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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.
Homeacre-Lyndora
Homeacre-Lyndora is a census-designated place (CDP) in Butler County, Pennsylvania, United States. The population was 6,906 at the 2010 census.[1]
Lyndora was linked to Butler, Evans City and Pittsburgh in 1908 by the Pittsburgh, Harmony, Butler and New Castle Railway, an interurban trolley line. The line closed on 15 June 1931, and the trolleys were replaced by buses.
Homeacre-Lyndora occupies a broad portion of central and northern Butler Township, north and west of the city of Butler. The U.S. Census Bureau locates the CDP at 40°52′10″N 79°55′14″W (40.869461, -79.920460),[2] but it consists of several developed areas separated by forested valleys. The Homeacre portion of the CDP is located on high ground west of Butler, while Lyndora is directly adjacent to Butler in the southeast corner of the CDP, in the valley of Connoquenessing Creek. The CDP is bordered by Meridian on the west and by Shanor-Northview in Center Township on the north.
U.S. Route 422, the Benjamin Franklin Highway, passes through the CDP, leading east 22 miles (35 km) to Kittanning and west 25 miles (40 km) to New Castle. Pennsylvania Route 356, New Castle Road, follows the old routing of US-422, leading east into downtown Butler, and joining 422 in the northwest corner of the CDP. Pennsylvania Route 68 joins PA 356 in the Homeacre part of the CDP, leading east into Butler but traveling west to Connoquenessing, Evans City, and Zelienople. Pennsylvania Route 8 passes through the eastern part of the CDP, interchanging with US 422 and leading south into downtown Butler and north to Harrisville and Franklin.
According to the United States Census Bureau, the CDP has a total area of 6.6 square miles (17.2 km2), all of it land.[1]