New-York tribune., 1895-12-29
TITLES TO REAL ESTATE.
PROTECTION FOR NEw-YORK INVESTORS.
LAWYERS AND THEIR INSURANCE COMPANIES
THEIR WORK IN REFORMING ANCIENT METH
obs AND IN MAKING REALTY INVEST
MENTs CONVENIENT AND PROF


obs AND IN MAKING REALTY INVEST
MENTs CONVENIENT AND PROF
| TABLE AS WELL AS SAFE
Security in the title to real estate has always
been matter of great moment in the city of New
| York Down to the beginning Of the nineteenth
century 1t presented few difficulties both because
the area covered by the city proper was compare
lively small, and also because the sources OF titles
in this area were thoroughly understood by the con-
| veyancers of those days Moreover the value of
land in the city at that time would bear no compar
son with its present value. AS the city spread its
borders, however toward the middle and upper part
| of the island. with the succeeding decades ard
especially the available downtown became
restricted in extent questions of title assumed a
more serious aspect. The difficulties increased
by a faulty system Of recording and indexing deeds
and mortgages in the Registers office. 1t is not
surprising that mistakes occurred even in the offices
of the most careful lawyers. many of which enaled
serious loss upon innocent purchasers mortgages
of land with flaw in the title
Real estate lawyers were jealous property
owners and dealers to find complete solution
OF the problem. Fifteen to twenty years ago mat
| ters were perhaps at their worst stage. Efforts
were then begun which have resulted in practical
revolution in the methods OF perfectng security in
real estate titles. The first steps were taken by
| lawyers TO reform in the method of in
| dexng and recording. Dwight II. Omstead
the most interchangeable ana earnest OF these work
ers. and the efforts of that lawyer and his
ates resulted in the present block system which is
a great improvement the old 1t applied. how
ever only to future transfers, and did not remedy
the evils of the old records. If all the real
records of the Registers Office could have been
written upon Mr.. Olmsteads original plan, the en-
tire history OF the real estate transactions affecting
every lot plot of ground in the city would have
been set forth in the books in the most convenient
! Iorm for immediate reference.
UNWILLING TO BEAR THE EXPENSE.
| Such complete reformation of the records. how
ever was found to be mpracticabe. principally be-
| cause the public authorities unwilling to In
the expense. But the leading real estate law
yers Of the city were determined that effective steps
should be taken to establish system whereby real
| estate in New-York could be bought and sold
mortgage loans made upon II with facility and
safety. They found that their clients wanted their
advice upon the sufiicency of such titles, ana also
desired security against the result of mistakes that
might be unavoidable. but might resu, in great
| loss. They therefore devised the plan of a
poration with large capital that should insure to
the purchaser the mortgage. the real estate
| title which had already been passed upon by the
| lawyer. In this way, at even less expense than
under the old system, the investor not only Sc
cured the opinion of his lawyer. upon the suf-
fciency of his title but obtained policy OF in
surance that protected him against any possible
loss because of defects in the title. The Lawyers
Title Insurance Company. with Its capital and sur
plus of more than N,Coooo. and its magnificent
buildings at Nos. 81 and 80 Liberty-st-. running
through to Maiden Lane. was the direct result of
this movement.
But still greater improvement In real-estate in
vestment methods to be begun and carried
out by the same 1t great step in ad-
vance for investors upon bond and morsaGe TO be
entirely secured against loss from defect OF title.
| But in the case Of trust estates, where those
interested unable for any reason TO obtain or
| TO form correct judgments upon the nature ana
value OF the morfgaged property. II has been OF
fully as much Importance that protection against
o eet ths need the group Of prominent
lawyers formed the Lawyers Mortgage Insurance t,
| Company. associating with them number of busl-
ness men Of high standng, Including Charles Ghares ;
Earchild. Lewis " Randolph ana william tioIs IL;
is simple but complete for the purpose Of insurng
the title OF the morg gagged property. and also the
payment OF the principal and interest
WHAT IT GUARANTEES
For small premium. 1t guarantees TIE payment
of principal and interest of any mortgage which
meets it's approval when the title is insured by the
Lawyers Title Insurance Company. remitting the
interest on fixed day, and seeing that taxes, as
sessments and fre-insurance premiums are prompt
ly paid 1t also lends reasonable amounts upon
such mortgages thus making them as available
for use as collateral railway bonds or stocks
listed the Stock Exchange For the Large large b in
old problem as to the safe conyenient ana neX aGS
ps TO the making of the best class OF loans by
bond and mortgage such real estate, Without Win
cnrity and without any trouble annoyance in
the collection of principal or Interest
in number. to be provided for. The small investor,
with $3.50 5000 only to invest at one time. for.
upon bond and mortgage in this city. and was
compelled to dispose OF It in some less
certifcate" that the Lawyers Mortgage Company
Is now Issuing meets meets asrSmens @ by the Company
OF fractional parts of large mortgages owned by
the conpa1fy ipr,1fcate the insured is guaranteed the
nayment of the principal Of his Investment ana
interest h the coecti0n r1te G5 Of PER and Tems
to the owner Of the certihcate'
MEETING GREAT SUCCESS.
The result IS to give to any small investor the
opportunty without trouble or expense, to invest
sums Of $500 or $1,000 at any time upon bond and
mortgage. as secure and thoroughly protected as
can be obtained by the mortgage for the largest
| amounts This plan is said TO be meeting the
greatest success ,,
THE LAWYERS Title Insurance Company includes
among it's examining counsel al or nearly aI i
amount OF real-estate business 1t has counCn nt
90 % week to pass upon knotty questions OF law
or other matters OF spec ial importance arslng III
,erv he bulding owned by this company and occu-
ned IN common by 1t and the LAWYERS Mor'sagSS
srhie and has walls so thick that ii is confidently
believed that no fire avn eaH 'Vre cnsseshaii @ is the
0ressent Of both corporations Among other law law
yers who are be dmeGione4 Davd b. ogden Herber,
Pa'TSS p Tnrner Joel b. Erhard George Lord Day, eT
Juoge geernss ~ John T. Lockman. william Allen But
ier ii William p Dixon John Duer j. freayr,c T1r,n, mgr-
nncbsn ,elc Charles e. Strong and James NJ NarhuIh'
n,vvrp rOR THE POOR AT THE CITY NAIL.
-. ,,ia, neal was served to each of about $50
.h ci,v.s moor Yesterday in the basement OF the
~.. rIou The dinner is annual affair. ana Is