Abraham Lincoln's life story has taught us many lessons...
Including the importance of title insurance.
Abraham Lincoln is known for many things; not least among them are his humble beginnings. He was born in a small log cabin near Hodgenville, Kentucky, which featured such "amenities" as a dirt floor, a single window and a stick-clay fireplace - all in a single room. For the sum of $200, Lincoln’s father, Tom, had acquired the cabin and surrounding 300 acres. The cabin was modest and the land was unproductive, but it was theirs.
Just four years after settling in, the Lincolns had to pack up and relocate. Someone had challenged their ownership and presented a better claim to the land. Abraham Lincoln was just three years old when he lost his first home to title defects.
It only took three years for history to repeat itself. Another person, claiming to be the rightful owner of the Lincoln’s second farm, sued the family as "trespassers". While the Lincolns won the court battle, they were understandably concerned about the validity of their title; and the possibility of losing yet another home to an adverse claim. This fear of loss was a major factor in the Lincoln’s decision to head north to Indiana, which offered the promise of fertile land and clear titles.
The Lincolns were just one of countless families that suffered hardship and financial loss due to title defects
before the creation of title insurance. The same risks of title loss that plagued the Lincoln family still exist today; and even the most thorough title examination cannot reveal them all.
Your home purchase is likely to be the largest investment you make in your lifetime. Protect that investment with a Policy of Owner’s Title Insurance. For more information, contact your local office of The Settlement Group
A recreation of the one-room cabin near Hodgenville,
Kentucky, where Abraham Lincoln was born; and his
family later lost because of title problems.