Real estate title insurance real estate title insurance, also called simply “title insurance” is an American invention, which is popular in that country, having become especially important in the last century. Its current use covers the entire American union and all types of real estate transactions, including commercial and residential. This is a compensation contract that covers risks arising from faults or defects that can be contained in the deeds, registered or not in a public registry of property, causing damage to the insured. The coverage is permanent, while the insured or his heirs retain an interest in the property. The recruitment of such insurance is effected through highly specialized insurance companies, two of which operate in Mexico, who not only undertake to make appropriate coverage, but also to assist with the insured during the entire operation process estate until the end of it.There are standard policies for both property owners and crors, themselves governed by the American Land Title Association (ALTA) of the United States. Mexican policies in terms of their form, are consistent with those authorized by the (high), but adequate to the Mexican market. The clauses of the policies, including coverage, exclusions and exceptions, are similar, mutatis mutandis, in the U.S. and Mexico. In our country include risks of ejido and communal property, unknown in that country. The procedures for the procurement of insurance and for appropriate compensation claim are similar in the two countries, but show differences that address the particularities of our respective legal systems. We are certain that with time and practice of title insurance in Mexico, soon the figure will be commonly used in business operations and forced some importance in commercial high amounts.For use in residential operations, we believe that broadcasting should be expanded to raise awareness of insurance and lawyers, notaries and real estate brokers on the importance of their use. This type of insurance is unnecessary in most advanced countries, legally speaking, since they have a specialized, the Latin notary, which works in the clothing of titles carefully studying the history a sovereign, impartial advice on recruitment parties property, so as to ensure a perfect title in their worth and effectiveness.
Unfortunately, the purely commercial interest of the big insurers, they are making efforts to publicize their product continuously, for which necessarily must attack the Latin notary system which is its most staunch competitor. But it should be noted that the alternative choice between a good title without insurance and therefore without probable damage and a weak title with good insurance, the first is imposed between subjects fairly intelligent.It is estimated that the average homeowners prefer not to suffer harm rather than to suffer and be compensated. Therefore, in the more advanced countries such as Spain, Italy, France, Japan, among others, insurance companies are frustrated in their attempts to put on the market with their title insurance. For author of “Real Estate Title Insurance”, the title insurance contract is an agreement for compensation, as collateral for a major operation, which may be the sale or mortgage, the insurer agrees to indemnify the insured in case it had any loss caused by actions brought by third parties. This obligation to indemnify contains an aspect of fairness (equity), since the compensation is entitled to restitution, which is not true with other kinds of insurance.