Title Services Archives - Page 3 of 3 - Commercial Partners Title

June 12, 2017 by Mark Goodman

Nancy Landmark elected to the American College of Real Estate Lawyers (ACREL)

We’re proud to announce that Nancy Landmark, Vice President and Commercial Underwriting Counsel at Commercial Partners Title, LLC, has been elected for admission to the American College of Real Estate Lawyers (ACREL) Class of 2017. Admission to this premier organization of U.S. real estate lawyers is by invitation only, following a peer review and rigorous screening process. Those elected as Fellows have been deemed as distinguished real estate practitioners, substantial contributors to the improvement of real estate law and observers of high standards of professional and ethical conduct.

Nancy’s membership to the ACREL will provide opportunities for her to contribute thought leadership at events and to author materials crafted to educate and inform on current topics. In addition, she will be invited to attend national meetings and roundtable discussions with other ACREL members to address issues relevant in real estate law and practice. Nancy’s distinguished skill and experience will contribute to the ACREL body of knowledge and collegiality among members.

We congratulate Nancy on this most recent honor and her ongoing commitment to deliver commercial title insurance solutions to best meet the needs of our clients.

May 17, 2017 by Mark Goodman

Title Insurance Differences Between States

Title insurance is a national industry. However, statutes, regulations, rules, and practices can differ significantly between states. In this article, we’ll talk about some of the differences in the states where we underwrite title insurance.

States in Which We Write Title Insurance

A lot of people recognize Commercial Partners Title as being the experts on title insurance in Minnesota, but many don’t realize that we also write directly in other states across the country, including:

North Dakota
South Dakota
Wisconsin
Iowa
Florida

We can also place orders nationwide. We have multiple underwriters and agents that we have good relationships with, and we utilize their resources and expertise when working with clients across the country.

State-to-State Differences

You shouldn’t expected title insurance to be the same in one state as it is in another state. It’s very different across the country. In the upper Midwest (Minnesota, North Dakota, South Dakota, Wisconsin, Iowa) it’s pretty similar. Florida is quite a bit different from the states in the Midwest. That said, even among Midwestern states, there are differences.

The Torrens System in Minnesota

For example, one of the big differences that we encounter when people place orders with us from different states is the Torrens system in Minnesota. It’s often difficult for people from other states to understand that system or comprehend the requirements that are necessary when the property is a Torrens piece of property. We encounter similar situations when we place orders in other states as well. Those states don’t necessarily operate the same way as Minnesota. So if we have a developer or investor in Minnesota that is building a convenience store in Tennessee, we have to follow the guidelines in Tennessee. We don’t necessarily use the same types of endorsements and the processes are not the same as they are in Minnesota.

May 3, 2017 by Mark Goodman

Behind the Scenes – What we do While your Draw is Pending

Behind the scenes while your draw is pending, we look at the numbers every time. We’re obligated to make sure that this project remains in balance – both in terms of the overall sources available to make payments and the payments that still need to be made. Also we have to look at that on a line item by line item basis because if costs run over on one line item and there isn’t a corresponding decreasing cost somewhere else, then we’re out of balance and we don’t see that, if we aren’t tracking it on each line item.

Tract Search

When your draw request is submitted, we will perform a search of the real estate records. This is called a “tract search”. We are generally looking to make sure that no liens have actually been filed against the property by somebody that we do know about or that we don’t know about. Your lender may ask us to notify them if any documents are recorded, including easements, new mortgages, or other matters.

Lien Waivers

We also check the lien waivers submitted to make sure they match what we expected based on the prior submission and payments made.

Verifying All Information

As we’re going through the materials that you submit with each draw request we’re going to try to verify that we have all of the information that we need. If we find that there are missing items or something that’s just not making sense then we start asking questions. Those questions will be directed to the contractor or to the owner and sometimes to the lender. Once we have everything in good shape and we know it’s good to go we’re ready to ask the lender to fund the draw and pay your bills.

Disclaimer:

“The Lawyer’s Moment”: Commercial Partners Title is providing this information as a free customer service. We make no representation as to its accuracy as it may pertain to any particular transactions, any one of which may require additional or different documentation. This is not intended to supersede or compromise the terms and conditions of any agreement entered into by Commercial Partners Title, nor any of the parties to a specific transaction. This presentation does not constitute legal advice. We encourage you to obtain advise from appropriate qualified professionals, including an attorney specializing in real estate transactions with respect to any questions you may have with respect to your rights or obligations.

Nancy Landmark elected to the American College of Real Estate Lawyers (ACREL)

Title Insurance Differences Between States

States in Which We Write Title Insurance

State-to-State Differences

The Torrens System in Minnesota

Behind the Scenes – What we do While your Draw is Pending

Tract Search

Lien Waivers

Verifying All Information

Disclaimer:

Contact

Service Area

States in Which We Write Title Insurance

State-to-State Differences

The Torrens System in Minnesota

Tract Search

Lien Waivers

Verifying All Information

Disclaimer:

Contact

Service Area

25 years ago, we opened our doors and became your partners in commercial real estate transactions.