Tagged : Title Insurance

Title insurance is also called indemnity insurance, and in terms of the United States real estate is protection against monetary loss resulting in defects of a real estate title as well as from an unfounded mortgage lien. Due to insufficient land record laws within the U.S., title insurance was created as a means to protect a landowner or a mortgage holder from losses incurred from problems that might arise from a faulty title. In the event of a lawsuit against the legitimacy of a title, title insurance will defend the owner's claim of ownership. In the event the title is found to be faulty, title insurance will reimburse the owner for any actual financial losses incurred up to the policy's limit.

Before title insurance, buyers had the responsibility of…

Within the industry of real estate, people needed an organization that could stand as the representative of the title abstractors, title insurers, and title agents. In the early 1900s, the American Land Title Association was founded as the answer to that need. Members are better able to serve their clients through their ability to protect land and real estate investors, buyers, and lenders with thoroughly researched titles that can be confidently insured. Membership is not limited to title insurance companies, as associate membership is offered to real estate brokers and agents, lawyers, land developers, and mortgage lenders.

The purpose of the American Land Title Association is to make real estate transfers as professional as legitimate as possible. The…