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Success S av v y
A widower needed to sell his house and a buyer wanted to seize
the moment and didn’t want to miss out on the opportunity of a
lifetime. The seller and the buyer quickly came to an agreement
and a handshake sealed the deal. Just after settling in, he learned
that the seller’s wife was alive. She filed an action on the grounds
that she never consented to the sale of her home. The buyer had
closed without title insurance and after exhausting and expensive
litigation, the buyer lost the value of his investment. Title insurance
is an exclusively American invention created in the 1880s. By paying
a one-time premium, your investment is protected against any loss
arising from existing or hidden title defects. In the event of a claim,
the title insurance will cover the full cost of defending the claim,
correct the problem, or pay the purchase price of the property in
accordance with the terms of the policy. The title industry takes
pride in providing extensive and accurate searches of public records,
but some issues can’t be discovered even by the most diligent and
experienced examiner. Nonetheless, you will still be covered against
ABOUT THE AUTHOR
Licensed Title Agent & Founder
of Perland Title & Escrow Services,
Judith “Judy” Peraza is a Certified
Professional Paralegal from
Northeastern University. She
has a Masters in Law LL.M from
California Western School Of Law
and is currently a candidate for the
Louisiana Bar exam; PerlandTitle.com.
Title insurance dates back to the 1880s, well before the
massive subdivisions and sky-scraping condos of today, even
decades before the post-WWII construction boom. So how
old are the other real estate services we take for granted?
TEX T BY STACY W YNN
The National Association Of
Realtors was founded in 1908 at
a YMCA Auditorium in Chicago.
Today, it’s one of the country’s
largest lobbying groups focused on
strengthening the ability of Americans to own property.
Home loans date back to the early
1800s, but the true rise of the
U.S. mortgage took place between
1949 and today. An interesting
fact: Before The Great Depression,
homeowners renegotiated their mortgages annually.
The American Institute Of Real Estate
Appraisers was founded in 1932 to
standardize the appraisal process.
They joined with the Society Of Real
Estate Appraisers in 1991 and today
are a contributor to the global valuation process.