Construction Loan Phase
When you are ready for construction loan financing, the issues previously referred to will form the basis of a preliminary report for the benefit of you and your lender. Your Title Officer will then be working with you and your lender to:
- Provide the above referenced preliminary report.
- Provide plotting of recorded easement locations.
- Provide recorded document copies (referenced in the title report).
- Consult with you and your lender to resolve any title insurance issues or needs raised by your lender.
- Review, record and insure the construction loan documents as required by your lender.
If you intend to start work on the subject property prior to the recording of your construction loan, consult your Lawyers Title Sales Representative or Title Officer before work begins on your subdivision site.
Your lender requires that its title insurance policy insures against loss due to any mechanic's lien claims. In order to provide this insurance to your lender, you will need to provide an indemnity, acceptable to Lawyers 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.
Construction Completion Phase
Upon completion of construction, recordation of all required project documents and the issuance of any required DRE Public Report (White report), you are ready to open escrow for the sale of completed lots or units. Your Title Officer will open a title order for each lot or unit in your development as requested by your escrow. The Title Officer will:
- Provide the above referenced preliminary report.
- Provide legal descriptions, upon request, for use by the escrow officer, lender or buyer’s lender for their documents.
- Consult with you, your escrow officer, lender or buyer's lender to resolve any issues or needs in order to insure sale-outs to your buyers and your buyers' lenders.
- Review and record documents and issue policies of title insurance as requested and required by your escrow officer, lender and buyer's lender.
- Other Services & Information
- "Land for Sale" and "Land Wanted" information and referrals.
- Detailed sales and marketing research for existing and proposed developments.
- Contract "Builders Bulk Rate" title insurance premium rate quotations for your subdivision needs (acquisition, construction loan and sale-out policies of title insurance).
- Engineering firms and attorney referrals upon request.
- Other value-added services are available to you on a county-by-county basis.
Please contact your Lawyers Title C&I/Subdivision Sales Representative for more details.