I Believe (reprinted from Mike Pryor at ALTA)

(Reprinted with permission from Mike Pryor at ALTA - http://www.mikepryor.net/)

I was recently asked why I am so adamant about the need for a good title search.

Because…..

• I believe the cornerstone of property rights in the United States is based on a transparent and reliable method of providing constructive notice regarding those precious rights.
• I believe a good title search brings attention to areas of the public record that need correction, satisfaction or curative action.
• I believe that without the scrutiny and curative action resulting from a good title search, critical public real estate records in our country will fall into disarray.
• I believe that failure of confidence in the public records will inevitably lead to increased fraud and false claims against legitimate property rights.
• I believe corrupted public records will result in a reluctance or refusal of credit.
• I believe once the public records are damaged beyond any ability to prove unimpaired ownership, title insurance will become unaffordable for most consumers.
• I believe when a loan is conditioned on an unaffordable title insurance product or an unattainable proof of lien priority, economic prosperity is threatened.

Do you still wonder why I am so adamant about the need for a good title search?

Because….

• I believe the quality of a title search should be more than an “occasional” requirement for issuing title insurance.
• I believe consumers are entitled to disclosure of all title impairments of record, regardless of the insuring decisions.
• I believe a title policy issued on a poor (or non-existent) title search provides an illusory near term savings at a catastrophic long term price…both for consumers and title insurers.
• I believe our individual and corporate responsibility to the economic future of our children and grandchildren is violated every time we forego a good search in favor of a quick profit.
• I believe, as an industry, we should be protectors of good standards, not just servants to the avarice of mortgage markets that require “quick” at the expense of “good”.
• I believe those in the title business should learn from current business examples that the consequences of short cuts, regulatory failure and improper attention to risk are devastating.

Finally, I believe a good title search of good public records unleashes the power of asset leveraging and securitization in a way that, with restored diligence, can keep the American dream of home ownership alive for future generations.

That’s why I am so adamant about the need for a good title search.

Thanks for asking!

Mike Pryor
www.mikepryor.net