Posted by Linda Coddington on 11/21/06 5:09pm
Msg #161522

Title Search

I have been a sa for a year now - completing over 100 signings. I think I would like to start doing title searchs. Does anyone else do this? Do you like it and how did you begin your charging chart?
Thanks, aztwodogs
in sunny AZ

Reply by Loretta Reed on 11/21/06 5:32pm
Msg #161530

Re: Title Search...more than a notion...

I have owned an abstracting company for 10 years and done thousands of title searches.
You must have at least 2 years experience before a company will hire you to do title searches as a self employed abstractor. I would suggest that you find a title company or attorney to work for.
You must also have a $1m errors and omissions policy. There is no such thing as a
"charging chart". You get paid according to your experience. I know some that get $35 and some that get $100. www.sourceoftitle.com is the best website to go to.

Reply by sue_pa on 11/22/06 7:40am
Msg #161613

Re: Title Search...more than a notion...

I always remember Victoria Ring statnig in one of her newsletters that title searches were easy extra money - she stated she didn't see why anyone would need e&o - searches were just like 'doing geneology'. And yet people continued to give this lady money - amazing.

Reply by Les_CO on 11/21/06 7:15pm
Msg #161540

First of all even if you really know what you're doing (years of experience) It is NOT easy! Really. Go to your nearest county office and try looking up the title string on some different properties. If you find it easy, and understand what everything means, go get a job at a title company. They will love to see you.

Reply by dickb/wi on 11/21/06 7:24pm
Msg #161542

and in wi you also have to look through all the court records.....remember if you miss anything that would prevent a lender from being in first position or a buyer from having a clear title you will pay dearly......title searches are not for the novice.....IMHO..........................

Reply by Loretta Reed on 11/21/06 7:37pm
Msg #161546

I have been one of the few lucky ones in saying that I have never had a claim agianst my e&o. If I were to miss a mortgage or judgment, any amount, it is going to be me that pays that judgment/lien off with my e&o and if they already went to closing and it was found after the fact, I would be responsible to clear the title and may have to pay off the mortgage with my insurance. Once you have a claim, title companies will never use you again.

Reply by NCLisa on 11/21/06 10:35pm
Msg #161569

I do title abstracting in NC. If I were in any other state, I could not afford the E&O/liability insurance, but in NC, the law requires that a NC licensed attorney certify title and/or issue the title opinion, which means that 100% of the liability falls on the attorney, and not the abstractor. Title abstracting is not easy, and not something you just decide to do. I had several years of experience being the person to review title searches at a law firm. They can be time consuming as you have to check judgments, special proceedings, estates, etc. I've been doing them for years, and I still come up with things that I need to talk with someone else about.

Reply by Loretta Reed on 11/22/06 7:12am
Msg #161605

I know the feeling, Lisa. After 10 years, I will find something that totally confuses me.
I wish I was in NC, I am sick of paying e&o insurance. Now, with companies like GAC and ATM, they want $35 title searches and 4 hour turnaround time. Yeah Right!!