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Home > Property Insurance Coverage > Title Insurance > Independence County Abstract Company
Independence County Abstract Company
In 1984, Independence County Abstract Company began writing owner's and mortgagee's title insurance commitments and policies for real estate transactions involving sales and mortgages while continuing to make and update abstracts, along with the many other services required. When the need for real estate abstracts diminished in the early 1990's, the overwhelming demand for title insurance took the place of the abstract business.
No longer were the owners, lenders and attorneys required to store
the sometimes burdensome abstracts, some of which could be as large as or larger than a sears catalog. The expense of having an abstract made from the earliest records and not knowing what the cost would be or how many weeks it would take to prepare the abstract was no longer questions that would be answered at a later date when completed.
Title insurance and search fees were more readily available from rate schedules which were previously calculated and the buyers and sellers could be given the costs at the same time as the order was given. And, in 1984, Independence County Abstract Company became the first title company in Independence County to use a computer to search for judgments, tax liens and a variety of court cases in Independence County involving the buyers, borrowers and sellers. This was the beginning of faster turn around times for each order.
Issuance of title insurance policy once all the requirements on the title commitment have been fulfilled, the title insurance policy is issued. The lender's policy protects the lender, but not the owner, against title loss, up to the loan amount. The owner's policy covers the owner's interest for the appraisal amount. The policy remains in force for as long as the insured party maintains ownership.
Examination of title issuance of the title commitment an examination of the land records is performed to verify ownership of the property and to set out the required documents and information to facilitate the transaction. All necessary documents are prepared for the buyers and sellers to finalize the transaction. Although it is a product considerably different from other kinds of insurance coverage, the title insurance can be very effective for avoiding losses and claims in real estate transactions.
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