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Is it legal to just offer real estate title abstraction services, without offering title insurance and other services in IL?

Chicago, IL |

Is it legal to offer only real estate title abstracting and searching services without offering title insurance services and without offering other real estate title services in Illinois?

What is the start up cost to offer title abstracting and title insurance in Illinois for a title insurance business?

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Attorney answers 2

Posted

Yes. There are hundreds of people that freelance doing title searches for a number of companies. I'm not thinking it's a growth industry, despite the spike in title work due to foreclosures. As the recorders and court clerks are getting their databases on line, title company employees are increasingly able to do this searching without getting out of their chairs at the office. However, any attempt to do more than merely describe a chain of documents in a file could be construed to be either an offer of insurance or the practice of law. For either of them, you'd need a license.

Please be sure to mark the best answer to your question. My answers are general and do not form an attorney-client relationship. I'm happy to talk to prospective clients in my areas of concentration and geographical location.

Posted

Yes