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Title Insurance
Title insurance is a form of indemnity insurance predominantly found in the United States which insures against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage loans. Title insurance is principally a product developed and sold in the United States as a result of an alleged comparative deficiency of land records in that country. It is meant to protect an owner’s or a lender’s financial interest in real property against loss due to title defects, liens or other matters. It will defend against a lawsuit attacking the title, or reimburse the insured for the actual monetary loss incurred, up to the dollar amount of insurance provided by the policy. The first title insurance company, the Law Property Assurance and Trust Society, was formed in Pennsylvania in 1853.[1] The vast majority of title insurance policies are written on land within the United States.
Typically the real property interests insured are fee simple ownership or a mortgage. However, title insurance can be purchased to insure any interest in real property, including an easement, lease or life estate.
There are two types of policies – owner and lender. Just as lenders require fire insurance and other types of insurance coverage to protect their investment, nearly all institutional lenders also require title insurance [a loan policy] to protect their interest in the collateral of loans secured by real estate. Some mortgage lenders, especially non-institutional lenders, may not require title insurance. Buyers purchasing properties for cash or with a mortgage lender often want title insurance [an owner policy] as well. A loan policy provides no coverage or benefit for the buyer/owner and so the decision to purchase an owner policy is independent of the lender’s decision to require a loan policy.
Title insurance is available in many other countries, such as Canada, Australia, the United Kingdom, Mexico, New Zealand, Japan, China, Korea and throughout Europe. However, while a substantial number of properties located in these countries are insured by U.S. title insurers, they do not constitute a significant share of the real estate transactions in those countries. They also do not constitute a large share of U.S. title insurers’ revenues. In many cases these are properties to be used for commercial purposes by U.S. companies doing business abroad, or properties financed by U.S lenders. The U.S. companies involved buy title insurance to obtain the security of a U.S. insurer backing up the evidence of title that they receive from the other country’s land registration system, and payment of legal defense costs if the title is challenged.
Edmonds
Edmonds is a city in Snohomish County, Washington, United States, and is a Northern Suburb of Seattle located 11 miles (18 km) north of the city. Edmonds has a view of Puget Sound and both the Olympic Mountains and Cascade Range. The third most populous city in Snohomish County after Everett and Marysville, the population was 39,709 according to the 2010 census and the estimated population in 2015 was 40,490.[3] Based on per capita income, one of the more reliable measures of affluence, Edmonds ranks 20th of 281 areas in the state of Washington.[5]
Edmonds is a port in the Washington State Ferries system. Currently, the only ferry from Edmonds is a run to Kingston, Washington; in the past, there have been much longer routes from Edmonds to Port Townsend, Washington.[6]
Edmonds is the oldest incorporated city in Snohomish County. Logger George Brackett founded Edmonds in 1890, naming the city either for Vermont Sen. George Franklin Edmunds[7] or in association with the nearby Point Edmund, named by Charles Wilkes in 1841 and later changed to Point Edwards.[8] Brackett came to the future site of Edmonds while paddling a canoe north of Seattle, searching for timber. When a gust of wind hit his canoe, Brackett beached in a location later called “Brackett’s Landing”.[9]
The town was named Edmonds in 1884, but was not incorporated until 1890 as an official “village fourth class” of Snohomish County. In that same year, Brackett sold 455 acres (1.84 km2) to the Minneapolis Realty and Investment Company. The town was plotted and a wharf was added along the waterfront. Modest houses and commercial structures sprouted up with a row of shingle mills dominating the cityscape.