$460 Million Paid in Title Claims Last Year
Title insurers paid about $460 million in claims in 2001, compared with $350 million in 2000, according to a recent survey by the American Land Title Assn.
These payments were made to compensate insured homeowners for losses they experienced under policies issued to them, or to defend their titles from claims.
The survey of 420 abstracters and agent operations showed that title problems arise in one out of four real estate transactions.
In 2001, this represented about 1.6 million of the 6.5 million residential real estate sales that closed.
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