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 Abstracting for Titles		  New Topic  Reply to Topic
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zanger

16 Posts
Posted - 02/16/2009 :  6:56:52 PM  Show Profile  Reply with Quote
The "cheap be a abstractor" courses for $100 exaggerate the extent that you can benefit. But it is still only $100.

Here is a book to read to get a start: "The Complete Guide to Your Real Estate Closing."
http://books.google.com/books?id=WSpMHTpRNrgC&pg=PA86&dq=your loan closing&client=firefox-a

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Lee-AR

Arkansas
678 Posts
Posted - 01/06/2009 :  1:43:41 PM  Show Profile  Reply with Quote
Well... I'd go so far as to say they're scams. As Linda said, this is NOT something you learn quickly--even in the trenches. And the liability!!!! I've got 26 years in real estate & I wouldn't touch title searches--ever.
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LindaH

Florida
1754 Posts
Posted - 01/06/2009 :  12:52:13 PM  Show Profile  Reply with Quote
I wouldn't say they're scams - no more than "send me $24.95 and we'll certify you as a Notary Signing Agent" - they do it...BUT IMO the knowledge and training needed to perform successfully in this field is limited....it skims the surface of what you need to know. Knowing what I do about title searching and title insurance, I don't see how this training can be sufficient. But that MHO

Not to mention - abstractors are also taking a hit with the economy and real estate market - many have had to reduce their fees and many have complained of not being paid at all...check out Source of Title for one resource of abstractor blogs just to get an idea.

Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
Edited by - LindaH on 01/06/2009 12:53:32 PM
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kandy1099

Pennsylvania
121 Posts
Posted - 01/06/2009 :  11:36:28 AM  Show Profile  Visit kandy1099's Homepage  Reply with Quote
Thank-you for your advise. I will look into our local community college. There are several counties close by and I should be able to find one that has a course on Real Estate.

I did some googling and saw some companies offering online courses for $100 or more, are they scams? Something to stay away from?
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LindaH

Florida
1754 Posts
Posted - 01/06/2009 :  11:26:45 AM  Show Profile  Reply with Quote
Abstracting isn't something you can learn online or overnight .... it's not a quick certification and hang up your shingle. Remember, a title abstractor's work is relied upon to issue title insurance policies - if a claim is made in the future about the title to the property or lien positions of anyone named as insured, it could be YOU on the hook if it's found out there was an error in your search. Be prepared to carry substantial liability insurance - and by substantial I'm talking $1M minimum.

I don't mean to be a downer but I see far too many people thinking they can just jump into this with no idea as to the liability involved. After 25 years as a real estate paralegal, believe me when I say abstracting takes a good deal of knowledge and training - both book-learning AND hands-on apprenticeship training. It isn't just a case of "visiting online and going to courthouses".. When we got a title search back I reviewed them - and anything that popped up that looked "odd", I was on the phone with the abstractor/searcher (who happened to be an attorney) asking him to explain or check further. It was his responsibility to be sure he provided us with ALL the information we needed to issue a clear title policy insuring lender's first lien position OR Buyer's ownership of the property.

All that being said - google "title abstract training"....lots of hits - but I would honestly suggest real estate courses at a local community college or university for a basic understanding of real estate law - I seriously do not see how anyone can go into abstracting without that basic education.





Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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kandy1099

Pennsylvania
121 Posts
Posted - 01/06/2009 :  11:07:56 AM  Show Profile  Visit kandy1099's Homepage  Reply with Quote
How do I get into abstracting? How do I find out what counties are online and what court houses need to be visted in person?
Any information you can help me with, would be great! Thanks!
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