541191 - Title Abstract and Settlement Offices
Navigating the complex world of real estate transactions requires trusted professionals who ensure titles are clear, settlements are secure, and ownership is accurately transferred. NAICS code 541191 plays a crucial role in this process. Known as Title Abstract and Settlement Offices, this classification encompasses companies vital to the foundation of property ownership and real estate closings. Whether you’re a business owner, contractor, or investor, understanding NAICS 541191 can open doors to government contracting opportunities and industry insights.
What is NAICS Code 541191?
NAICS Code 541191 is assigned to businesses primarily engaged in providing title abstract and settlement services, essential in real estate transactions. These services include:
- Conducting title searches to verify property ownership and identify liens or encumbrances
- Offering title insurance to protect buyers and lenders from loss due to title defects
- Managing escrow accounts to securely hold funds during property sales or transfers
This industry ensures that real estate deals proceed with clear titles and legal integrity, reducing risks involved in property ownership transfers.
Sector: Professional, Scientific, and Technical Services
NAICS 541191 falls under the broader sector of Professional, Scientific, and Technical Services. This sector includes establishments that provide specialized services requiring high levels of expertise and training. Within this industry, businesses focus on legal, technical, and financial aspects of real estate, blending legal research and financial stewardship to facilitate smooth property settlements.
Typical Business Activities Under NAICS 541191
Organizations and service providers classified under this code typically engage in:
- Title abstracting – researching, compiling, and reporting on the history of property ownership
- Title insurance underwriting and issuance
- Escrow services – holding and disbursing funds, documents, and property deeds
- Settlement services for real estate transactions, including closings and documentation management
- Coordination between buyers, sellers, lenders, and government agencies
Size Standard for NAICS Code 541191
To qualify as a small business under NAICS 541191, a business must have annual revenues not exceeding $19.5 million. This size standard is important when seeking federal contracts or participating in small business programs.
Examples of Businesses Under NAICS 541191
Here are some typical business types classified under this code:
- Title Abstract Companies – Specialists who research and summarize property titles
- Settlement Offices – Firms that handle real estate settlement and closing services
- Escrow Service Providers – Companies managing escrow accounts for real estate deals
- Title Companies – Providers of title insurance and related services
- Title Search Companies – Firms focused on comprehensive title searches for properties
NAICS Code 541191 Details at a Glance
| NAICS Code | Title | Sector | Description | Size Standard | Typical Business Types |
|---|---|---|---|---|---|
| 541191 | Title Abstract and Settlement Offices | Professional, Scientific, and Technical Services | Establishments providing title abstracts, title insurance, and escrow services related to real estate transactions | $19.5 million (annual revenue) | Title abstract companies, settlement offices, escrow service providers, title companies, title search companies |
Frequently Asked Questions (FAQs)
What services do companies under NAICS 541191 offer?
They provide title search and insurance, escrow management, and settlement services essential for completing real estate transactions.
Who uses NAICS code 541191?
Title companies, title abstract companies, settlement offices, and escrow providers all fall under this category.
Why is NAICS 541191 important?
It ensures that property ownership changes hands smoothly and legally while protecting buyers and lenders from potential title defects.
Can businesses under NAICS 541191 qualify for small business government contracts?
Yes, businesses with annual revenues under $19.5 million fit the small business size standard and may qualify for related contracting opportunities.
How can I find government contracting opportunities for NAICS 541191?
You can search on platforms like SAM.gov or contact your local Procurement Technical Assistance Center (PTAC) for guidance.
Enhance your understanding or business opportunities in the real estate title industry by leveraging NAICS code 541191. Whether you’re seeking to expand your service offerings, target government contracts, or simply understand this vital sector, this code unlocks key insights into the essential services that underpin real estate ownership and transactions.
