Hi Mark,what is title insurance and what's the purpose in having it?
Answer: By Mark Key
The birth of title insurance
It began in 1868. In Philadelphia, a land sale showed the necessity of having more protection than the examination of public records would provide. Before the sale, a title search disclosed an old judgment against the land. But the buyer's attorney advised that it was not a valid lien, and the sale was completed.
Shortly afterward, however, the lien was allowed by the court, and the property was sold at a sheriff's sale. As a result of the loss, real estate attorneys decided to do something to protect innocent investors. They created title insurance, and before long it was used all over the U.S.
Thanks for the challenging question Tom I had to do my research. If you have a challenging question for me please feel free to ask at the bottom of the page and start a discussion or ask like Tom did in the QandA BOX at the top of the page and I'LL only post the question if you give me permission.
Mark Key
RealtyUSA.com
716-603-8649
mkey@realtyusa.com
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