The May 2024 housing market data reveals significant fluctuations in home sales, prices, inventory levels, and new construction activities. As we navigate through 2024, the housing market continues to present a mixed bag of trends and challenges. For Illinois residents and those involved in the real estate sector, understanding these dynamics is crucial for making informed decisions.

From the initial offer to the final exchange of keys, Illinois real estate closings involve several critical steps, each requiring meticulous attention to detail and expert knowledge. The process of buying or selling property in Illinois is a significant undertaking filled with complexities and legal intricacies. Plymouth Title Guaranty stands as your indispensable ally, guiding you through this intricate journey to ensure a seamless and secure transaction.

In response to the work-from-home movement, remote notarization in Illinois came to fruition. Along with numerous other states, these notions sidestep the face-to-face commute for the closing process.

While initially inspired by the COVID-19 pandemic, remote notary laws stay in place. Now, they play a big role in the future of the title insurance industry and real estate as a whole.

Owner’s title insurance contains a fascinating history, dating back over 150 years to 1868. In the case of Watson v. Muirhead, the transaction conveyancer discovered that the property in question was under lien. Although an attorney advised the conveyancer that the lien was invalid, a court ruled that it was in fact valid, after all.

As a direct result of the case outcome, a consortium of Philadelphia conveyancers banned together to form the first title insurance entity. With a clear goal in mind, the group set out to prevent innocent home buyers from falling victim to matters such as the aforementioned.Today, many in the real estate industry debate the merits of an owner’s title insurance policy. While lenders typically require their own policy to protect their interests, the same as generally not said for the end homeowner. However, as the real estate market progressively grows in its complexity, we firmly believe that an owner’s policy represents a saving grace for many.