Lenders have always required evidence of good title to real estate as a condition to approving a mortgage loan. This evidence is usually in the form of a title opinion or title insurance. Whether to order a title opinion or title insurance will affect the amount of the borrower’s loan costs and the scope of protection afforded to the lender. You should be aware of the differences before deciding on the form of protection.
(more…)
Posts Tagged ‘insurance policies’
Title Insurance Versus Title Opinions
Tuesday, November 8th, 2011Title Insurance Coverage for Mechanic’s Liens
Tuesday, July 13th, 2010Contractors, subcontractors, owners, lenders and title companies often become intertwined when a party seeks to purchase title insurance coverage for mechanic’s liens. Since mechanic’s liens for most commercial projects may be recorded in Indiana up to 90 days after the completion of work, title insurance commitments and policies have a general exception for “unfiled mechanic’s or materialmen’s liens.” However, in many situations, a title company will agree to delete this exception and thereby insure the owner or lender against such risks. (more…)
Title Insurance Versus Title Opinions
Wednesday, March 31st, 2010Lenders have always required evidence of good title to real estate as a condition to approving a mortgage loan. This evidence is usually in the form of a title opinion or title insurance. Whether to order a title opinion or title insurance will affect the amount of the borrower’s loan costs and the scope of protection afforded to the lender. You should be aware of the differences before deciding on the form of protection. (more…)
Are Poor Workmanship Claims Covered by Insurance?
Tuesday, September 29th, 2009A Commercial General Liability policy covers certain losses to others or to property for which you or your employees may be at fault. While this description is broad, the insurance is not limitless. First, the policy has limits of liability setting a maximum amount the insurance company is obligated to pay. Second, the policy will have a number of exclusions, setting forth certain losses which are not covered by the policy. (more…)