InnoVest Resource Management's Foreclosure Forum

Discussion Board Foreclosure Training Title Holding Trust Speaking Schedule Foreclosure Codes 50 State Foreclosure Basics Foreclosure Glossary 60+ Yrs Interest Rates News & Trends FAQ Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Title company databases. Posted by Gary C. on September 25, 2001 at 10:44 PM In Reply to: Re: Title company databases. posted by Ward-CA- on September 25, 2001 at 3:58 PM : : Ward, : : Whe title company back-paddled and decided to provide a title policy after all. What do you mean when you talk about the database a title company works off. Aren't they all working off the county's registrar's database? : : Thanks, : : ++Albert : =•=•=•=•=•=•=•=•=•=•=•=•=• : Albert, glad to hear your problem is resolved. : Modernly, most title companies don’t research title using the recorder’s grantor/grantee index. Once main frame computers became reliable, circa 1970, they’ve taken the daily microfilm of all documents recorded and keypunched the info into their proprietary databases that are keyed into the legal description of a property rather than the owner’s name. : As a consequence they’re able to research the title of a property blazingly fast (4 times as fast) with about 1/3 of the employees it used to take to do the old way at the recorder’s office. : However their legal description index is only about 98% as accurate as the recorder’s grantor/grantee index. : But their savings in labor have been so huge they won’t switch back. : The big title companies each created their own title databases. But the smaller title companies couldn’t afford that and so subscribe to a fee service that was owned by TRW and then Experian and now by 1st American Title. As a consequence larger counties will usually have 2 to 3 different, discrete, title record databases. So different title companies work out of different databases. : Hope this helps. @@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@ Hi Ward: I enjoyed and learned from our conversation the other day. Thanks! I have a follow-up question to your response above. Assume an owner is in litigation and, in order to appear broke and asset-less, shifts assets to a relative via a recorded quitclaim deed while the litigation is in progress. This quitclaim deed is recorded prior to the judgement being recorded against the now former owner. The asset shifting seems fraudulent. I would think that a judge would recognize this and allow the winning litigants to be able to retrieve the assets from the new owner (i.e., the former owner's relative) or any possible subsequent owner (namely me). Here's my questions: 1) Do the judgements create some cloud on the title due to the nefarious transfer of the asset? 2) If I bought from the new owner, will I get title insurance? I would think I could based on what you said in the post above. That is, on a grantor/grantee index search at the county recorders office, I can locate the judgement under the now former owner's name. Under the title companies database, which you state is sorted by addresses and not grantor/grantee, they would never find this judgement. If they found out about it and were concerned with the asset shifting, I would think they wouldn't issue title insurance or that they would but it doesn't cover cases such as those above. What's wrong with my picture? Thanks Ward. Gary C. Follow Ups: Re: Title company databases. Ward-CA- 9:10 AM, 09/26/01 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : Ward, : : : Whe title company back-paddled and decided to provide a title policy after all. What do you mean when you talk about the database a title company works off. Aren't they all working off the county's registrar's database? : : : Thanks, : : : ++Albert : : =•=•=•=•=•=•=•=•=•=•=•=•=• : : Albert, glad to hear your problem is resolved. : : Modernly, most title companies don’t research title using the recorder’s grantor/grantee index. Once main frame computers became reliable, circa 1970, they’ve taken the daily microfilm of all documents recorded and keypunched the info into their proprietary databases that are keyed into the legal description of a property rather than the owner’s name. : : As a consequence they’re able to research the title of a property blazingly fast (4 times as fast) with about 1/3 of the employees it used to take to do the old way at the recorder’s office. : : However their legal description index is only about 98% as accurate as the recorder’s grantor/grantee index. : : But their savings in labor have been so huge they won’t switch back. : : The big title companies each created their own title databases. But the smaller title companies couldn’t afford that and so subscribe to a fee service that was owned by TRW and then Experian and now by 1st American Title. As a consequence larger counties will usually have 2 to 3 different, discrete, title record databases. So different title companies work out of different databases. : : Hope this helps. : : @@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@ : Hi Ward: : I enjoyed and learned from our conversation the other day. Thanks! : I have a follow-up question to your response above. Assume an owner is in litigation and, in order to appear broke and asset-less, shifts assets to a relative via a recorded quitclaim deed while the litigation is in progress. This quitclaim deed is recorded prior to the judgement being recorded against the now former owner. The asset shifting seems fraudulent. I would think that a judge would recognize this and allow the winning litigants to be able to retrieve the assets from the new owner (i.e., the former owner's relative) or any possible subsequent owner (namely me). : Here's my questions: : 1) Do the judgements create some cloud on the title due to the nefarious transfer of the asset? : 2) If I bought from the new owner, will I get title insurance? : I would think I could based on what you said in the post above. That is, on a grantor/grantee index search at the county recorders office, I can locate the judgement under the now former owner's name. Under the title companies database, which you state is sorted by addresses and not grantor/grantee, they would never find this judgement. If they found out about it and were concerned with the asset shifting, I would think they wouldn't issue title insurance or that they would but it doesn't cover cases such as those above. : What's wrong with my picture? Thanks Ward. : Gary C. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Copyright © 1997-2001, InnoVest Resource Management

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455