I must disagree with you, Katrina.  How exactly are the other participants supposed to know about said liens, etc., unless the title abstractor reports them?  The realtor is asked to sell a house at a certain price, he/she doesn't know anything more than that the house SHOULD be worth that price--NOT that there are more liens on it than it is worth.  The mortgage broker knows how much they are being asked to lend, and that the house SHOULD be worth that amount, NOT that there will ACTUALLY be a closing.  He/She might also be privy to what is on that person's credit report but not all liens make it to the credit report in a timely manner.  Your argument that abstractors are NOT the most important link in the chain used issues and factors that are predicated on information you would have received from a title search.  Without the search (i.e. search-er), a deal that would have ordinarily closed, to the purchaser's detriment, is denied.  Without the search/-er, the other links in the chain don't have the information they need to make the sound investment.  The purchaser can have perfect credit, the house could be appraised appropriately, the mortgage papers ready to go, but without clear title, the whole house of cards falls down.  So I have to respectfully disagree.

 

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