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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. 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.
Oroville is the county seat of Butte County, California, United States. The population was 15,506 at the 2010 census, up from 13,004 in the 2000 census. Oroville is considered the gateway to Lake Oroville and Feather River recreational areas. The city of Oroville has recently annexed two locations in South Oroville, areas A and B, which have a combined population of 2,725 people. The U.S. Census Bureau estimated the population of the city to be 17,996 as of January 1, 2016, up 1,908 people or 11.9 percent since 2010. The Berry Creek Rancheria of Maidu Indians of California is headquartered here.
Oroville is located off of State Route 70, and is in close proximity to State Route 99, which connects Butte County with Interstate 5. Chico, California is located about 25 minutes north of the city, and Sacramento lies about an hour south.
Oroville is situated at the base of the foothills on the banks of the Feather River where it flows out of the Sierra Nevada onto the flat floor of the Sacramento Valley. It was established as the head of navigation on the Feather River to supply gold miners during the California Gold Rush.
The town was originally called “Ophir City”, but the name was changed to Oroville when the first post office opened in 1854 (“oro” is “gold” in Spanish). The City Of Oroville was incorporated on January 3, 1906.
Gold was found at Bidwell Bar, one of the first gold mining sites in California, bringing thousands of prospectors to the Oroville area seeking riches. Now inundated by the waters of enormous Lake Oroville, which was filled in 1968, Bidwell Bar is memorialized by the Bidwell Bar Bridge, an original remnant from the area and the first suspension bridge in California (California Historical Landmark #314). In the early 20th century the Western Pacific Railroad completed construction of the all-weather Feather River Canyon route through the Sierra Nevadas giving it the nickname of “The Feather River Route”. Oroville would serve as an important stop for the famous California Zephyr during its 20-year run. In 1983, this became a part of the Union Pacific Railroad as their Feather River Canyon Subdivision. A major highway, State Route 70, roughly parallels the railroad line winding through the canyon.