How We Can Serve You During The Construction Loan Financing 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 Escrow Officer will then be working with you and your lender to:
- Provide the above referenced preliminary report.
- Provide plotting of recorded easement locations as may be required by your lender.
- Provide recorded document copies (referenced in the title report) as may be required by your lender.
- 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 Chicago Title Escrow Officer before work begins on your 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 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.