What's the consensus of this endorsement??ÿ
Seems like a lot of successors and assigns down the road.?ÿ
I have no problem with nearly all of the clients I've done ALTAs for in the last year.?ÿ All of them have only had 2-3 entities to certify to but this one is a HUD and when I perform one with a HUD requirement, the cost is adjusted accordingly.
The survey must be certified to the following parties, exactly as set forth below:
To:?ÿ NEF Assignment Corporation, an Illinois not-for-profit corporation, as nominee, its beneficiaries, successors, and/or assigns, National Equity Fund, Inc., an Illinois not-for-profit corporation, [lender(s)], [name of title insurance company and title agency (if different)], [name of Partnership], [name of General Partner(s), its beneficiaries, successors, and/or assigns], [if applicable, name of SLP, its beneficiaries, successors, and/or assigns,], and [certain single-investor funds, its beneficiaries, successors, and/or assigns
This subject has been hashed about (is that a phrase?) several times over the years here and else ware. I've gotten to the point that I roll with it and don't fret the consequences. I've learned that the survey is a snapshot in time and it is not uncommon for a lender, NEF in this case, to sell or transfer a loan the day after closing to several entities all of whom have reviewed the survey or are subject to it.?ÿ
It is important for your client to know that as these names are filled in and subsequent review of the survey is done that you will be billing for your time over and above the original agreement. I have one client that we work on this basis for. I trust them, they pay their bill and appreciate my work.?ÿ
Certified to the following parties, or everyone, what's the difference??ÿ ?ÿI can't understand why "I hereby certify blah blah blah" isn't good enough and that certain entities have to have their names specifically.?ÿ But then again, I don't really care.?ÿ ?ÿ My blanket certification should be enough, in my opinion, but if the lender has to be named, so be it, or the attorneys......?ÿ It really doesn't matter, lol?ÿ
An ALTA/NSPS survey is not an ALTA/NSPS survey unless it contains this certification:
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Certification - The plat or map of an ALTA/NSPS Land Title Survey shall bear only the following certification, unaltered, except as may be required pursuant to Section 3.B. above:
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To (name of insured, if known), (name of lender, if known), (name of insurer, if known), (names of others as negotiated with the client):
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This is to certify that this map or plat and the survey on which it is based were made in accordance with the 2016 Minimum Standard Detail Requirements for ALTA/NSPS Land Title Surveys, jointly established and adopted by ALTA and NSPS, and includes Items ___________ of Table A thereof. The fieldwork was completed on ___________ [date].
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Date of Plat or Map: ___________ (Surveyor??s signature, printed name and seal with Registration/License Number)
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As stated as item 7. of the 2016 standards. Section 3.B. states that you will also need to comply with current state requirements...
I can tell you- as somebody who spent a couple years in the title business- that your survey may well be used to close on a piece of property several times over-without you ever knowing it and regardless of whom you do or don??t certify to. In case that influences your thinking any.
Certified to the following parties, or everyone, what's the difference??ÿ ?ÿI can't understand why "I hereby certify blah blah blah" isn't good enough and that certain entities have to have their names specifically.?ÿ But then again, I don't really care.?ÿ ?ÿ My blanket certification should be enough, in my opinion, but if the lender has to be named, so be it, or the attorneys......?ÿ It really doesn't matter, lol?ÿ
To be able to sue you, someone must prove that they have standing to do so, by having been harmed by something shown on your survey (presumably an error or omission). That's much easier for them to argue if you directly certify to THEM that the survey is correct.
For what it's worth, I've started saying in every ALTA proposal that I will certify to: buyer, title company, and lender, and that's it. I follow that with a statement that any additional names will add cost to the survey, feel free to contact me to find out how much, and I will not certify to successors or assigns under any circumstances. So far I haven't had any pushback from anyone on it. That may be because my ALTA proposals are about 50% statements of what I WON'T do. I think the dirt bags out there see my proposals and decide I know their games too well, and call someone else instead.?ÿ
I do not do many ALTA surveys because I just despise the process and having to deal with legal assistants who are insistent on something that I am equally opposed to HOWEVER I refuse to certify to Successors & Assigns. I just flat refuse and that is one of the several reasons I do not do many.
It's my stamp and it's my way, don't try to screw me or treat me like a damned fool to be abused and I won't tell you to piss off and hang up.
That's much easier for them to argue if you directly certify to THEM that the survey is correct.
If you certify to anyone that your survey is correct, you leave yourself open to needless liability.?ÿ Certify that it meets the applicable standard and leave it at that.
FYI -?ÿ a nominee in real estate transactions?ÿ(NEF Assignment Corporation, an Illinois not-for-profit corporation, as nominee) is a potential successor to rights under contract. So it appears that National Equity Fund is negotiating the contract for purchase and performing the due diligence, but they will assign the contract to NEF Assignment Corporation prior to settlement.?ÿ?ÿ
My favorite certification in the past was to "JPMorgan Chase & Co as trustee for certain unnamed confidential trust holders" when the?ÿ?ÿQatar Investment Authority was financing a $950MM project in downtown DC and trying not to get their name in the press.?ÿ
@david-baalman I've been having this issue with my clients as of lately. Lawyers get reeeally pi$$ed off when you don't follow their specific instructions. Thank you for this info. May be simple but it helped this simple surveyor! Cheers!
