Title Insurance is Your Shield of Protection of the Past.
Novemeber 11th Gloria brought us Alyeska Title who sent us three of their best representatives to give our membership a clinic in the Life and Times of the Title Insurance Industry. Business Development coordinator Kelly was their lead off presenter who covered the basics of the operations of a Title Company. She explained that her industry assists their cliental with perfecting the paperwork that allows them to realize the American dream of owning a home and other property. Kelly explained that her office is charged with coordinating the formal documents, establish the correct transaction financials and to establish the formal agreements beyond a casual handshake.
Next up was Samm Eldrum who explained what Title Insurance is. Unlike Home, car or other traditional Insurance policies that protect consumers of future events, Titlle Insurance protects you from the past. The idea is to be able to show the chain of warranty deeds to a property, to ensure the buyer that the property is as presented by seller: to expose all liens and encumbrances to a piece of property. Commonly title insurance is a Bank requirement for those that take out a loan on property. A Bank is looking for assurances that they will be in first position on any property they holding as collateral.
Ti’anna Branchner closed out the presentation by explaining how Title insurance affects our National economy. Tianna stated that Title Insurance Industry returns back to our economy a little over one hundred million dollars each year. This financial gain is accomplished by clearing the different liens and encumbrances attached to the properties that they work on. Examples of these liens would be for back taxes, IRS liens, child support, and other judgments that can be attached to the property as a lien.