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The first title insurance company, the Law Property Assurance and Trust Society, was formed in Pennsylvania in 1853. [1] Typically the real property interests insured are fee simple ownership or a mortgage. However, title insurance can be purchased to insure any interest in real property, including an easement, lease, or life estate.
For instance, say you purchase a property from the estate of a deceased individual, and an unknown heir later asserts ownership, alleging that it was improperly sold to you. Title insurance can be ...
A title search provides constructive notice of any encumbrances, easements, or restrictions on the property being conveyed, and is generally considered part of a buyer's due diligence in the process of purchasing real estate. Buyers can also purchase title insurance to protect against title defects.
Joshua H. Morris, a conveyancer in Philadelphia, and several colleagues met on 28 March 1876 to incorporate the first title insurance company to address the issue.The new firm, they stated, would "insure the purchasers of real estate and mortgages against losses from defective titles, liens and encumbrances," and that "through these facilities, transfer of real estate and real estate ...
It would be “extremely valuable” if a company paid the legal fees necessary to clear the title of a forged document, real estate litigator William Maffucci told Smart Business Philadelphia ...
A famous rule is that a thief cannot convey good title, so title searches are routine (or highly recommended) for purchases of many types of expensive property (especially real estate). In several counties and municipalities in the US a standard title search (generally accompanied by title insurance ) is required under the law as a part of ...
Recording a lis pendens against a piece of property alerts a potential purchaser or lender that the property’s title is in question, which makes the property less attractive to a buyer or lender. Once the notice is filed, the legal title of anyone who purchases the land or property described in the notice is subject to the outcome of the lawsuit.
Taxes can also cause a lock-in effect. States such as California and Florida limit the amounts by which property taxes can rise each year. Homeowners who sell their homes lose some of that tax ...