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A fundamental freedom in America is the ability to own real estate. Title
and escrow services are essential to the real estate transaction process
by facilitating and protecting real estate ownership.
The following five components of title and escrow services enable the
efficient transfer of real estate:
1.The title industry determines who owns real estate by searching
and examining public and private land record systems for the
history of the property.
2.The title industry identifies and works to correct problems related to
property ownership and then prepares the title to be transfered.
Title defects are corrected in about 36 percent of all transactions
(2005 ALTA figures).
3.The title industry provides escrow services to disburse funds
between all the parties involved in the real estate transaction.
4.The title industry acts as the transaction manager, handling the
accumulation, execution and recording of necessary documents for
all parties.
5.The title industry then insures the transaction. If a title problem
occurs, then the problem is fixed ot a claims still
occur. In 2005, $916.4 million in claims were paid, up from $699.9
million in 2004.
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In real estate, the title industry is the "engine inside." The assurances provided by the title industry expedite the process, reduce mortgage rates and stabilize the secondary mortgage market, thus freeing up
capital in the economy. Title insurance may seem hidden in the process, but without it, buying and selling property would be excessively
cumbersome. The whole world seeks the prosperity of the American real estate market and title insurance is a key component of that world-renowned treasure.
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