I was requested to send in the final on an ALTA I did. No problem, I asked for the lender information. I was told they hadn't signed on with a Lender yet and asked me to leave it blank for now. They said when they get a lender we could revise the survey. I get a gut reaction that I shouldn't sign it until I get a lender. Should I remove the lender and sign it or should I tell them I can't sign until they get a lender? What say you?
You can't certify to an unknown entity. Remove the lender portion and then, when the time arrives, revise the plat to add the lender in. If it's 1 week, great. If it's 1 year, tell them you need to verify the corners and charge accordingly.
Don't leave it blank. Just leave it off, or tell them to wait for the ALTA until they provide the lender name.
Thanks ya'll.
Until there is a lender there will be no need to certify to a title company either.
You can't certify to an unknown entity.
Such as:
Abc Lenders, their heirs, assigns, and all future banks, to whome the loan may be sold.mm
What is there that says that you cannot certify to an unknown entity? I am curious, just for my own sake. And would this apply to the 'successors and assigns', statement that they typically request/require after the lender?
If you buy title ins. It is certified to the bank only. If you want it certified to the landowner as well you pay an additional fee.
I removed it. Leaving blank just don't feel right.
ppm, post: 409472, member: 6808 wrote: What is there that says that you cannot certify to an unknown entity? I am curious, just for my own sake. And would this apply to the 'successors and assigns', statement that they typically request/require after the lender?
My common sense and my E&O carrier.
"My insurance won't allow me to make an open ended comitment".
It does not matter if you are self insured, or hocked up with the biggest ins co in the world.
It's about like metting married, and leaving one name blank. Scarry!
I do not certify anything that does not include the name and address of the person that ordered and is responsible for paying for the survey.
No Exceptions............:gammon:
ppm, post: 409472, member: 6808 wrote: What is there that says that you cannot certify to an unknown entity? I am curious, just for my own sake. And would this apply to the 'successors and assigns', statement that they typically request/require after the lender?
I think it has already been beaten to death in this thread, but in case not, lets say I loan you my car, we are good pals so in suite of course you are covered on my insurance, BUT, you have a good pal I don't know, loan them the car, they crash it, who is liable. I'd bet a years salary the insurance company is having a good laugh while I'm paying.
ALTA's always amaze me. It's supposedly a format and procedure that's agreed upon by associations representing surveyors, lenders, and insurers, yet it seems that we're always getting requests to do things where at least something is outside of this format.
We jut got fired before we started because I did a site visit to ascertain how long it would take the crew to map everything and since it is a locked, secured area, contacted the manager to for information about access protocol. The requester said they had never heard of a surveyor visiting a site prior to the estimate and it was uncalled for. 40 years at this job and I'm still getting surprised that I don't know how to do my job.
It seems like the lendesr, or their agents, want the ALTAs in record time, want to negotiate for the lowest price to get it, yet want you to eat any time charged to the job over the contract. Ugh!
If I was hungry I would make my direct contact aware of the situation and demand proper access be approved. If I wasn't hungry I would toddle off smiling with the knowledge that I had dodged a bullet. Working for dummasses is seldom rewarding.
Howard Surveyor, post: 409544, member: 8835 wrote: We jut got fired before we started because I did a site visit to ascertain how long it would take the crew to map everything and since it is a locked, secured area, contacted the manager to for information about access protocol. The requester said they had never heard of a surveyor visiting a site prior to the estimate and it was uncalled for. 40 years at this job and I'm still getting surprised that I don't know how to do my job.
It seems like the lendesr, or their agents, want the ALTAs in record time, want to negotiate for the lowest price to get it, yet want you to eat any time charged to the job over the contract. Ugh!
If they got stuck and would call me back for an estimate they would first pay for mileage both ways twice, plus the actual time for the second estimate.
Paul in PA
I have weeded out a lot of undesirable clients over the past year. This client in particular has been excellent to work with and they pay on time. I don't want to do ALTA'S for just anyone that calls requesting anymore.
I only list the specific parties and leave no 'blanks' to fill in. We do them all the time with no lender. I published 3 yesterday.