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In the United States, firms selling Real Estate Titles to Property Owners and Mortgage Holders are an exception. Their trade organization, the American Land Title Association (ALTA), lobbies vigorously against any plan to allow market forces to influence the industry’s price structure. The Title Insurance Industry is one of America’s most highly regulated and legislatively protected businesses. Their status is criticized by consumer-oriented reformers more and more each year. The consequential Public Policy differences show how greatly our economy can be modified when elected officials, regardless of political party, are under the influence of resourceful lobbyists.
“Capitalism relies on a free market to create prices, reward modernization and competence, and balance the needs of both Buyers and Sellers…”
In New York State, according to the New York Times, a lender policy for a $500,000 home costs $2,142. The optional owner policy, if purchased at the same time, costs an additional $633. The total cost of only $2,775 would have been 15% higher in 2006, but the fact that E. Spitzer, State Attorney General at the time, had pressured the industry to accept a 15% reduction of its fee schedule. He thought that the premium schedule in New York State was unnecessary.
There is no evidence of a criminal conspiracy to accomplish state government support for New York’s high Mandatory Premium Schedule. It is even higher in some other states! The Title Insurance industry is owned and operated largely by valued citizens and investors. They take advantage of the reality that in a democracy, elected officials are often induced to endorse laws under which well-organized constituents are quietly enabled to enjoy special benefits.
For those who don’t know, Real Estate Titles are certified pieces of paper or Digitized Data Entries that grant legal rights on the buyer. These rights include:
• Permanent Ownership
• Access
• Enjoyment
• Right to Lease or Sell the Property
A few common hidden risks that may cause Loss of Title or create an Encumbrance of Title:
• Fraud
• False Impersonation
• Forged Documents; including Deed & Will
• Recording Mistakes
• Deeds by Persons of Unsound Mind
• Deeds by Minors
• Deeds by Persons Supposedly Single, but in fact Married
• Liens for Unpaid Tax or Civil Actions
Like Patents and Stock Certificates, a Title Certificate represents Capital, which can be sold, bought, invested, or deeded to an heir. Rarely will a title be bought, transferred, sold, or taxed unless confirmed by Public Registration of Ownership.
Title Insurance Agencies are most definitely under much pressure in America to ensure title has a “clean slate”. Each Title Insurance Company and its Agents are to comply with strict state rules which are updated frequently. Consumers put full trust into their Title Insurance Agency and investing into a property is one of the largest investments in most people’s lives. Therefore, the importance of their information is infinite.
Each Title Insurance Agency needs to be sure they’re compliant with their state laws and requirements. Though most agents are Attorneys already, not all states require such an extensive education and professional credential. Hiring a Virtual Researcher and Paralegal is important to the Agent who more than likely doesn’t have the time to conduct such extensive legal research.
Heather Nelson-Gonzalez, Founder & CEO of Virtual Admin & Paralegal Services knows the stress each agent is under. “When I am updating my database of Nationwide Title Compliance, I keep in mind the client needs a detailed, state specific rule of compliance document, but also something easy to follow. Not only do I supply the information they request but also an outlined structured format which is easy to follow and reference to throughout the year.”
Virtual Admin & Paralegal Services ( http://www.virtualadminparalegalservices.com ) is able to produce the most up-to-date and accurate Title Insurance Compliance and Information Nationwide than any other Virtual Company. Annually these databases, along with many other topics are updated and can be given to an Agent or someone looking to become an Agent. Please contact Mrs. Nelson-Gonzalez directly @ 1-203-444-8149 for further information regarding Nationwide Title Insurance Compliance.