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CHiCago TiTle’s responsibiliTies, ConT. TiTle Here
TiTTle Here
When you are ready for construction loan financing, contact your Chicago Title Sales Representative to open a title order for this purpose. The reports referred to in this section will form the basis of a Preliminary Report for the benefit of you and your lender.
Your Chicago Title Construction Loan Title Officer will work with you and your lender to:
• Provide a Preliminary Title Report
• Plot recorded easement locations as may be required
• Provide recorded document copies as may be required. In most cases, the documents will be hyperlinked to the report for ease of emailing the entire report and documents to lender’s attorney and all related parties
• Resolve any title insurance issues or needs raised
• Provide Proforma Policy and endorsements as may be required
• Review, record and insure the construction loan documents
If you intend to start work on the project property prior to the recording of your construction loan, consult with your Chicago Title Sales Representative or Title Officer before work begins on your subdivision site. Your lender requires
that their title insurance policy insure against loss due to any mechanics’ lien having priority over their loan. The start of work, even as minor as demolition, grading or contracting for temporary power poles, fencing, port-a-potty or other rented preconstruction equipment can be considered a break in priority. In order to provide this insurance to your lender, you will need to provide an indemnity acceptable to Chicago Title. We recommend that you notify us of any start of work on your project site at once, but no later than 48 hours before your construction loan is expected to record. This will give us the minimum time necessary to prepare and process your indemnity for approval. In any event, it is always best not to start until after the loan records.
If Chicago Title will be handling the processing of a Public Report from the Department of Real Estate (DRE), contact your Chicago Title DRE Consultant to review the status of your DRE filing. Upon completion of construction, recordation of all necessary project documents and the issuance of any required DRE Final Public Report (White), you are ready to open and close escrows for the sales of completed lots or units. Your Developer Services Title Officer at Chicago Title will open a title order for each lot or unit in your development as requested by your escrow.
Your Title Officer will:
• Provide title reports and any requested document copies to your escrow and any buyer’s lender • Provide legal descriptions for use by escrow or buyer’s lender on their documents
• Order inspection for verification of address and (if a condominium) parking assignment list
• Consult with you, your escrow or buyer’s lender to resolve any issues or needs that may arise
• Request sale-out mechanic’s lien Indemnity for closings prior to the expiration of the lien period • Review, record documents and issue policies of title insurance to your buyers and their lenders
Additional services and information available to you through your Chicago Title Sales Representative include but are not limited to the following: Coordination and consultation with you and the rest of the development team to assure good communication and quality of service to you from Chicago Title throughout the
entire development and sale-out process; provide “Builders Bulk Rate” title insurance premium rate quotations for your subdivision needs (acquisition, construction loan and sale-out policies of title insurance); and set up online Premiere Services for property profile information 24/7.
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