First, the majority of us title examiners are not attorneys, we cannot certify title so a disclaimer as to what the information contained in our reports is limited to is not unreasonable.
I am not even sure what this means. The information in your report should reflect the public records. But, if you feel it is necessary to inform your client that your report is "not a certificate of title and only contains the information available from a diligent search of the public records," I don't see a problem with it. It is, however, redundant, because that is what a title search is anyway.
Second, as to a dollar amount limitation, a loan policy that a title company issues is not unlimited as to it's dollar amount of coverage, why should our reports be open-ended?
I guess I would ask the other question - if you are negligent and cause a $100,000 loss, why should someone else have to pay for it? it is just irresponsible to do title work, knowing that your work will be relied on for transactions with potentially hundreds of thousands of dollars at risk, and limit your liability to $50, or however much was paid for the search.
Best,
Robert A. Franco
SOURCE OF TITLE
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