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Kenny Gays
Principal Broker / REALTOR
®, SFR, ABR
Smoky Mountain Real Estate Corp.

459 Glades Road
Gatlinburg, TN 37738
Phone: 865 805-2541 Cell Direct
Office: 865 277-8115
Fax: 8777151213
Email: kennygays@investthesmokies.com

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Title Insurance - Where Does Your Dollar Go?

Title Insurance: As a homebuyer, the term is probably familiar - but is it understood? What is your dollar actually paying for when you purchase a title policy?

Title Insurers, unlike property or casualty insurance companies, operate under the theory of risk elimination. Title companies spend a high percentage of their operating income each year collecting, storing, maintaining and analyzing official records for information that affects title to real property. Their technical experts are trained to identify the rights others may have in your property, such as recorded liens, legal actions, disputed interests, rights of way or other encumbrances on your title. Before closing your transaction, the title company will proceed to clear those encumbrances which you do not wish to assume.

This theory is different from that of most other insurance where, for example, rates and anticipated losses are based on actuarial studies and premiums are pooled on the assumption that a certain number of claims will be made. The distinction is important: title insurance premiums are paid to identify and eliminate potential risks and claims before they happen. Medical and casualty insurance premiums, for example, are paid to insure against an unpredictable future event, knowing that risks exist and claims will occur. Furthermore, title insurance involves a one-time premium, paid when you close the real estate transaction, while property, casualty and medical insurance require regular renewal premiums.

The goal of title companies is to conduct such a thorough search and evaluation of public records that no claims will ever arise. Of course, this is impossible -- we live in an imperfect world, where human error and changing legal interpretations make 100% risk elimination impossible. When claims arise, professional claims personnel are assigned to handle them according to the terms of the title insurance policy.

As in all competitive business environments, rates vary from company to company, so you should make comparisons before deciding on a particular title company. Your real estate professional can help you do this. In addition, there are many helpful customer services provided by title companies which you and your real estate professional may find helpful to your transaction.

The issuance of a title insurance policy is highly labor-intensive. It is based upon the maintenance of a title plant, or library of title records, in many cases dating back over a hundred years. Each day, recorded documents affecting real property and property owners are posted to these title plants so that when a title search on a particular parcel is requested, the information is already organized for rapid and accurate retrieval. This investment in skilled personnel and advanced data processing represents a major part of the title insurance premium dollar.

Article by CLTA

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Testimonials

Here is what georgethomas wrote: How likely are you to recommend this agent? highly likely Rate agent on specific characteristics Local knowledge: ***** Process expertise: ***** Responsiveness: ***** Negotiation skills: ***** Summary of their experience Kenny Gays sold 2 rental properties for me and helped me find a home in Sevierville for my personal use when I moved from Florida in 2008. As a listing Agent he helped me sell 2 rental properties in Gatlinburg during a very difficult real estate market. As a Buyers Agent he went way above and beyond the call of duty helping me find a personal residence. He spent several days searching for a property he thought I would like before I even arrived here to begin my search. He worked with me for almost a week showing me different properties before I finally made my decision. As both a Buyers Agent and a Listing Agent I found him to be helpful, sincere and honest. He always worked in my best interest and never tried to push me in any direction although he did give me invaluable advice at times. I will always be indebted to him because the house he found for me has turned out to be the house I am enjoying more than any house I've ever owned. Whenever I need to buy or sell property I will certainly contact Kenny. I highly recommend him. Service provided Helped me buy and sell homes From Zillow.com George Thomas
Kenny helped us find our dream cabin in Gatlinburg. We were unsure of the foreclosure process but Kenny helped us through the entire process and made us feel at ease with our purchase. Thank you The Marcil Family
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