You Diane - are an inspiraton to Title companies at least in PA. I've seen cancellations range from 15-25% over the past 2 year, and almost every dime in Tax Certification fees and searches, is eaten by the Title company.
This topic should interest Abstractors as they apparently (by reading SOT) have been impacted by the cashflow hit to the Title company, who in turn - has a problem paying the Abstractor. While I certainly do not and will not condone this practice of non-payment - it has happened to many a Title company. They get to the point of, paying the rent or the abstractor.
"We already have a mandatory cancellation fee in TIRBOP but most agents are afraid to collect for fear of retribution by the lender or the realtor."
This quote says a lot, because many small independents DO fear losing those precious clients. When I started in this biz a few years back, soliciting Realtors & LO's to 'try' our company if the client wants a referral .....because we have such and such to offer......
...... quite a few bluntly asked the question this way... "You don't charge for cancellations, right?"
I will do as you suggest ........and will continue to follow your absolutly wonderful blogs sharing your expertise and experiance.
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