Last night I showed someone how to fly an airplane from 6,000 ft up and 15 miles away from the airport to the approach end of the runway, and then land, without ever looking out of the window.
I’m a Title Rep. (Tie-tél Rep; a person or reptile that scurries through Real Estate Offices and Lending institutions in search of food, stopping at nothing, including stepping on other Title Reps in its pursuit.) In other words, I sell Title Insurance. But even worse, I also fly airplanes. In fact I teach flying whenever I’m not in a Real Estate office. A lot of people have two jobs these days. I’m no exception.
The airplanes wheels gently touched the pavement. They squeaked, or screamed, for a half second while the resting tires accepted the change in weight from zero to 2,000 pounds and spun up to 70 mph.
Once stopped I got out of my seat in the cockpit and left the airplane for the debriefing room. There I’d discuss the flight just flown with my student. It had been a long day. Working Title from early in the morning and then flying at night. A sixteen hour day for me. Title Insurance and aircraft landings were merging in my head and then it struck me.
How is Title Insurance similar to piloting an airplane?
Before a pilot flies an airplane they do what’s called an acceptance check. The entire airplane is checked, the airframe, engines, safety equipment, every system, navigation, fuel, weight, weather, everything. Once the pilot in command is satisfied the airplane is safe and the flight can be conducted safely they’ll sign a legal document saying the aircraft is airworthy. After the daily acceptance check, the Captain or First Officer will do a preflight inspection before each subsequent flight that day.
Like a Pilot In Command, a Title Officer first checks the “worthiness” of the properties legal description before issuing a policy. That way when you buy, or “accept” a new home you are insured against anyone who may come out of the past to file a claim against your legal right to ownership of the property. And if too much time passes between the Prelim (Preliminary Title Report) and closing, the Title Officer will do a subsequent search or “date down” to make sure nothing new popped up since the initial “acceptance check”.
Unlike other types of insurance, Title Insurance insures property owners against events that occurred in the past that might adversely affect the present property owner. Part of the cost of Title Insurance goes toward searching the properties chain of Title, legal coats to correct defects, and toward making sure problems are cured before a new Title is recorded on a property.
Likewise a Pilot getting ready to fly checks the aircraft for any defects that may have been caused by previous flights.
Personally I find it comforting to know my airplane is fit to fly before getting on board. And I also find it comforting to know my Title Insurance Company has checked the Title on my largest investment and is willing to insure me against claims before I take ownership.
For questions on Title Insurance or flying contact me at ric.Lippincott@ctt.com