What about the investment that abstractors put into their company? Did they pay $100,000 for their training, probably not, but I doubt all your education in law school revolved around real estate.
Lets just say, and others that attended law school can correct me, that 20% (and I believe that to be high) was focused on real estate. That means $20K. Does that not translate into the investment of time, training, vehicle expense, computers, equipment, E and O insurance, etc... that the indepent abstractor lays out? So of us even more as we grow our business and hire employees?
We as abstractors take the same risks as far as errors are concerned.
"It is not just the matter of a lost client or shutting the doors. Rather it is also a matter of the investment in time and money that is wasted in addition to the stigma of disbarment."
I don't believe you have never experienced shutting the doors of your own business. I have. It is not as easy it sounds. A part of you is lost when it occurs. I had a real estate investment company that rehabbed houses, not a splash and dash, but entirely gutted the house and rebuilt it from the bottom up, new roof, HVAC, plumping, electric, sewer, water lines, kitchen, bath, appliances, sewer, etc...and due to criminal activity on the part of Peter Shaw, Capital Title (St. Louis) lost all my escrow money and had to shut down.
So yes, shutting the doors has its own set of loses and stigma attached to it. Abstractors can lose their business, their income and their investments. Their name gets around as well, no matter if they re-open their doors under another company name.
"Do you really think that there is anything that can compare to disbarment for the non-attorney abstractor."
Yes there is. The loss of their business. No matter how large or small.
Jay
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