you the edge to be a mortgage industry leader
Bo Hussung
Vice President of Sales
phone ~ 615-438-7300 fax ~ 678-261-1594
email me ~ bhussung@cogentca.com
web ~ www.cogentca.com
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