Register
Log In
Forget your Password?

Home
Directory
Bulletins
Forums
Blogs
Articles
Links
Classifieds
About Us
Contact Us
Advertise
FAQ
Privacy Policy


Discussion
<< get older messagesget newer messages >>
to post a message: login - or - register | search messages | show all replies



[+] Too Many Keys - David Bloys/TX (6 replies)
7/8/2006 7:36:02 PM (2706 views)

[+] Dear Vendor Manager - Ricky Farrow/FL (13 replies)
7/8/2006 5:14:28 PM (2868 views)

[+] Any recommendations - Phyllis /GA (1 reply)
7/8/2006 11:11:15 AM (2629 views)

[+] Jim Girardi - Jay Duncan/MO (6 replies)
7/6/2006 4:46:34 PM (2810 views)

[+] Trip fees- Multiple recordings- One for the independent abstractors - Matt Papsch/MD (15 replies)
7/6/2006 3:50:45 PM (2798 views)




[+] Contemporary Realty - Eboni/VA (8 replies)
7/6/2006 11:01:52 AM (2848 views)

[+] Commercial Search Fees - Wendi See/SC (9 replies)
7/6/2006 10:53:35 AM (3015 views)

[+] NATIONWIDE APPRAISAL... - Michael /KS (13 replies)
7/5/2006 6:46:27 PM (3003 views)

[+] I think I'm done consulting...... - George Booth/OH (6 replies)
7/5/2006 4:51:02 PM (2911 views)

[+] PROPERTY DOCUMENT NETWORK - ANDREW MOLLER/CT (1 reply)
7/5/2006 3:22:19 PM (2731 views)

[+] How do you build your title search business through out your state - Margaret Tobin/NC (1 reply)
7/5/2006 1:38:41 AM (2673 views)

[-] Liability over 1M? - Nathan Miller/KY (15 replies)
7/2/2006 8:47:16 PM (2893 views)
Re: Liability over 1M? - Julie Jasiunas/WI
7/2/2006 10:37:23 PM (3441 views)
Re: Liability over 1M? - Kevin Ahern/CT
7/3/2006 5:30:40 AM (3456 views)
Re: Liability over 1M? - Scott Perry/PA
7/3/2006 9:37:24 AM (4008 views)
Re: Liability over 1M? - Kevin Ahern/CT
7/3/2006 10:29:28 AM (3900 views)
Re: Liability over 1M? - Ricky Farrow/FL
7/3/2006 11:30:28 AM (3719 views)
Re: Liability over 1M? - Kevin Ahern/CT
7/3/2006 12:15:31 PM (3762 views)
Re: Liability over 1M? - Robert Franco/OH
7/3/2006 12:46:51 PM (3841 views)
Re: Liability over 1M? - Scott Perry/PA
7/3/2006 3:19:00 PM (3608 views)
Re: Liability over 1M? - Mason Haas/NY
7/3/2006 3:12:57 PM (3510 views)
Re: Liability over 1M? - Kevin Ahern/CT
7/3/2006 3:39:11 PM (3681 views)
Re: Liability over 1M? - Ricky Farrow/FL
7/3/2006 6:07:26 PM (3803 views)
Re: Liability over 1M? - Kevin Ahern/CT
7/4/2006 6:47:02 AM (3768 views)
Re: Liability over 1M? - Robert Franco/OH
7/4/2006 2:37:56 PM (3663 views)
Re: Liability over 1M? - Ricky Farrow/FL
7/4/2006 11:23:56 PM (3459 views)
Re: Liability over 1M? - Kevin Ahern/CT
7/5/2006 5:46:04 AM (3613 views)

There are other laws that come into play in addition to RESPA. As far as I know RESPA requires proper rendition of core services and accurate reporting of the fees for these services. There is nothing contained in RESPA which prohibits a title insurer from attempting to recover its losses for having paid a just claim.

Whether the abstractor is negligent depends on whether his conduct in performing the search met the reasonable standard of care associated with performing a title search. This would be established through the testimony of expert witnesses presented by both the plaintiff and the defendant at trial. Both esperts would offer testimony as to the required "reasonable standard of care" and they would then offer an expert opinion as to whether the defendant abstractor's conduct met the required standard of care. Based on the credibility of this expert testimony the jury or judge (in a trial by the bench) will render a verdict or judgment  (in a trial by the bench)..

The difficult scenario to accept in one in which the case is settled without trial, but the abstractor's policy is cancelled or his premiums go through the roof because the claim was asserted in the first place.

There are defenses available...was the missed encumbrance properly indexed?.... was the missed encumbrance within the time frame of the search ordered by the title insurer?...was the missed encumbrance recorded outside the chain of title?... has the statute of limitations run on the claim (in some states it does not begin to run until the abstrator's failure to report the encumbrance is discovered)? All of this is taken into account in determining whether the proper standard of care has been met.

When the abstractor issues a title abstract the title insurer that hired him is depending upon his abstract to report all encumbrances within the scope of the search that was ordered. It is based upon the abstract that the title insurer issues a title committment and subsequently a title insurance policy. The title insurer is on the hook to pay that claim because the abstractor may have failed to report it. It seems only fair that the abstractor should be held accountable for the damages resulting from his work. This is the risk that the abstractor accepts when he accepts the title search order from his client.

You have expressed some concern with the internet searches of on line systems and electronic title plants. I agree with your concern. The system has severe limitations. You should be careful in performing searches to supplement their systems. Could your work be deemed an extension of their system for which you could be held liable for negligence? I do not know the answer to that, but it does not mean that you could not be swept up as defendant in a suit for damages. Even if you were not negligent in performing your portion of the supplemental search, you would still need to go to the trouble and expenses of defending.

If you think that low prices paid for performing title searches do not justify the risks involved in performing the search, you should increase your prices accordingly. 

to post a reply: login - or - register



[+] Copy Fees - Julie Jasiunas/WI (8 replies)
6/29/2006 4:44:16 PM (2709 views)

[+] Are title agencies in trouble? - Mason Haas/NY (3 replies)
6/29/2006 8:08:03 AM (2983 views)

[+] Quick Question?? - Michaela Urban/OH (4 replies)
6/28/2006 9:54:50 PM (2755 views)


<< get older messagesget newer messages >>

DISCLAIMER: These Message Forums are un-moderated and Source of Title does not endorse the content of any of the posts. Source of Title discourages libelous comments and you, as the sole creator of the content, take full responsibility for your remarks.
Directory

The Source of Title Business directory has 8956 listed companies.

Leave feedback on a company:
SOT ID #:  learn more...
DRN Title Search
Blogs

Read other users' blogs-- or start your own!

Most Recent Blog Posts:

How Another War in the Middle East Could Impact the Housing Market
Marissa Berends's Blog
2025/06/30
0 comments

The Aging of the American Homebuyer: A 40-Year Shift and Its Economic Impact
Marissa Berends's Blog
2025/06/20
0 comments

The Implications of Publicizing Fannie Mae and Freddie Mac
Marissa Berends's Blog
2025/06/18
0 comments

Articles

Source of Title articles help to keep you informed on the state of the title industry.

NAR Pending Home Sales Report Reveals 1.8% Increase in May
"Consistent job gains and rising wages are modestly helping the housing market," said NAR Chief Economist Lawrence Yun. ...
Mortgage Applications Increase in Latest MBA Weekly Survey
“The combination of the ongoing conflict in the Middle East, current economic conditions, and last week’s FO...
Elevated Rates, Challenging Affordability Conditions Put a Damper on New Home Sales
“Housing affordability conditions have pushed more buyers to the sidelines, as reflected in our latest builder sur...
Title Resources Group Appoints Natasha Branch as Underwriting Counsel for North Carolina
Title Resources Group, one of the nation's leading title insurance underwriters, is pleased to welcome Natasha Branch as...
ZOCCAM, U.S. Bank and Stewart Title launch solution for faster, more secure title payments with Request for Payment
"Real Time ZOCCAM’s use of Request for Pay is combatting wire fraud by removing the need to send or receive wiring...

Search Articles:
browse...

Classifieds

Buy, sell, or trade! Browse the ads or post your own!

© 2020, Source of Title.