Title Insurance

HISTORY OF TITLE INSURANCE

• Prior to title insurance buyers typically risked losing their entire investment when claims against their property subsequently arose, after purchase.
• As a result, the first title insurance company was formed in the United States in 1853.
• The company’s mission statement was to “insure the purchasers of real estate and mortgages against losses from defective titles, liens and encumbrances” with the intent that “transfers of real estate and real estate securities can be made more speedily and with greater security than heretofore.”
• The first policy of title insurance sold by the company was to insure a $1,500 purchase.

WHAT DOES “TITLE” MEAN?

• “Title” is a legal term meaning the name of the buyer or “grantee” in a deed to real estate. Title can be in the name of individuals, entities or trustees.

WHAT IS TITLE INSURANCE?

• Title insurance provides protection for:
  (i) a property owner against financial loss from problems arising in connection with the title to their real estate, AND
  (ii) a mortgage lender from the invalidity or unenforceability of the lien of their mortgage.
• Title insurance will also defend against claims attacking the insured title and will reimburse the insured for monetary loss up to the coverage amount.

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