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J&L in TX - LAWANDA  MCMILLIAN/AR
9/3/2009 9:34:26 PM (3286 views)

[+] Accepting Credit Cards - Dan Zook/NY (5 replies)
9/3/2009 1:07:29 PM (3901 views)

[+] Experience closing short sales w/transactional funding? - Eric Michaels/IL (21 replies)
9/3/2009 1:03:46 AM (4107 views)

[-] selling searches - edward hartung/OH (8 replies)
8/31/2009 11:04:12 PM (4326 views)
Re: selling searches - Robert Franco/OH
9/1/2009 9:46:54 AM (5803 views)
Re: selling searches - edward hartung/OH
9/2/2009 12:33:07 AM (5811 views)
Re: selling searches - Robert Franco/OH
9/2/2009 8:59:13 AM (5666 views)
Re: selling searches - edward hartung/OH
9/2/2009 10:33:31 PM (5520 views)
Re: selling searches - Robert Franco/OH
9/3/2009 8:49:06 AM (5747 views)
Re: selling searches - edward hartung/OH
9/22/2009 11:52:12 PM (5218 views)
Re: selling searches - Robert Franco/OH
9/23/2009 8:46:40 AM (5256 views)

When I sell a search, I have my abstractor's hat on.  I just report what we find and we make notes about any particular title problems we have discovered.  For instance, we will point out missing marital statuses on documents, releases of mortgages from the wrong bank when an assignment is missing, improper acknowledgments, incorrect legal descriptions, etc.  However, we do not tell them how to fix the problem.  Our job is to make sure we accurately report the status of the title and we try to do that in a way that will make it clear to the client.  But, offering advice, in my opinion, is not the abstractor's job.  First, it could be considered the unauthorized practice of law if you give a legal opinion on what it would take to fix a problem.  Second, each agency and each underwriter have their own ways dealing with problems.  Some do a much more thorough job and they will follow up and get quit claim deeds, affidavits, or other recordable documents; some will try to get an indemnity from the last title company that insured the property; and, others will simply decide to insure over the defect. 

In my opinion it is usually best to let them decide for themselves how to correct the problems we discover on a search.  If they call and ask for my opinion, I will talk to them about it and explain why we indicated it as a defect.  But, usually, I will tell them if they aren't sure what needs to be done, they should check with their underwriter and see how they feel about it.  After all, they are the ones on the hook for the potential claim and its best to follow their advice.  Mine doesn't really mean much to them.

Best,
Robert A. Franco
SOURCE OF TITLE

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Re: selling searches - shori ferrell/MO
9/28/2009 11:30:22 AM (5167 views)

new client, trust title - WAYNE QUICK/NC
8/31/2009 6:54:42 PM (3847 views)




[+] Cleary Title - Robin Ramberg/MI (1 reply)
8/30/2009 8:32:56 PM (5129 views)

[+] Abstractor Fees - Tena Grice/TX (4 replies)
8/28/2009 11:40:47 PM (7268 views)

SOT maintenance notice - Slade Smith/OH
8/28/2009 1:45:08 PM (3414 views)

[+] Abstractor Watchdog - Nils Nelson/ME (3 replies)
8/27/2009 6:32:24 PM (4670 views)

[+] Service 1st Valuation and Settlement Services - VIVIAN SLYKER/OH (1 reply)
8/25/2009 3:16:23 PM (4775 views)

[+] Payment - Jana Urban-Buzek/OH (1 reply)
8/25/2009 12:15:50 PM (4417 views)

[+] Database Designed for Abstracting Companies - James Baker/AL (26 replies)
8/22/2009 10:18:57 PM (4629 views)

[+] Fico Scores - Jack Johanson/PA (2 replies)
8/21/2009 3:29:25 PM (4063 views)

[+] Mortgage Fraud the new target! - David Chisolm/MS (4 replies)
8/20/2009 2:51:56 PM (5325 views)

[+] A big 'thank you' to the OAITA! - Robert Franco/OH (3 replies)
8/20/2009 9:58:47 AM (5512 views)


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