Posted by jba/fl on 8/5/08 11:53pm
Msg #258763

Why do I need title insurance?

Interesting list:

http://www.firstam.com/fatic/html/cust/1150.html

Reply by BrendaTx on 8/6/08 6:09am
Msg #258779

Abstracting: And, many of those are the

things that experienced abstractors look for...maybe all of them...I dunno...I'm not an abstractor.

Interesting list.

As we have discussed there is more to abstracting than going to one index at the courthouse to get "Who does it 'seem' owns this property?".

Now maybe it will be clearer to would-be novice abstractors why abstracting should be learned in an apprenticeship.

Reply by PAW on 8/6/08 7:17am
Msg #258782

In FL ...

All the title companies that I know of here in Florida, require the independent abstractor (title researcher) to be fully trained, including working as an apprentice, plus be a member of the Florida Land Title Association (FLTA - http://www.flta.org/about.aspx). For in-house researchers, abstractors work with the seasoned pros but still must have substantial training, both in theory and practical aspects. The liability that the title company has for doing complete investigations is immense and often prosecuted when defects are found that were not reported in the abstract.

Reply by Nomad/OR on 8/6/08 10:50am
Msg #258817

Property tax issues are what hit me right off the bat here.

My property consists of three tax lots, one of which kept not getting paid from escrow. Every year we had to go fight the system (get this) trying like hell to pay the government money on the tax lot. Government said it was PRMI's problem, PRMI said it was tax assessor's problem.

We resolved the issue by doing a refi with Citimortgage, those people cleaned up that little mess in a hurry.

Reply by BobbiCT on 8/6/08 12:06pm
Msg #258862

The simple answer ....

Because WHEN there is a mistake, the title insurance company has MUCH deeper pockets than the abstractor.

Which would you rather have as insurance that you own your $500,000 home with only the listed encumbrances: A letter from a learn-on-line, 4 years experience abstractor with very little assets or a title insurance company licensed with the state, a large liability insurance policy, and a lot to lose if a claim prevails? No slam at abstractors; it's just like NSAs, we are individuals with different skill levels, very mobile, and could be "moved, address unknown," dead or not have a dime to our name when a title issue is discovered.