國內 에스크로우와 權原保險의 市場現況에 관한 硏究

Abstract

Real estate brokerage have thus far been practiced through the intermediation of the local real estate brokerage agency in Korea, and in usual cases all procedures of real estate sale and purchase come to end when a purchaser inspects the register of the competent object at the time of real estate purchase or sale and pay the down payment and then the balance if judging it has no problem. But the transcript of the register has no legal effect or the power of public confidence. But the current Korean brokerage system can not protect the consumer from the damage arising from it in advance and especially if the seller either concludes the double sale contract with another maliciously or mortgage it to the financial institution before the purchaser pays the balance and transfer the right of ownership to another, it take mich time and money to settle it. through the real estate brokerage. Therefore, it is not urgent to provide the institutional arrangement to settle this problem. And the real estate market in Korea contains many problem such as the opaqueness of real estate transactions, the fraud of real estate sale or purchase and other side effects. Furthermore, it has poor institutional arrangement to protect several interested parties related to real estate transactions, which has become the biggest impediment that has caused foreign investors to hesitate to invest in real estate at home. To settle this problem, government included the escrow system in the amendment of the brokerage-related law in Dec, 1999, and ever since this system has widely been understood as the safe transactional system that can protect the ownership and other rights of the purchasers from many defects that may occur at the transaction of real estate. But it has not fully been introduced into the Korean real estate brokerage market, which has accepted the obligation to explain and identify the object of brokerage and the obligation of writing and presenting the checklist and the deposit system and the like which are the advantages of this system. But the current reality is that it has not been properly practiced due to the small scale of the brokerage business market and the practices of the existing transaction market. Therefore, domestic business firms specializing in escrow have taken the business methods of constructing the comprehensive real estate service system such as title insurance, title analysis, legal and tax business, brokerage business and the like rather than the limited business strategy through escrow business and the like. Especially, they have placed importance to the title insurance business. Ecrow A&K as the only domestic specialized escrow business firm is making a business arrangement with domestic large-scale nonlife insurance firms such as Samsung Fire, LG Fire, Dongbu Fire and American Stewart and as the specialized comprehensive real estate service business firm provided a diversity of business services ranging from escrow business to title insurance, title analysis, legal and tax business, brokerage business and the like. Its current marketing strategy as the service of title insurance is to carry out as proxy the mortgage process of the financial institution and offer the accompanying risk as a security. Accordingly, because it has the more convenient, cheap and safe function compared to the existing practices of loans with real estate as a security, it is thought that it appeals greatly to all financial institutions and MBS-issuing institutions dealing with the mortgage loan. It is carry forward with its business with those financial institutions as the main business target. Title insurance did not existed in Korean until the Korean branch office of First American Title Insurance Co. began to enter the Korean market in 1999 and licensed concerning title insurance business by the Financial Supervision Committee in June 31, 2001. Ever since, title insurance commodities have come to emerge in the Korean insurance market on a full scale when the Financial Supervision Committee permitted three nonlife insurance companies as Samsung Fire, LG Fire and Dongbu Fire to engage in title business. The company dealing with title insurance commodities at home is the foreign First American Title Insurance Co., which is specializing in the title insurance commodity alone and operating the title survey team within it. The domestic insurance companies specializing in insurance commodities taking the character of title insurance include Samsung Fire, LG Fire, Dongbu Fire, Seoul Guaranty Insurance Co. Unlike First American Title Insurance Co., these companies are adopting the incorporation method of nonlife insurance company that does not the additional cost burden related to the onset of business and can respond flexibly to the demand of the market. The tracking record of title insurance commodities of most domestic title insurance companies is extremely negligent. Its reason is that the enforcement regulations are not enacted and properly enforced though the escrow system is provided in the Real Estate Brokerage Law and the domestic financial transaction market has not flatly felt the need for title insurance. The domestic insurance business world, dividing the title insurance market into the owner's title insurance market and the lender's title insurance market a broad sense, forecast that the size of the owner's title insurance market will account for 300 billion won and the size of the lender's title insurance market will amount to 100 billion won from the current 20 billion won. The core business commodity of domestic nonlife insurance companies is the lender's title insurance whose main clients include the financial institution, foreign investors, insurance companies and the like. The contract on the owner's title insurance is concluded if the client expresses to the brokerage agency the intention to take out title insurance and these business enterprises inform the insurance company of this intention. But the premium is felt to take on the character of addition commission due to the lack of publicity for the title insurance system in the current real estate transaction market and the existing customary real estate market. For this reason, the fact is that it is difficult to expect the profitability of the owner's title insurance under the condition that the entire constitution of the domestic real estate market is not improved. Therefore, most insurance companies, beginning or preparing to their business at present, are staging the aggressive marketing and publicity strategy to the financial world with a view to selling the lender's title insurance commodity. They also ate carrying forward with the marketing strategy that induces clients to take out insurance in a form that the insurance company directly provides the service(title analysis and executing as proxy the business of registration) supporting a series of activities accompanied by the changing process of real estate right relationship or the development of the loan program with the new concept combining the title insurance commodity For escrow and title insurance to be universally understood and for their related commodities to be more activated in the future, it is iirgent to formulate a diversity of publicity plans that can give consumers a sense of trust and construct the information exchange system so that title insurance companies may have the information network with public agencies and agencies treating civil documents of all kinds. Also, the problem of commission or premium felt as the additional cost should be supplemented through the provision of high quality services or innovative marketing strategy.