Ohio Title Insurance

by Maureen McCabe on September 14, 2007

OhioThis is a test.  This is only a test.

It’s a test about Title Insurance from ALTA. 

I hate to brag but I got 100% on the ALTA Title Insurance Test.    Thanks to Mark Pilatowski in NJ for bringing the test to my attention.  Mark’s Blog is called ‘My Closing Space Title Insurance Blog’

The ALTA test has a question which seemed like a trick question to me… because real estate is local.  I made a reference to ”escrow” in a post about “jargon” relatively recently… 

Spoiler Alert 

If you are a test taker or have any interest in testing your knowledge about title insurance take the test now.  Take the test before it is too late.  Take the test before reading this next paragraph…   The jargon is “escrow”  I wrote about how Central Ohio consumers (sellers) are less than thrilled when they hear “we’re closing in escrow on your property today.  Especially if there is another closing scheduled, just after on the home the seller is purchasing.      

8. Is there a difference between closing, settlement, and closing escrow?

A. Yes
B. No
Answer: The answer is B. Closing, settlement, and closing escrow can be used interchangeably and all mean finalizing all legal matters associated with buying your house and making your home officially yours. “

Although Central Ohio sellers have been known to say things like  #&%* !^%$  when the word comes up the day of closing… as far as ALTA is concerned it is all the same.   I got it correct… it was tough to do but I chose the right answer.

Real Estate JargonCentral Ohioese  

What is ALTA? American Land Title Association.  A trade association for title insurers?

Their site says:

The American Land Title Association (ALTA), founded in 1907, is the national trade association and voice of the abstract* and title insurance industry. ALTA members search, review and insure land titles to protect home buyers and mortgage lenders who invest in real estate. ALTA is headquartered in Washington, DC.

The ALTA site has a glossary!  Look up what an abstract (starred above) is.  Or don’t. 

Gif from ALTAThe ALTA site aimed at consumers is officially:  Home Closing 101: An Educational Initiative of the American Land Title Association

More about title insurance later… especially if I could find a title insurance guest blogger for ColumbusBestBlog.com  in Central Ohio… wouldn’t that be great?


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