3 Quick Tips for Effective Lien SearchingUCC, Due Diligence, Tips
Learning the ins and outs of lien searching can be daunting. It seems like there is so much to know! Beginning-level searchers often ask First Corporate Solutions for advice on how to conduct better searches. Here are three quick tips to help you gain confidence and hone your skills.
1. Maximize Results to Minimize Risk
A good strategy for lien searching is to maximize your results in order to minimize your risk. This means, cast a wide net to bring in as many potential hits as possible and then whittle them down to only those that are pertinent to your transaction. Search systems that incorporate broad-based searching features such as truncated name searching and wildcard characters allow you to maximize results by revealing name variations. For offline searches, work with a service company that reports on similar names.
2. Expect to Find Something
Try this little trick: perform your searches as if you expect to find something. If you search in this way, you will be diligent in your efforts and it is unlikely you will miss a critical lien. Train yourself to be wary of a clear search report. Let a no record result give you pause; go back and confirm the search logic to determine if there is a reason why something may have been missed. For offline searches, alert your service provider if you anticipate hits on your search effort.
3. Stay Informed
Public records research is a dynamic field where new legislation is being passed and statues are evolving all the time. It is important to stay informed and up-to-date because what’s true for a search system or filing office today could change tomorrow. Take the time to investigate your options and understand what resources are available to you. And remember, reading blogs like this one, subscribing to industry journals and attending training sessions and educational events are all great ways to gain insight!