Remax Korea announced on the 14th that it signed a business agreement with First American Title Insurance, the largest title insurance company in the U.S., on the 13th to provide real estate title insurance and related services.
Real estate title insurance is designed to protect real estate buyers or tenants from unexpected real estate damage, and is insurance that compensates for losses suffered by buyers or tenants due to problems in exercising real estate rights. For those who subscribe to real estate title insurance, additional services are provided, such as ownership transfer registration services, notification services for changes in the register during the lease contract period of the leased real estate, and legal services for defending ownership and lease rights.
Myung-Seok Choi, CEO of First American Title Insurance, explained that real estate title insurance serves as a safety net for real estate transactions by clearly analyzing the rights relationship of the real estate being traded and confirming that there are no problems with the ownership. He added that it allows for preparation for potential risks in real estate transactions, such as cases where a transaction party suffers damage due to forgery, double selling, or illegal agency contracts even if there are no defects in the register, or where a defect related to the ownership is revealed after the contract and suffers a loss.
Founded in 1889, First American Title Insurance operates approximately 400 branches and 2,100 offices worldwide.
Shin Hee-sung, CEO of Remax Korea, said that the reality is that domestic real estate services have not yet reached an advanced level, and predicted that the real estate rights insurance service will further solidify the stability of customers' real estate transactions.
nvcess@fnnews.com Reporter Lee Jeong-eun
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