9 Interesting Tidbits You Didn't Know About Title Insurance
Title insurance is a crucial part of buying real estate, whether a home, business, or 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 largely misunderstood (if it's understood at all) in the general community. Arrowhead Title, Inc. is here to educate you on our unique industry by filling you in on these interesting tidbits about title insurance.
Interesting Tidbits About Title Insurance
1. Benjamin Franklin was the first person to come up with the concept of title insurance.
2. Title insurance's primary focus is proactive, not reactive - it aims to prevent issues from ever arising in the first place.
3. 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, United Kingdom, and the rest of Europe.
4. Title searches were first guaranteed for accuracy starting in 1868.
5. Pennsylvania was the first state to enstate a law allowing title insurance.
6. Title insurance is regulated by state insurance agencies.
7. The first title company, established in Pennsylvania, was called The Law Property Assurance and Trust Society.
8. The job title for individuals who first performed title abstracts was "conveyancer."
9. The very first title insurance policy was issued in 1871.
Arrowhead Title Is Here For Your Title Needs At The Lake
When you are buying real estate at the Lake of the Ozarks, finding a reliable title company is essential. Though owner's title policies are not required (and lender's title policies are only necessary if you are obtaining a mortgage loan), we strongly encourage you to consider purchasing an owner's title policy as well. The lender's policy will not protect you, the buyer, in the event that someone stakes a claim on your land - the buyer's policy is the only one that will offer the protection you need. 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.
For more information about our title services at the Lake of the Ozarks, visit our website at www.ArrowheadTitle.com. We look forward to answering your questions.
The Lake of the Ozarks' Most Trusted Title Company
Where Accuracy Matters!
Interesting Tidbits About Title Insurance
1. Benjamin Franklin was the first person to come up with the concept of title insurance.
2. Title insurance's primary focus is proactive, not reactive - it aims to prevent issues from ever arising in the first place.
3. 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, United Kingdom, and the rest of Europe.
4. Title searches were first guaranteed for accuracy starting in 1868.
6. Title insurance is regulated by state insurance agencies.
7. The first title company, established in Pennsylvania, was called The Law Property Assurance and Trust Society.
8. The job title for individuals who first performed title abstracts was "conveyancer."
9. The very first title insurance policy was issued in 1871.
Arrowhead Title Is Here For Your Title Needs At The Lake
When you are buying real estate at the Lake of the Ozarks, finding a reliable title company is essential. Though owner's title policies are not required (and lender's title policies are only necessary if you are obtaining a mortgage loan), we strongly encourage you to consider purchasing an owner's title policy as well. The lender's policy will not protect you, the buyer, in the event that someone stakes a claim on your land - the buyer's policy is the only one that will offer the protection you need. 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.
For more information about our title services at the Lake of the Ozarks, visit our website at www.ArrowheadTitle.com. We look forward to answering your questions.
The Lake of the Ozarks' Most Trusted Title Company
Where Accuracy Matters!
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