Hey Kevin,
That is a good point, but not one limited to online searching. Many abstractors out there don't pull releases... if they see a notation, they just cross it off. You just found an excellent reason to pull them. If it is not a release at all, but an assignment, someone could very well be liable for missing the mortgage if they relied solely on the index.
We often find that the clerks in our counties don't distinguish between "release" and "partial release". Our examiners pull every release for every mortgage that could still be valid and verify that it is in fact a good release, and that it is the proper bank releasing it.
Some of the abstractors who take these shortcuts, relying on the information contained in the index, are the ones who can provide 6 hour service for $25... Those of us who thoroughly search the property, looking at all of the relevant documents rather than simply the index, can't compete with that turnaround time or price.
So much of this job depends on the quality of the abstractor, yet the clients aren't interested in quality anymore.
Best,
Robert A. Franco
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