I have been working on an ALTA for a few month's, mainly waiting on reviews/comments and what not. I get an email from the attorney asking if I can change the names of the owners to the buyer. He provided the deed (made yesterday) and the description was from my preliminary plat not the record description provided with the title doc's. I have never provided them with anything final, all preliminary. Would they need to make a new title commitment? All of these that I have ever done the property was transferred after the survey was complete. Am I missing something or is this common? :-S
yes. the ALTA goes with the Insurance Policy. the two need to refer to each other.
Peter Ehlert, post: 339651, member: 60 wrote: yes. the ALTA goes with the Insurance Policy. the two need to refer to each other.
Yes as in it is common practice or yes they need a new commitment?
yes to both.
your ALTA refers to the Policy and all the survey related items in it.
one of those items is the contemplated new owner that will be insured.
it is possible to create an ALTA when no change of owner or lender is contemplated...
you say new deed... is that an executed deed or draft of the proposed transfer deed? I am not a fan of using a "new" description.
Peter Ehlert, post: 339747, member: 60 wrote: yes to both.
your ALTA refers to the Policy and all the survey related items in it.
one of those items is the contemplated new owner that will be insured.
it is possible to create an ALTA when no change of owner or lender is contemplated...you say new deed... is that an executed deed or draft of the proposed transfer deed? I am not a fan of using a "new" description.
It is an executed deed recorded 2days ago, they used the description that is on the face of the ALTA which is still preliminary.
I am not sure why the Title Company would be doing this now. An owner can purchase Title Insurance at any time. It would seem that the purchaser would want the Insurance prior to closing, so they know the facts ahead of time. I have always shown the name on the survey as ALTA/ACSM Land Title Survey For: whoever's name is on the Commitment. The Survey and Commitment could be use to issue a Buyers/Owners, Lender's, Seller's or any combination policy(s).
Being from a metes and bounds state, the updated description is almost always used for the deed as a more accurate representation of the property. However, the idea of the attorneys using a description from a preliminary survey is most troubling and a bad practice. Was your preliminary referenced in the deed? Have you been paid for the use of your work product in the deed? You may want to charge an additional fee for your additional liability working with sub-professional attorneys. The name change does not seem to be as important as using your preliminary plat for closing. I am assuming that your preliminary plat was not signed and sealed.
lmbrls, post: 339850, member: 6823 wrote: I am not sure why the Title Company would be doing this now. An owner can purchase Title Insurance at any time. It would seem that the purchaser would want the Insurance prior to closing, so they know the facts ahead of time. I have always shown the name on the survey as ALTA/ACSM Land Title Survey For: whoever's name is on the Commitment. The Survey and Commitment could be use to issue a Buyers/Owners, Lender's, Seller's or any combination policy(s).
Being from a metes and bounds state, the updated description is almost always used for the deed as a more accurate representation of the property. However, the idea of the attorneys using a description from a preliminary survey is most troubling and a bad practice. Was your preliminary referenced in the deed? Have you been paid for the use of your work product in the deed? You may want to charge an additional fee for your additional liability working with sub-professional attorneys. The name change does not seem to be as important as using your preliminary plat for closing. I am assuming that your preliminary plat was not signed and sealed.
I have not signed a thing yet, no the survey was not referenced, and since they used the description that is on the plat there is no reference to the survey in the description because it was on the plat. The record was from 64. On the plat I originally had the record description on there and the Attorney requested a new description. There were a few things that the survey cleared up so I did put a new description directly below the record description and labeled it as written description from survey shown on the face of this plat. I am worried about the preliminary part the most. Luckily it is correct, I had no other changes to make to it.
lmbrls, post: 339850, member: 6823 wrote: I am not sure why the Title Company would be doing this now. An owner can purchase Title Insurance at any time. It would seem that the purchaser would want the Insurance prior to closing, so they know the facts ahead of time. I have always shown the name on the survey as ALTA/ACSM Land Title Survey For: whoever's name is on the Commitment. The Survey and Commitment could be use to issue a Buyers/Owners, Lender's, Seller's or any combination policy(s).
Being from a metes and bounds state, the updated description is almost always used for the deed as a more accurate representation of the property. However, the idea of the attorneys using a description from a preliminary survey is most troubling and a bad practice. Was your preliminary referenced in the deed? Have you been paid for the use of your work product in the deed? You may want to charge an additional fee for your additional liability working with sub-professional attorneys. The name change does not seem to be as important as using your preliminary plat for closing. I am assuming that your preliminary plat was not signed and sealed.
It started out as a site design topo and boundary for an engineering firm I used to work for and got licensed under. I do a lot of work for them and we have a great relationship. They are the ones that contracted for the work. I did not get to do the initial negotiating. I have been paid by the engineering firm but they havent been paid yet. This started back in March and projects that have came up since, I have been doing the initial negotiating and getting a feel for the attorneys and other individuals to try and head some of the problems I have had on this project. There has been many other things that I have had to explain, argue, send copies of the ALTA standards to them so they can see what the standards require.
Adam,
How old is the Commitment? It looks like this has been going on for a while. I would suggest requiring an updated commitment. Sounds like you have done everything right to date. Just proceed with caution. Something just does not smell right.
lmbrls, post: 339874, member: 6823 wrote: Adam,
How old is the Commitment? It looks like this has been going on for a while. I would suggest requiring an updated commitment. Sounds like you have done everything right to date. Just proceed with caution. Something just does not smell right.
The commitment date is July 15, 2015. Thanks Imbris
