The History of Title Insurance Companies, Part 2
In our previous blog post, we took a look at how the need for title companies emerged. This was mainly due to the fact that fraud was prevalent, and the fact that many people were having financial liabilities crop up after they bought their home that were the result of the previous owners. With so many people buying and selling property all across our expanding country, a need arose for standardization, which we will examine in this portion of our history lesson.
Title Partners of South Florida is the best title company serving the counties of Miami-Dade, Broward, and Palm Beach. For over 25 years, we’ve been helping people with their real estate closings by handling the title work for them and by answering questions about title insurance. We’re here to help you take that final step towards home ownership that you’ve been dreaming about. For realtors, we offer benefits for using our title services as well, including an automated email service. Below, we’ll dive into the more modern history side of title insurance companies. Contact us today to get started!
The Push for Standardization in the Title Process
Many big cities at the turn of the 20th century now had title insurance companies handling the jobs of the conveyancers, the precursor to title companies, who were independent men who conducted title searches and handled the filing of title work in the mid- to late 19th century. However, every principality, locality, county, and state had their own way of doing things and even every title company had its own form of title insurance, which made the mortgage lending process extremely tedious and time-consuming. The American Land Title Association (ALTA) had been formed in 1907 and now led the charge for universal practices. Over time, more companies saw the need and began to institute standards, which began to spread nationwide.
Economic Boon Time
After World War II, America entered a huge economic boom. Many Americans were now settling down into good jobs, starting families, and buying homes at record paces. As people did this in the country, the rise of the secondary mortgage industry began, which is where home loans and mortgages are bought and sold repeatedly amongst the banks. This made lending in rural places much more affordable since consumers could now shop around at banks besides their local bank. Title insurance was beginning to be required for at least the lender, and the home buyer was beginning to see the need for it as well.
Today, title insurance is an integral part of the whole home buying process. It decreases the risk for mortgage lenders, which in turn decreases the price of your mortgage (since many costs of mortgages are passed on to the end buyer). In addition, it decreases the risk to home buyers who can gain peace of mind knowing that even if a title problem arose, they are no longer financially liable.
HOW TITLE PARTNERS OF SOUTH FLORIDA MAKES HOME BUYERS AND REAL ESTATE AGENTS LIVES’ EASIER
Title Partners of South Florida not only provides valuable title services and title insurance services for the home buyer and for real estate agents, but we also do so with our customers in the forefront of our minds. While what we do may have a stigma of stuffiness attached to it, we do our best to make the title process fun. When you arrive for your real estate closing, you will be amazed at how smooth and easy the process is. We offer snacks and activities for the kids, so you can concentrate on getting all of your title questions answered. Your real estate agent is a great resource as well.
If you are a real estate agent, we offer you many benefits to choosing us as your title insurance company of choice in the Broward, Miami-Dade, and Palm Beach county area. Our online system called NextDeal offers a marketing package for realtors so that you can keep in touch with your amazing clients. We periodically email your clients useful information on mortgages and real estate, and when they are in the market for a new home, we notify you, the agent, as well. For your customers, they are able to access their real estate closing documents anytime online.
Title Partners of South Florida’s mission is to serve you, the home buyer and the realtor. Through keeping you informed throughout the title process, from when the title search will be complete to when we’ve heard from the mortgage company, we try to be as accurate as possible with our estimated real estate closing date. We also try to set our closings for as far in advance as possible so that home buyers can make moving plans. We understand that moving is a stressful time in people’s lives, and adding in the wait time for mortgage processing, you, the home buyer, can become extremely anxious. By making the real estate closing process streamlined so you can come in, sign, grab your key, and leave if you wanted (although we do love to celebrate with you!), Title Partners of South Florida stands head and shoulders above other area title companies.
As the home buyer, you’ve worked hard to purchase this home, and as the realtor, you’ve worked hard to find the right home for your clients. You shouldn’t have to work hard to close on it. Contact us today to get started!