History

Writing Title Insurance Commitments and Policies

In 1984, Independence County Abstract Company began writing owner's and mortgagee's title insurance commitments and policies for real estate transactions involving sales and mortgages while continuing to make and update abstracts, along with the many other services required. When the need for real estate abstracts diminished in the early 1990's, the overwhelming demand for title insurance took the place of the abstract business. No longer were the owners, lenders and attorneys required to store the sometimes burdensome abstracts, some of which could be as large as, or larger, than a Sears catalog. The expense of having an abstract made from the earliest records and not knowing what the cost would be, or how many weeks it would take to prepare the abstract, was no longer questions that would be answered at a later date when completed. Title insurance and search fees were more readily available from rate schedules which were previously calculated and the buyers and sellers could be given the costs at the same time as the order was given. Also, in 1984, Independence County Abstract Company became the first title company in Independence County to use a computer to search for judgments, tax liens, and various court cases in Independence County involving the buyers, borrowers, and sellers. This was the beginning of faster turn around times for each order.