Did You Know? - Fun Facts About Title Insurance
Title insurance is a crucial part of buying real estate, whether a commercial or residential plot of land. Without title insurance, your right to use and occupy your new property may be hindered by rights and claims asserted by others - potentially even years after the closing date. Despite its incredible importance, title insurance is arguably one of the least understood aspects of the home closing process. Arrowhead Title, Inc. is here to educate you on our unique industry by filling you in on several fun facts about title insurance.
Fun Facts About Title Insurance:1. The primary focus of title insurance is proactive, not reactive - it aims to prevent issues from ever arising in the first place. Title insurance protects against claims from defects in your title.
2. The three most common title defects are liens, mortgages, and typographical errors or corrections.
3. Condominiums are protected by title insurance just like a single-family dwelling. A policy is issued for each condo unit.
4. Benjamin Franklin was the first person to come up with the concept of title insurance.
5. Pennsylvania was the first state to instate a law allowing title insurance.
6. The first title company, established in Pennsylvania, was called The Law Property Assurance and Trust Society.
7. Title searches were first guaranteed for accuracy starting in 1868.
8. The first title insurance policy was issued in 1871.
9. The job title for individuals who first performed title abstracts was "conveyancer."
10. Since title insurance is purchased for a one-time premium, it is one of the most affordable forms of insurance available on the market today.
11. Title insurance is available in several other countries (not just the States). For example, it is used in Northern Ireland, Canada, Mexico, New Zealand, Australia, China, Korea, the United Kingdom, and the rest of Europe.