Overview
The 6,900 title abstract and settlement offices in the US coordinate and conduct activities necessary to transfer ownership of real estate. Firms may charge fees for title searches, surveys, tax certificates, legal services, escrow, filing, recording, documentation, and delivery. Firms also earn commissions as an agent for a title insurance provider.
Dependence On Third Parties
For most real estate transactions, a third party, such as a real estate agent, builder, or mortgage banker, recommends a title company.
Government Regulation
The complexities of real estate transactions and potential for service providers to commit fraudulent or unethical acts have led to government regulations to protect buyers and sellers.
Industry Financial Benchmarks
Here are typical financial statements for title abstract and settlement offices.
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