In recent years the real estate title industry has been in the news more and usually, it is not because of the good things they do. Most of the news has ranged illegal kickbacks and gifts they give to brokers in exchange for more business being sent their way.
The latest story is from Washington and involves homeowners suing title agencies for providing illegal gifts to brokers and passing on extra charges to the customers.
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These stories have become all too common, and in the Internet age, it is only a matter of time before anyone who needs title insurance will be able to find a similar story. Because of the increased knowledge of title insurance providers should take a lesson and change their ways.
Before I go any further I need to discuss what Title Insurance is. Title insurance is an insurance policy to guarantee your ownership of the claims, liens, or judgments that may arise after the purchase or loan has been completed.
Provider of title insurance and proprietary research real estate certification before being bought, sold, or refinanced. They are looking for state and city public records for the property and persons in the transaction.
The title company will notify you and your attorney or lender from any claims that might challenge the ownership or a new loan on the property. Title insurance is a necessity in nearly every state in the US and serves to protect lenders and homeowners to lose their homes because of a loan or title inaccuracies or fraud.