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.
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Posts Tagged ‘Jason P. Lueking’
Title Insurance Versus Title Opinions
Tuesday, November 8th, 2011Title Insurance Coverage for Mechanic’s Liens
Tuesday, November 1st, 2011Contractors, 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…)
Beware of Disclaimers
Tuesday, September 27th, 2011When purchasing real estate, you hire many professionals to inspect the property and provide you advice. Various conditions are often reviewed including environmental contamination, termite damage, structural integrity, the operations of plumbing, electrical and mechanical systems, radon levels and boundary line encroachments. The consultants often provide you with their form of service contract immediately before performing their work. (more…)
Title 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…)