Title Insurance: Ann Arbor Homes:  Ann Arbor and Michigan Realtor: Real Estate Today: Realtor Live
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Title Insurance: Ann Arbor Homes: Ann Arbor and Michigan Realtor: Real Estate Today: Realtor Live

and why they need to pay for title
insurance first of all title insurance is state
regulated most title companies are gonna charge about the same amount the state
has regulated how much they’re supposed to be charging you based on the purchase
price of the property secondly we would like to share a story which is a pretty
good story about why title insurance is so important
it starts with President Abraham Lincoln you know him everyone learned about his
log cabin in Illinois but what you need to know is that story starts in Kentucky
his family owned two log cabins in Kentucky and one day someone knocked on
the door ready to evict his family unfortunately his father did not have
any paperwork proving that his father owned the 300 acres that the log cabin
sat on and he actually had bought the land for $200 but in the eighteen
hundred’s that was a lot of money so subsequently the
property was taken from the Lincoln’s so they went down the way about eight miles
and they bought another piece of property that they farmed but before he
knew it there was another knock down the door and they told the Lincoln’s they
did not go in the property again so in that it was owned by someone else
so Mr. Lincoln went ahead and he had the proper paperwork this time but he didn’t
have title insurance so he still had to prove that he owned the land and they
had to go to court and this battle took many years and it brought his family
into a lot of debt perhaps that’s why President Lincoln became a lawyer
through the battle in the court the Lincoln’s became disheartened and they
left the state of Kentucky to Indiana where every person would have clear title in the territory
they’d have paperwork proving that they owned the property and again they call
this clear title and that’s why you pay for title insurance you want to make
sure that you have clear title clear so no one else can come and claim your property and say that it belongs to
him, or them, it in 1876 the entire nation all of America adopted title insurance
as a standard for property transactions Yea!

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