24 min
Ep. 29 | Title Commitment and Surveys 101 – Part 1 of 2 The Real Estate Diversification Podcast
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- Investing
In this Legacy Series episode of The RED Podcast, Ferd Niemann takes us through Title Commitment and Surveys 101.Hosted by Jonathan Gilmore.
HIGHLIGHTS:
0:00 – Intro1:02 – There are many title companies out there, it’s not necessarily important which one you use2:05 – The first page is the Schedule A, this includes the date they did the survey on2:56 – Schedule A will tell you what type of policy and the policy amount4:20 – Next on Schedule A comes the proposed insured4:50 – Next Schedule A talks about the interest5:08 – Schedule A says who the title is currently vested in, followed by the land described5:56 – Schedule B notes the requirements and exceptions6:29 – You must be notified if someone else has an interest in the property7:00 – Schedule B will have an affidavit which is basically to say that certain things don’t exist8:22 – Schedule B will have some information about the documents of the title company required9:10 – Schedule B part 2 is the exceptions, Ferd cares about the easements the most and they’re usually slower13:05 – You need to work out what exceptions there are and fix them or work around them.14:15 – This is when your objections come in14:57 – If you have a lender involved, you’re going to need a loan policy16:19 – You can get a closing protection letter19:43 – The final step is the closing statement
In this Legacy Series episode of The RED Podcast, Ferd Niemann takes us through Title Commitment and Surveys 101.Hosted by Jonathan Gilmore.
HIGHLIGHTS:
0:00 – Intro1:02 – There are many title companies out there, it’s not necessarily important which one you use2:05 – The first page is the Schedule A, this includes the date they did the survey on2:56 – Schedule A will tell you what type of policy and the policy amount4:20 – Next on Schedule A comes the proposed insured4:50 – Next Schedule A talks about the interest5:08 – Schedule A says who the title is currently vested in, followed by the land described5:56 – Schedule B notes the requirements and exceptions6:29 – You must be notified if someone else has an interest in the property7:00 – Schedule B will have an affidavit which is basically to say that certain things don’t exist8:22 – Schedule B will have some information about the documents of the title company required9:10 – Schedule B part 2 is the exceptions, Ferd cares about the easements the most and they’re usually slower13:05 – You need to work out what exceptions there are and fix them or work around them.14:15 – This is when your objections come in14:57 – If you have a lender involved, you’re going to need a loan policy16:19 – You can get a closing protection letter19:43 – The final step is the closing statement
24 min