History of Colorado Title & Closing Services
The original name of our company is La Plata Abstract, which Roger Ptolemy started in 1946 and has been passed down to his son, keeping it in the family throughout the years. Back then, documents were hand written and photographed for archiving purposes. We had our own photography studio where we processed film professionally. This was long before computers, scanners, photocopiers, and the like.
Then came the roll film, microfiche and aperture cards, which commonly reduced the image to about one twenty-fifth of the original document size. Believe it or not, we still have a few of these machines in use today.
Which brings us to today. Now we rely heavily upon digital documents. This makes searching through every word of every document possible – reducing the number of claims or problems from the title/closing work.
Colorado Title & Closing Services has made a significant investment in technology so you can be rest assured our services are of sound integrity.
Colorado Title Services offers a local level of knowledge, experience and understanding of title insurance and settlement services. We know that our solutions outshine any other national title and closing provider and that our creative and technical expertise set the benchmark in the industry.
How did Title Insurance come about, you might ask?
Originally, an Abstract of title was done. An Abstract is the condensed history of title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate.
Prior to the invention of title insurance, buyers in real estate transactions bore sole responsibility for ensuring the validity of the land title held by the seller. If the title was later deemed invalid or found to be fraudulent, the buyer lost his investment.
In 1868, the case of Watson v. Muirhead was heard by the Pennsylvania Supreme Court. Plaintiff Watson had lost his investment in a real estate transaction as the result of a prior lien on the property. Defendant Muirhead, the conveyancer, had discovered the lien prior to the sale but told Watson the title was clear after his lawyer had (erroneously) determined that the lien was not valid.
The courts ruled that Muirhead (and others in similar situations) was not liable for mistakes based on professional opinions. As a result, in 1874, the Pennsylvania legislature passed an act allowing for the incorporation of title insurance companies.
Joshua Morris, a conveyancer in Philadelphia, and several colleagues met on 28 March 1876 to incorporate the first title insurance company. The new firm, Real Estate Title Insurance Company of Philadelphia, would “insure the purchasers of real estate and mortgages against losses from defective titles, liens and encumbrances,” and that “through these facilities, transfer of real estate and real estate securities can be made more speedily and with greater security than heretofore.”
Morris’ aunt purchased the first policy, valued at $1,500, to cover a home on North 43rd Street in Philadelphia.