Has anyone prepared a final ALTA under the Pro-Forma only and not the actual title commitment?
not a final, but have started plenty under pro forma
Just wanted to be sure I'm not nuts. I have an attorney asking for one. Maybe I should check his license.
?ÿ
I don't think there is anything in the ALTA/NSPS standards that explicitly prohibits a surveyor from performing an ALTA with a pro forma commitment:
In order to complete an ALTA/NSPS Land Title
Survey, the surveyor must be provided with the following:
A. The current record description of the real property to be surveyed or, in the case of an original
survey prepared for purposes of locating and describing real property that has not been
previously separately described in documents conveying an interest in the real property, the
current record description of the parent parcel that contains the property to be surveyed;
B. Complete copies of the most recent title commitment or, if a title commitment is not available,
other title evidence satisfactory to the title insurer;
As long as the insurer is OK with it, you can work off title information provided on the back of a napkin, as long as you make it clear that was your source.
I'm currently doing one now with a pro forma. As @moe-shetty mentioned, they will almost certainly issue a final commitment at some point, usually after a round or two of preliminary survey submittals and revisions to the description or schedule B items.
under the Pro-Forma only and not the actual title commitment?
The Pro-Forma is based on the commitment...it's one step closer to the final policy than the commitment for title insurance
Documents in the Title Process*
Preliminary Report
Commitment - Shows the condition of title in the way we are willing to issue it.
Pro Forma - Specimen of what the requested policy, as requested, will look like. Underwriting issues not completed. Not binding upon the company.
Policy - Final contract of indemnity between named insureds and the company.
*Per Chicago Title
I have started them that way full well knowing that revisions, additions or deletions will be required when the final title report is issued.?ÿ At least it gives you something to hit the ground running with and helps ease the deadline crunch.?ÿ
