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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.
Sioux Falls
Sioux Falls (/ˌsuː ˈfɔːlz/) (Lakota: Íŋyaŋ Okábleča Otȟúŋwahe;[8] “Stone Shatter City”) is the largest city in the U.S. state of South Dakota. It is the county seat of Minnehaha County,[9] and also extends into Lincoln County to the south. It is the 47th fastest-growing city in the United States[10] and the fastest-growing metro area in South Dakota, with a population increase of 22% between 2000 and 2010.[11]
As of 2016, Sioux Falls had an estimated population of 178,500. The metropolitan population of 251,854 accounts for 29% of South Dakota’s population. It is also the primary city of the Sioux Falls-Sioux City Designated Market Area (DMA), a larger media market region that covers parts of four states and has a population of 1,043,450.[12] Chartered in 1856 on the banks of the Big Sioux River, the city is situated in the rolling hills on the western edge of the Midwest at the junction of Interstate 90 and Interstate 29.
The history of Sioux Falls revolves around the cascades of the Big Sioux River. The falls were created about 14,000 years ago during the last ice age. The lure of the falls has been a powerful influence. Ho-Chunk, Ioway, Otoe, Missouri, Omaha (and Ponca at the time), Quapaw, Kansa, Osage, Arikira, Dakota, Nakota and Cheyenne people inhabited and settled the region previous to Europeans and European descendants. Numerousburial mounds still exist on the high bluffs near the river and are spread throughout the general vicinity. Indigenous people maintained an agricultural society with fortified villages, and the later arrivals rebuilt on many of the same sites that were previously settled. Lakotapopulate urban and reservation communities in the contemporary state and many Lakota, Dakota, Nakota, and numerous other Indigenous Americans reside in Sioux Falls today.[13]