The Land Title or Real Estate Title Industry is vital to the US economy. The work a title agent does protects the rights, therefore the monetary investments, of real estate buyers. The industry reduces risks to lenders, giving banks the confidence to issue mortgages and home equity loans. Because of the assurance title insurance provides, lenders issue loans more cheaply than without land title insurance, and agents provide the assurance necessary for capitalism to flourish in our country. The real estate title industry ensures that people have clear ownership rights to their home–rights that help them to realize the American dream, create wealth, and drive the nation’s economy.
The title industry helps protect people’s investments in their homes. For a one-time fee, a title agent assures clear ownership of title for the homeowner and then provides insurance protection for as long as they own the property. Agents discover and cure errors in one out of every three real estate transactions before buyers even get to the closing table. By working to eliminate the risks that could jeopardize home ownership, agents help protect the American Dream.
The land title industry helps create wealth. By assuring clear ownership, the real estate title industry helps people use their property as collateral to borrow funds, which they use to open businesses, expand their education, and provide for their families. By assuring that they will not lose their home to fraud or other risks, people can use their home’s equity as an investment. By providing mortgage lien insurance to lenders, the title industry helps make credit available to consumers so that they can realize the dream of home ownership.
The industry also drives the nation’s economy. The system that allows land to be freely bought, sold, and transferred in the US depends on the work of the title industry. The proof of ownership that it provides allows homeowners to grow their assets and stimulate the economy through real estate equity. The title agent’s work gives lenders confidence to provide mortgage loans, which is the backbone of the real estate economy–the backbone of the nation’s economy.
The land title industry provides a service that no one else does. No other industry insures people’s ownership of real property. Not bankers. Not Realtors. Not the Government. Title agents use extraordinary skill to search for information used to resolve issues, reduce people’s risk, and conduct the transaction. Without this work performed, homeowner’s property rights could be jeopardized, collateral and equity could be lost, along with trust in our national system of private property ownership.
The title process is a detailed and extensive one. Title professionals take extraordinary time and use expert skill to search public records for judgements, liens, and other potential problems. An agent then goes to work to resolve title issues, reduce people’s risk, and prepare for the transaction process. In the end, a title agent’s work assures people’s ownership rights and helps protect them from future claims.
Title Insurance is different from other types of insurance coverage for two reasons. First, people pay for their owner’s policy only once (rather than annually) to give them protection for as long as they own their property. Secondly, our process works to eliminate risk upfront, rather than after issues happen later. Other forms of insurance, such as auto or property and casualty, require little upfront work because claims can’t be predicted or prevented.
Your title agent has your back when it comes to protecting your interest in your home. A title agent is more than just providing a title search or closing on your new home. They are a very important part of the real estate transaction that goes mostly unnoticed. Their job is a combination of complex research, professional coordination, and total trust. It’s important to have a reputable title agency like Whipple Title to get this complex job done right!
Working with a title agent that you know and trust can ensure peace of mind through one of the largest purchases of your life. Whipple Title is a personal-service title company leading the way with a level of customer service that you can’t expect from anyone else. If you have questions or have real estate title needs, please call us at 330-477-3589 today.