The Washington times., 1925-02-07
TITLE COMPANY
MOVES into
NEW HOME
Real Estate and Columbia
Title Co. to Have Spacious
Quarters i'm Structure
By RICHARD HATTON,

Dy AGASAAAAND AAEAA IVAN
The completion of the new home
of the Real Estate and Columbia
Title Company at Fifth ana T.
streets northwest, into which the
company is moving it's offices TO-
day. serves to bring TO the atten-
ton of the public the little under
stood functions OF the title company
as an adjunct to the financial and
real estate life Of the city. These
institutions, which bear directly
upon financial transactions, may
be classified as important auxiIi-
aries to banks, trust companies,
real estate firms and all who buy
or sell real estate or who loan
money upon real estate.
Companies Active.
Title insurance companies are
now taking a large part in real
estate transactions than ever be-
fore. Two years ago the District
Lawyers Washington Title Insur
ance Company completed COIN
modious office building on / street
and it is stated that the business
of all title companies in the Dis
trict of Columbia, as well as in
nearby sections of Maryland, are
expanding their activities by rea-
son OF the numerous real estate
transactions in these SECTIONS dur
ing the past few years. The title
companies, through their expert re-
search work and their trained
staffs are factors in speeding up
settlements and in providing prac-
teal insurance against loss. Two
Of the pioneers in the title III.
surance business in the District of
Ars< Inv N,.n
dent of the Home Title Cornpaity,
and w E. Edmonston, CT thu Real
Estate and Columbia company.
1t is the business Of the title
company to examine Ill records in
the District OF Columbia bearing
upon real estate for the purpose OF
determining whether they are et,od,
bad, encountered or dnencumIler5d.
They also prepare the necessary
conyeyances for transfer for those
who buy or sell or loan money upon
deeds and mortgages. The two
largest companies in Washington
are the Real Estate and Columbia
Title Company and tile District
Lawyers Washington Title Insnr-
ance Company, although there are
number OF other companies
rendering similar service.
Clear Records
Financial institutions and building
associations are particularly con-
cerned with the work of the title
companies because of frequent
flaws or clouds in records, which
much be cleared before advances
may be made upon them as Sc
curity. It was pointed out by che
District of Columbia banker that
an active business man may fire.
quently be neglectful of such mat
tiers as taxes, sometimes to the
point of facing a tax sale or other
impeachment to his property. 1t is
the business of the title company
to unearth these impairmentS, if
they exist, in gorder that there be no
comeback after business transac-
ton involving property transfer has
been completed.
According to an official of one of
the larger District Of Columbia title
companies, one of the fast growing
sections of the title company bust
ness is the settlement department.
This department acts in the nature
of a clearing house between the
purchaser and the seller of real
estate, or the borrower and the
lender upon real estate security. In
taking advantage OF the clearing
house angle of the title company
one party to the transaction de-
posts his funds. the other his deed
with the title company. Final
settlement is made by the company
when all liens affecting the proper
ty have been investigated and
taken care of to the end that a
final certificate of title can be given
when all required changes have
been placed upon the record. This
function of the title company is
especially serviceable when deeds
of trust which ALREADY exist must
be paid off, the property conveyed
over to the purchaser ana new
deeds of trust requiring new debts
placed upon the property. The
funds from the new debts, under
the clearing house system, being
used to clear off and pay up the
old trusts. The settlement depart
ment of the title company, in these
transactions, will.> If nec356ary, pro-
rate as of a given day agreed upon
between the parties to the transac-
ton all taxes. interest, insurance
and such other matters as require
adjustment.
Supplementary TO BANKS.
Millions Of dollars annually pass
through the hands of the title
companies Of the District Of Column
bia. They have no banking func-
tions, but are supplementary to
both banks and trust companies in
their real estate transactions.
In their particular angle Of the
financial and business activities of
the commu unity and in their relation
to that part of the public which is
engaged in buying and selling real
estate, or which, for any reason,
desires to investigate or clear titles,
these service institutions fill a
particularly important function,
especially in the matter Of saving
time and in facilitating the handling
Of transfers, mortgages and loans.