When buying or selling real estate, clearing the title is a crucial step in the process. The responsibility of verifying ownership and claims to the property falls on the abstractors and examiners who review a variety of ownership agreements and legal documents. However, even with their expertise, there are common oversights that can lead to costly errors and omissions (E&O) claims.
Here are some of the most common oversights we see in E&O claims:
Abstractors and examiners are especially at risk for E&O claims. However, implementing current technology can assist in the accuracy of document discovery, and communicating important details or questions with clients can help verify the information is complete.
Clearing a title for real property is a complex process that requires attention to detail. Knowing common oversights, using technology, and communicating with clients can prevent costly E&O claims.
At TIAC, we understand the importance of protecting independent abstractors and title agencies. We have been in the industry for over 30 years, providing reliable E&O insurance coverage for those in the real estate industry. If you have any questions or concerns, please contact us for a quick review and estimate of your insurance needs.