Infrastructure project and responsibility break downBhim Upadhyaya
This document provides information about an engineering infrastructure development project in Nepal. It discusses the project work breakdown structure and responsibility breakdown. It defines what a project is, outlines the typical project phases and stakeholders. It then discusses tools for work breakdown like the work breakdown structure, Gantt chart, CPM and PERT. Finally, it provides examples of rural infrastructure projects in Nepal and highlights the importance of quality supervision during construction.
Brittain Hadley is a building surveying firm with over 25 years of experience. They provide various building surveying services including project management, cost consultancy, and environmental/sustainable solutions. Their staff have over 50 years of combined experience in building projects. They recently managed refurbishment projects on 99 housing properties with budgets between £57K-£68K per property.
HOW TO SURVIVE CONSTRUCTION PROJECTS DURING TIMES OF ECONOMIC INSANITYBurns White LLC
Following is a slide deck from a presentation given by Burns White Members Chad A. Wissinger and T.H. Lyda to attendees at the National Railroad Construction and Maintenance Association (NRC) annual conference in January about how to survive construction projects during times of economic insanity.
Professional practices (lec 02) by k.iqbalZakee Kazmee
The document discusses different types of construction contracts, bonds, and insurance. It describes two main contract systems - single contracts where an owner contracts with a prime contractor, and separate contracts where the owner contracts separately for different trades. It also outlines various types of contractual agreements such as lump sum, unit price, and cost-plus-fee agreements. Key provisions that are included in construction contracts are also summarized such as scope, schedule, payments, and acceptance. The roles and purposes of bid bonds, performance bonds, payment bonds, and other types of bonds are explained. Finally, it provides an overview of workers' compensation insurance and builders' risk insurance that contractors are required to have.
What does a contractor do? Which type of contractor do you need? How to choose and find a contractor? How to work with and get the most of your contractor? What are the contractor’s fees? These are some of the aspects that Dalia Sadany addresses in this article about the contractor which also includes useful tips and illustrative diagrams
The document summarizes benefits of proper cost estimating techniques and provides case studies. It discusses fundamentals of cost estimates, including purpose and potential legal liability. Case studies examine a cost to complete estimate for unfinished subdivision work, finding the plaintiff's claim overstated, and a design-build project where cost overruns occurred due to inadequate contingencies and misaligned expectations between the designer and contractor. The document emphasizes importance of clear communication and standard practices in cost estimating.
The document is a homebuyer's handbook that provides information and guidance to homebuyers on various topics related to the home buying process. It covers the purchase process, understanding escrow, the loan process, closing costs, who pays what costs in different counties, tax calendars, title insurance and policies. The handbook aims to educate homebuyers on the steps involved in buying a home and costs associated with the transaction.
This document summarizes a presentation given to contractors on surety bonding. It discusses the relationship between contractors, sureties, and owners when jobs are bonded. It also outlines key factors sureties examine like working capital, debt to equity ratios, and job schedules. The presentation recommends providing audited financial statements, maintaining good relationships with banks and sureties, and having a business continuity plan.
Infrastructure project and responsibility break downBhim Upadhyaya
This document provides information about an engineering infrastructure development project in Nepal. It discusses the project work breakdown structure and responsibility breakdown. It defines what a project is, outlines the typical project phases and stakeholders. It then discusses tools for work breakdown like the work breakdown structure, Gantt chart, CPM and PERT. Finally, it provides examples of rural infrastructure projects in Nepal and highlights the importance of quality supervision during construction.
Brittain Hadley is a building surveying firm with over 25 years of experience. They provide various building surveying services including project management, cost consultancy, and environmental/sustainable solutions. Their staff have over 50 years of combined experience in building projects. They recently managed refurbishment projects on 99 housing properties with budgets between £57K-£68K per property.
HOW TO SURVIVE CONSTRUCTION PROJECTS DURING TIMES OF ECONOMIC INSANITYBurns White LLC
Following is a slide deck from a presentation given by Burns White Members Chad A. Wissinger and T.H. Lyda to attendees at the National Railroad Construction and Maintenance Association (NRC) annual conference in January about how to survive construction projects during times of economic insanity.
Professional practices (lec 02) by k.iqbalZakee Kazmee
The document discusses different types of construction contracts, bonds, and insurance. It describes two main contract systems - single contracts where an owner contracts with a prime contractor, and separate contracts where the owner contracts separately for different trades. It also outlines various types of contractual agreements such as lump sum, unit price, and cost-plus-fee agreements. Key provisions that are included in construction contracts are also summarized such as scope, schedule, payments, and acceptance. The roles and purposes of bid bonds, performance bonds, payment bonds, and other types of bonds are explained. Finally, it provides an overview of workers' compensation insurance and builders' risk insurance that contractors are required to have.
What does a contractor do? Which type of contractor do you need? How to choose and find a contractor? How to work with and get the most of your contractor? What are the contractor’s fees? These are some of the aspects that Dalia Sadany addresses in this article about the contractor which also includes useful tips and illustrative diagrams
The document summarizes benefits of proper cost estimating techniques and provides case studies. It discusses fundamentals of cost estimates, including purpose and potential legal liability. Case studies examine a cost to complete estimate for unfinished subdivision work, finding the plaintiff's claim overstated, and a design-build project where cost overruns occurred due to inadequate contingencies and misaligned expectations between the designer and contractor. The document emphasizes importance of clear communication and standard practices in cost estimating.
The document is a homebuyer's handbook that provides information and guidance to homebuyers on various topics related to the home buying process. It covers the purchase process, understanding escrow, the loan process, closing costs, who pays what costs in different counties, tax calendars, title insurance and policies. The handbook aims to educate homebuyers on the steps involved in buying a home and costs associated with the transaction.
This document summarizes a presentation given to contractors on surety bonding. It discusses the relationship between contractors, sureties, and owners when jobs are bonded. It also outlines key factors sureties examine like working capital, debt to equity ratios, and job schedules. The presentation recommends providing audited financial statements, maintaining good relationships with banks and sureties, and having a business continuity plan.
The document summarizes a panel discussion on public-private partnerships for high-speed rail development. The panelists discussed the market demand and federal support for high-speed rail, an introduction to P3 project structures, the legal authority of public agencies to pursue P3s for high-speed rail, and lender perspectives. P3s can help accelerate infrastructure projects by sharing risks and costs between the public and private sectors, though they also carry disadvantages like long-term contracts and potential loss of public control. States vary in whether they have legislation enabling P3s specifically for high-speed rail projects.
The document summarizes a presentation on construction insurance and risk management for energy projects. It discusses topics like identifying stakeholders, developing an insurance plan, gathering technical data, conducting a placement process, and considering coverage issues. The presentation provides an overview of important steps in navigating insurance for large construction projects in the energy industry.
Phoenix Greenworks Capital (PGC) is a financial services firm focused on developing renewable energy and waste projects in Europe, Africa, Asia, and the Middle East. PGC leverages the expertise of its team and parent company, Phoenix Partners Group, to structure projects and source financing from various capital sources. Notable projects include a pyrolysis/gasification plant in Poland and advising investors on solar opportunities in Europe. PGC aims to deliver robust, sustainable, and environmentally compliant projects where demand and government support exist.
The document provides information and recommendations for community associations to better prepare for hurricanes and other emergencies. It suggests that associations rethink their preparedness plans, which were shown to be inadequate during the 2004 hurricane season. Associations should budget for emergency funds, storm cleanup costs, and deductibles. They should also hire contractors and have emergency supplies ready to respond quickly after storms. Proper preparation, planning, and saving can help associations deal with the costs of hurricanes and other emergencies.
The document discusses key provisions and common pitfalls in construction contracts. It covers topics such as defining the scope of services, duties of parties, modifications to the project, and termination issues. For each topic, it provides examples from standard contract forms and discusses important considerations and potential risks to address in the contract language. The goal is to help parties understand important contract terms and draft clear agreements that minimize disputes over obligations and liability.
The document discusses new mortgage regulations from the Housing and Economic Recovery Act that take effect on July 30, 2009. There are four key changes: 1) the earliest a home purchase can close is 7 days after the buyer receives initial disclosures from the lender, which may impact closing dates; 2) upfront fees cannot be collected until disclosures are received; 3) buyers must receive a copy of the appraisal 3 business days before closing; and 4) any increase over 0.125% to the Annual Percentage Rate requires a revised disclosure 3 business days before closing. The document provides tips to help expedite closings under the new regulations.
Technology Enabled Corporate Communications- Forum For Corporate Directors an...Roger Cohen
This document discusses technology trends in consumer and enterprise technology and how they can enable professional services and improve compliance processes. It summarizes Roger Cohen's expertise in designing technology solutions for legally intensive business processes. It also outlines challenges public companies face in managing information for regulatory filings, audits, and compliance. It proposes that technology-enabled professional services using tools like virtual data rooms and apps can help address these challenges by providing structure, automation and transparency. Finally, it discusses keys to successful enterprise IT projects, including implementing solutions incrementally from the bottom-up and focusing on user experience, change management and governance.
Title Essentials You Need to Have for Construction LoansLandGorilla
Clay Mills, Attorney and Senior Escrow Officer, from BNT of Texas provides the Title requirements you need when helping your clients build their dream house.
Phoenix Greenworks Capital (PGC) is a financial services firm focused on renewable energy and waste projects around the world. PGC has experience developing waste-to-energy, wind, biomass, solar, and bio-composting projects. Notable current projects include a waste-to-energy plant in Poland, a rice straw pellet plant in Egypt, and developing bio-composting sites in the Dominican Republic, Pakistan, and Morocco. PGC leverages its parent company Phoenix Partners Group's expertise and relationships to facilitate renewable energy project development.
Bankruptcy Construction Seminar, Stites & Harbison, PLLCStites & Harbison
This document discusses strategies a contractor can take if a project owner files for bankruptcy. It provides information on the automatic stay in bankruptcy and how it prevents creditors from taking actions against the debtor's estate. It also discusses executory contracts and how they are treated in bankruptcy. The document advises contractors to seek relief from the automatic stay to protect their claims. It also recommends contractors continue protecting their claims through mechanic's liens, which may relate back before the bankruptcy filing date. The document also discusses avoidable preference actions and strategies to mitigate preference liability, such as obtaining perfected lien rights or arguing the payments were made in the ordinary course of business.
PGC is a renewable energy focused financial services firm that partners with local developers to bring projects to fruition. PGC targets projects in Europe, Asia and the Middle East. PGC has experience in waste to energy, wind, biomass, wood-CHP, pelletizing, and bio-compost projects. Current projects include a pyrolysis/gasification plant in Poland, helping a Polish utility develop wind projects, an EFW site in the UK, a biomass CHP plant and pelleting business in the UK, a rice straw pelleting plant in Egypt, and bio-composting sites in the Dominican Republic, Pakistan, and Morocco.
PGC is a renewable energy focused financial services firm that partners with local developers to bring projects to fruition. PGC targets projects in Europe, Asia and the Middle East. PGC has expertise in waste-to-energy, wind, biomass, wood-CHP, pelletizing, and bio-compost projects. Current projects include a pyrolysis/gasification plant in Poland, partnerships to develop wind projects in Poland, an EFW site in the UK, biomass CHP and pelleting plants in the UK and Egypt, and bio-composting sites in the Dominican Republic, Pakistan, and Morocco.
Self-Build Zone host site insurance masterclass at national home improvement ...Simply Marcomms
Self-Build Zone Director Simon Middleton, hosted a Masterclass at the National Home Improvement Show. Representatives from Self-Build Zone discussed all issues on site insurance and warranties.
This document outlines a presentation on legal and commercial issues related to district cooling projects, given by Tim Burbury at the Kuwait District Cooling Summit in January 2011. The presentation covers (1) different deal structures used for district cooling projects, (2) common commercial issues like water sources, demand guarantees, and construction phasing, and (3) legal issues regarding regulations, land rights, and bankability for financing district cooling projects. Key points discussed include different risk transfer models, stakeholder management, tariff structuring, modular plant capacity expansion, and interconnection challenges between central plants and distribution networks.
Protecting Your Contract Receivables – PA Mechanics Lien Law and Payment Bond...McKonly & Asbury, LLP
Get up to speed on the recent changes in the PA Mechanics Lien Law and hear an important discussion on how you can best protect your rights to payment. This webinar will also cover some guidelines on asserting payment bond claims, and pointers on how to best exercise contractual and statutory remedies promptly so as not to endanger receivables. Finally, the session will cover details on how to evaluate at-risk receivables subject to each of the noted remedies and how to accurately and properly evaluate the financial reporting for such items.
Company A has experienced rapid growth over the past year but is struggling to deliver quality due to inefficient processes that have caused delays of several weeks in setting up new projects; analyzing the work processes revealed gaps in skills, incentives, environment, and motivation among sales, contract, and project staff; addressing these gaps through training, process changes, new roles, and job aids could significantly reduce setup times and restore quality.
This document discusses insurance considerations for home extension, renovation, and conversion projects. It advises that home insurance will not cover these types of projects, and that specialized policies like extension insurance, renovation insurance, site insurance, or structural warranties are needed instead. It provides examples of coverage provided by different policy types and warns readers to consult an expert to get insurance tailored to their unique project.
The document summarizes a panel discussion on public-private partnerships for high-speed rail development. The panelists discussed the market demand and federal support for high-speed rail, an introduction to P3 project structures, the legal authority of public agencies to pursue P3s for high-speed rail, and lender perspectives. P3s can help accelerate infrastructure projects by sharing risks and costs between the public and private sectors, though they also carry disadvantages like long-term contracts and potential loss of public control. States vary in whether they have legislation enabling P3s specifically for high-speed rail projects.
The document summarizes a presentation on construction insurance and risk management for energy projects. It discusses topics like identifying stakeholders, developing an insurance plan, gathering technical data, conducting a placement process, and considering coverage issues. The presentation provides an overview of important steps in navigating insurance for large construction projects in the energy industry.
Phoenix Greenworks Capital (PGC) is a financial services firm focused on developing renewable energy and waste projects in Europe, Africa, Asia, and the Middle East. PGC leverages the expertise of its team and parent company, Phoenix Partners Group, to structure projects and source financing from various capital sources. Notable projects include a pyrolysis/gasification plant in Poland and advising investors on solar opportunities in Europe. PGC aims to deliver robust, sustainable, and environmentally compliant projects where demand and government support exist.
The document provides information and recommendations for community associations to better prepare for hurricanes and other emergencies. It suggests that associations rethink their preparedness plans, which were shown to be inadequate during the 2004 hurricane season. Associations should budget for emergency funds, storm cleanup costs, and deductibles. They should also hire contractors and have emergency supplies ready to respond quickly after storms. Proper preparation, planning, and saving can help associations deal with the costs of hurricanes and other emergencies.
The document discusses key provisions and common pitfalls in construction contracts. It covers topics such as defining the scope of services, duties of parties, modifications to the project, and termination issues. For each topic, it provides examples from standard contract forms and discusses important considerations and potential risks to address in the contract language. The goal is to help parties understand important contract terms and draft clear agreements that minimize disputes over obligations and liability.
The document discusses new mortgage regulations from the Housing and Economic Recovery Act that take effect on July 30, 2009. There are four key changes: 1) the earliest a home purchase can close is 7 days after the buyer receives initial disclosures from the lender, which may impact closing dates; 2) upfront fees cannot be collected until disclosures are received; 3) buyers must receive a copy of the appraisal 3 business days before closing; and 4) any increase over 0.125% to the Annual Percentage Rate requires a revised disclosure 3 business days before closing. The document provides tips to help expedite closings under the new regulations.
Technology Enabled Corporate Communications- Forum For Corporate Directors an...Roger Cohen
This document discusses technology trends in consumer and enterprise technology and how they can enable professional services and improve compliance processes. It summarizes Roger Cohen's expertise in designing technology solutions for legally intensive business processes. It also outlines challenges public companies face in managing information for regulatory filings, audits, and compliance. It proposes that technology-enabled professional services using tools like virtual data rooms and apps can help address these challenges by providing structure, automation and transparency. Finally, it discusses keys to successful enterprise IT projects, including implementing solutions incrementally from the bottom-up and focusing on user experience, change management and governance.
Title Essentials You Need to Have for Construction LoansLandGorilla
Clay Mills, Attorney and Senior Escrow Officer, from BNT of Texas provides the Title requirements you need when helping your clients build their dream house.
Phoenix Greenworks Capital (PGC) is a financial services firm focused on renewable energy and waste projects around the world. PGC has experience developing waste-to-energy, wind, biomass, solar, and bio-composting projects. Notable current projects include a waste-to-energy plant in Poland, a rice straw pellet plant in Egypt, and developing bio-composting sites in the Dominican Republic, Pakistan, and Morocco. PGC leverages its parent company Phoenix Partners Group's expertise and relationships to facilitate renewable energy project development.
Bankruptcy Construction Seminar, Stites & Harbison, PLLCStites & Harbison
This document discusses strategies a contractor can take if a project owner files for bankruptcy. It provides information on the automatic stay in bankruptcy and how it prevents creditors from taking actions against the debtor's estate. It also discusses executory contracts and how they are treated in bankruptcy. The document advises contractors to seek relief from the automatic stay to protect their claims. It also recommends contractors continue protecting their claims through mechanic's liens, which may relate back before the bankruptcy filing date. The document also discusses avoidable preference actions and strategies to mitigate preference liability, such as obtaining perfected lien rights or arguing the payments were made in the ordinary course of business.
PGC is a renewable energy focused financial services firm that partners with local developers to bring projects to fruition. PGC targets projects in Europe, Asia and the Middle East. PGC has experience in waste to energy, wind, biomass, wood-CHP, pelletizing, and bio-compost projects. Current projects include a pyrolysis/gasification plant in Poland, helping a Polish utility develop wind projects, an EFW site in the UK, a biomass CHP plant and pelleting business in the UK, a rice straw pelleting plant in Egypt, and bio-composting sites in the Dominican Republic, Pakistan, and Morocco.
PGC is a renewable energy focused financial services firm that partners with local developers to bring projects to fruition. PGC targets projects in Europe, Asia and the Middle East. PGC has expertise in waste-to-energy, wind, biomass, wood-CHP, pelletizing, and bio-compost projects. Current projects include a pyrolysis/gasification plant in Poland, partnerships to develop wind projects in Poland, an EFW site in the UK, biomass CHP and pelleting plants in the UK and Egypt, and bio-composting sites in the Dominican Republic, Pakistan, and Morocco.
Self-Build Zone host site insurance masterclass at national home improvement ...Simply Marcomms
Self-Build Zone Director Simon Middleton, hosted a Masterclass at the National Home Improvement Show. Representatives from Self-Build Zone discussed all issues on site insurance and warranties.
This document outlines a presentation on legal and commercial issues related to district cooling projects, given by Tim Burbury at the Kuwait District Cooling Summit in January 2011. The presentation covers (1) different deal structures used for district cooling projects, (2) common commercial issues like water sources, demand guarantees, and construction phasing, and (3) legal issues regarding regulations, land rights, and bankability for financing district cooling projects. Key points discussed include different risk transfer models, stakeholder management, tariff structuring, modular plant capacity expansion, and interconnection challenges between central plants and distribution networks.
Protecting Your Contract Receivables – PA Mechanics Lien Law and Payment Bond...McKonly & Asbury, LLP
Get up to speed on the recent changes in the PA Mechanics Lien Law and hear an important discussion on how you can best protect your rights to payment. This webinar will also cover some guidelines on asserting payment bond claims, and pointers on how to best exercise contractual and statutory remedies promptly so as not to endanger receivables. Finally, the session will cover details on how to evaluate at-risk receivables subject to each of the noted remedies and how to accurately and properly evaluate the financial reporting for such items.
Company A has experienced rapid growth over the past year but is struggling to deliver quality due to inefficient processes that have caused delays of several weeks in setting up new projects; analyzing the work processes revealed gaps in skills, incentives, environment, and motivation among sales, contract, and project staff; addressing these gaps through training, process changes, new roles, and job aids could significantly reduce setup times and restore quality.
This document discusses insurance considerations for home extension, renovation, and conversion projects. It advises that home insurance will not cover these types of projects, and that specialized policies like extension insurance, renovation insurance, site insurance, or structural warranties are needed instead. It provides examples of coverage provided by different policy types and warns readers to consult an expert to get insurance tailored to their unique project.
3. COMMERCIAL PARTNERS
T I T L E, L L C
Market Update
Title Insurance
What’s happening at a national and local level that’s impacting
the way we conduct business?
1. Numerous title insurance claims in a down market both in
residential and commercial real estate.
a. title insurance premium rates are increasing
b. title insurance coverage is declining
2. Title agent defalcation has increased. Agents have gone out
of business and underwriters are cancelling agents.
4. COMMERCIAL PARTNERS
T I T L E, L L C
Title Insurance Premiums are going up
•Title Insurance underwriters have filed new rates with
Department of Commerce. Rates in general are up by 10%.
•The standard 40% reissue credit has been replaced by a
refinance rate.
•Other states have filed and regulated rates. Texas and Florida
are six times Minnesota’s rates.
5. COMMERCIAL PARTNERS
T I T L E, L L C
Title Insurance Coverage’s
are declining
•The Creditors Rights Endorsements has been withdrawn by two
major title insurance underwriters.
•Early Start coverage has become a national focal point.
6. COMMERCIAL PARTNERS
T I T L E, L L C
Creditor’s Rights
Endorsement
• Purpose: Insures against loss if
– Mortgagor or Predecessor in title files for
Bankruptcy Protection; AND
– Bankruptcy Trustee challenges validity of
transfer as either a “Fraudulent Conveyance”
or a “Preferential Transfer”
8. COMMERCIAL PARTNERS
T I T L E, L L C
•Statutory Priority
•What is Early Start
9. COMMERCIAL PARTNERS
T I T L E, L L C
Mechanic’s Liens and Priority
Statutory priority No priority
Project Concept Planning Construction Ongoing Construction Construction
Begins Process Completed
Idea to develop
Action is commenced. The bold line Any contractor, subcontractor,
property. The last work is
Either internal or Represents the or supplier who complies with
Owner or purchaser
outside resources are “first visible the statue’s requirement can file performed by the
considering action. last provider.
used in the process. Improvement” a lien against the property if they
are not paid.
May be preliminary Architect and/or
surveyor may be hired SOME EXAMPLES; Mechanic’s Lien Statement must
Conversation with Finished carpentry,
and begin work. These Any use of heavy be filed within 120 days after the
lender or other painting, carpet
professionals have the equipment. last day of work to the project by
investors. May be and other final
right to file a lien if Delivery of materials that provider. After a lien is filed,
purchase agreement or items are being
they are not paid. The or equipment to the the lien claimant has additional
option if land is not completed.
effective date of their job site. time to begin the process of
already owned.
lien is the date that Site Preparation. foreclosing their mechanic’s lien
they begin working on Excavation.
the project.
If a lien is filed during the Beware of items on
construction disbursing the punch list. If
At closing, these bills property, either the matter must someone comes
will need to be paid in be resolved or funds must be back, that becomes
GREY AREA:
full for all services escrowed. their last date of
Demolition
provided to date. work.
10. COMMERCIAL PARTNERS
T I T L E, L L C
Early Start Approval
1. Loan Amount Land Soft Loan Amount
Cost Costs
2. Construction Cost
3. Soft Costs
Construction
4. Land Costs Cost
General
Contractor
5. General Contractor
6. Current Value Current
7. Improved Value Improved
Value Value
Review of
8. Review of Borrower’s Borrower’s
Financials Financials
11. COMMERCIAL PARTNERS
T I T L E, L L C Early Start
Loan Commitment
•Financial Req’s
•Loan Terms
•Closing Time
Lender
Contractor
Borrower
Construction Contract Early Start Approval
•Work Start timing •Terms for Coverage
•Pay to GC/Subs •Pay Subs
•% Pay vs. Work •Pay for
completed completed work
Title •Lien Waivers
Company
13. COMMERCIAL PARTNERS
T I T L E, L L C
Title Agent Title Insurance Company
Underwriter
14. COMMERCIAL PARTNERS
T I T L E, L L C
Agent Benefits Title Company Benefits
•Ability to “shop” coverage •Underwriting Authority
and pricing
• still subject to limits and
need to go up the chain
•Value of your business
•Deep Pockets
•Closing Protection Letter
15. Old Republic National Title Insurance Company
COMMERCIAL PARTNERS
T I T L E, L L C
Closing Protection
Letter
16. COMMERCIAL PARTNERS
T I T L E, L L C
What is Title?
Fee simple title: The owner is entitled to the entire property, with unconditional
power of disposition during his life, and descending to his heirs and legal
representatives upon his death intestate.
- Black’s Law Dictionary
Ownership of real property consists of a variety of rights
and interests which apply to different aspects of land.
Collectively, these rights are called “fee simple title”
17. COMMERCIAL PARTNERS
T I T L E, L L C
What is Title?
• Possession • Statutory Liens
• Easements • Vendee’s Interest
• Leases (term of under Contract for
years) Deed
• Life Estates • Licenses
• Security Interest Liens • Rights to mine rocks
(mortgages) or minerals
18. COMMERCIAL PARTNERS
T I T L E, L L C
What is Title?
Marketable Title - Black’s Law Dictionary
Title which could be sold readily to a reasonably prudent purchaser
or mortgagee
Title which would be acceptable to a reasonable purchaser who is
informed as to the facts and their legal meaning, willing to perform
his contract, in the exercise of that prudence which business men
usually bring to bear on such transactions.
Title under which a purchaser may have quiet and peaceful
enjoyment of the property, free of material defects or grave doubts,
and reasonably free from litigation
19. COMMERCIAL PARTNERS
T I T L E, L L C
What is Title Insurance?
An Indemnity Contract between the Insurance
Company and the owner of an Interest in Real
Property, in which the Title Insurer agrees to
insure the Insured against financial loss or
damage that may arise from defects in the title
as insured, including the assertion of liens and
claims against the property that are not
otherwise excepted from policy coverage.
- Rande Yeager, ALTA President
April 26, 2006
20. COMMERCIAL PARTNERS
T I T L E, L L C
What is Title Insurance?
The Title Insurer will protect the insured
against financial losses caused by title to
the insured interest being other than as
shown in the policy.
Insurer may cure the problem
OR
Pay the insured the value of the loss, up to
the face value of the policy.
21. COMMERCIAL PARTNERS
T I T L E, L L C ALTA Policy Forms
ALTA 2008 ALTA 1992
ALTA
Homeowner’s Expanded
Short Form
Policy ALTA 1992 Coverage
Residential
Loan PolicyLoan Policy 2006 Residential
ALTA
ALTA 1996 Loan Policy
Residential ALTA 1970 Owner’s Policy 2008
ALTA
Limited Loan Policy Short Form
Coverage ALTA 2006 Expanded
Junior Loan Policy 1992
ALTA Coverage
ALTA Master
Loan Policy
Residential Owner’s Policy Residential
ALTA 1987 ALTA
Loan ALTA 1992 Loan Policy
Residential Short Form
Policy Construction
Title Residential Loan Policy
Insurance Loan Policy ALTA U.S.
Policy Limited ALTA 2000
ALTA 1970 Policy Residential
Coverage –
Owner’s Policy Loan
Junior
Loan Policy Certificate
22. COMMERCIAL PARTNERS
T I T L E, L L C ALTA Policy Forms
ALTA 2006
Loan Policy
23. COMMERCIAL PARTNERS
T I T L E, L L C Title Policy
• Schedule A: What is Insured
– Effective Date
– Amount of Coverage
– Interest Insured
– Fee ownership of Real Estate
– Description of Real Estate
• Schedule B: What affects that land that burdens the insured interest
– “Standard” Exceptions
– Easements
– Restrictions
– Covenants
– Senior security interests
– Leases
• Schedule B – Part II: What affects the land, but is subordinate to the
insured interest
– Subordinate Debt, Leases, etc.
25. COMMERCIAL PARTNERS
T I T L E, L L C O&E
Owner’s & Encumbrance Report
• Limited Report ONLY • DOES NOT REFLECT
• Abstractor finds last – Whether last deed is good
recorded deed vested title
– Whether there are any
• From that point forward easements, etc. that have
pulls in unsatisfied been filed during the
monetary encumbrances search period
(mortgages, judgments) – Whether any matters
(monetary liens or
easements, etc.) from
before the last deed
continue to affect the
property
27. COMMERCIAL PARTNERS
T I T L E, L L C “Junior Lien” Policy
• CANNOT be used for commercial property
– Anything other than a 1-4 family residence
• DOES NOT insure against loss from
easements, encroachments, covenants, c
onditions, restrictions
• DOES NOT insure that title is properly
vested in the borrower
28. COMMERCIAL PARTNERS
T I T L E, L L C
Date Down
Endorsements
Modifies information on
all parts of the Title Policy
to make it current
29. COMMERCIAL PARTNERS Date Down
T I T L E, L L C
Endorsement
• Provides coverage from the original policy
date through the date and time the insured
modification is recorded
– Reflects what has occurred in the meantime
– Reflects how these items relate to your
mortgage
30. COMMERCIAL PARTNERS
T I T L E, L L C
Date Down
Endorsements
• Extends coverage • Critical When:
date to recording of – Additional Money
modification – Interest Rate Changes
– Reflects what has – Ownership of property
occurred in the changed in meantime
meantime – Assumption
– Reflects how these Agreement (borrower
items relate to your changes)
mortgage
• Appropriate at other
times as well
32. COMMERCIAL PARTNERS
T I T L E, L L C
Piggyback Date
Down Endorsement
Endorsement issued by
a Title Insurer
to Policy issued by
a different Title Insurer
33. COMMERCIAL PARTNERS
T I T L E, L L C
Piggyback Date
Down Endorsement
Modifies information on
all parts of the Title Policy
to make it current
34. COMMERCIAL PARTNERS
T I T L E, L L C
Piggyback Date
Down Endorsement
Coverage start date is
effective date/time of original policy
(or last date down endorsement)