Alisa L. Swerdlove Underwriting Attorney Attorneys’ Title Guaranty … · 2018. 6. 11. · 1 ATG...
Transcript of Alisa L. Swerdlove Underwriting Attorney Attorneys’ Title Guaranty … · 2018. 6. 11. · 1 ATG...
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Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Back to Basics, Part 2: Title Agent Examination From Search through Commitment June 13, 2018
Presented by: Lowell B. KrahnSenior Underwriting AttorneyAttorneys’ Title Guaranty Fund, Inc.
Alisa L. SwerdloveUnderwriting AttorneyAttorneys’ Title Guaranty Fund, Inc.
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Search Standards
ATG Administrative Regulation No. 3– A title search must be conducted in connection with issuing a
title commitment and policy. Chain Of Title Search
Judgment and Lien Index Search
General Real Estate Tax and Special Assessment Search
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Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Search Standards
Searches are required prior to:– Issuing a commitment;
– Closing; Bring the effective date close to the closing date.
– Issuing a policy. Bring effective date through the recording date of deed/mortgage.
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Search Standards
Obtain Conveyance Search and Chain of Title Report of same legal description as vesting deed shows. If property was subdivided from larger parcel, also search the legal description of the larger parcel.
Search Grantor-Grantee Index in the county recorder’s office.
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Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Search Standards
Obtain Judgment and Lien Searches for:– Sellers;
– Corporations, LLCs, Partnerships (and the names of the partners);
– Name of the trustee and trust number; Beneficiaries of the trust if not a Land Trust;
Personal trusts do not protect against judgments against a beneficiary;
– Decedent(s) and heirs and devisees;
– Guardianship. Search name of minor or disabled adult.
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Search Standards
A Judgment and Lien search for buyers is unnecessary when the transaction has a purchase money mortgage or is a cash deal.
Obtain a Judgment and Lien search for buyers on refinances, construction loans, second mortgages, reverse mortgages, revolving lines of credit, and commercial transactions.
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Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Search Standards
General Real Estate Tax Search– Obtain tax search for past five (5) years.
– Search must include amount and status(i.e., paid; unpaid and due; unpaid and forfeited; unpaid and sold; not yet due and payable) for each of all five years’ installments.
– Confirm that PIN searched is correct by reviewing tax map, i.e., Sidwell map, for the legal description of the property searched.
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Search Standards
Special Assessment Search– A Special Assessment Search will be included in the general
real estate tax search.
– If the search reveals a special assessment, the search must indicate the date the special assessment was confirmed, the amount due, the total number of installments, if any, and the status of the payment.
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Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Search Standards
Special Service Area– Searcher must examine the tax bill for information regarding
special service areas and separately report the information, including the name or number of the special service area.
– The Ordinance creating the Special Service Area will be in your search package.
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Search Standards
Documenting the Search– Retain copies of prior title evidence, abstract, and search
report in the title file for the transaction.
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Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
ChicagoTitle Examination
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Illinois Department of Financial Institutions Bulletin 1-05
Title Insurance Agent Requirements– State and federal regulations require that title insurance
agents make “determinations of insurability” in order to be registered and receive fees for acting as a title agent.
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Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Illinois Department of Financial Institutions Bulletin 1-05
Title Insurance Agent Requirements– To comply with DFI Bulletin 1-05, ATG requires members in
the following programs to use the Title Examination (ATG Form 4115): Title Services Complete (Chicago area);
Search Plus (Champaign County and Metro East);
Advisory Commitment preparation services(NLT Title, LLC).
Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Title ExaminationATG Form 4115(page 1 of 4)
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Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Title ExaminationATG Form 4115(page 2 of 4)
Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Title ExaminationATG Form 4115(page 3 of 4)
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Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Title ExaminationATG Form 4115(page 4 of 4)
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Items Needed to Complete the Title Examination
If You Have a 20-Year Search without Prior:– Title Search Request Form;
– Copy of first deed out after the creation of the subdivision or Condominium Declaration;
– Copies of all deeds, open mortgages, and other documents;
– Sidwell Map (Cook County);
– Tax Search;
– Plat;
– Tract Search;
– Judgment and Lien Search.
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Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Items Needed to Complete the Title Examination
If You Have a Search with Prior Title Evidence: – The search will be from the effective date of the prior policy to
the effective date of the current search;
– Plat, first deed, and twenty-year chain of title;
– Tax Search;
– Judgment and Lien Search.
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Review Chain of Title Report
Verify that search was done with correct:– Legal Description;
– Permanent Index Number (PIN);
– Party Names.
Verify that search was done for correct length of time.
Verify that you have all pertinent documents.
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Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Chain of Title ReportTitle Plant Printout(page 1 of 4)
Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Chain of Title ReportTitle Plant Printout(page 2 of 4)
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Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Chain of Title ReportTitle Plant Printout(page 3 of 4)
Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Chain of Title ReportTitle Plant Printout(page 4 of 4)
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Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Title Examination
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Order Information
Fill in: – Purchase price;
– Name of lender/loan amount, if any;
– Correct name of buyer and seller;
– Add buyer’s marital status/tenancy, if known; and
– Legal description, if different from search or last deed.
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Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Effective Date
Date through which the county records are posted.
Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Initial Search Report(page 1 of 2)
Effective Date
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Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Initial Search Report(page 2 of 2)
Effective Date
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Policies to be Issued
Proposed Insured– Insert the names of the Insureds as they are to appear on the
final policy.
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Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Policies to be Issued
Amount of Insurance– Typically, the purchase price for the Owner’s Policy and the
mortgage amount for the Loan Policy.
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Title is Vested In
Who is title vested in as of the Effective Date of the search?
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Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Verify Title Vesting
Arrange deeds in chronological order.
Check the Grantee and Grantor of each deed to determine if there are gaps in the chain of title.
The Grantee in the last deed in the chain of title should be the person or entity in whom title is vested. If not, other exceptions will need to be added.
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Verify Title Vesting
Check the legal description on all deeds; they should match exactly.
Examine the document as a whole for proper execution, notarization, and forgery.
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Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Deed
September 19, 1962
Chicago Title and Land Trust u/t/a Dated February 5, 1962, and known as Trust No. 44124
to
Hanover Highlands, Inc., an Illinois Corporation.
Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Deed
January 18, 1963
Hanover Highlands, Inc.
to
Albert F. Rundquist and Eileen R. Rundquist, his wife, as joint tenants and not as tenants in common.
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Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Deed
July 30, 1990
Albert F. Rundquist and Eileen R. Rundquist
to
Metin Kurubas and Elizabeth Kurubas, his wife as joint tenants.
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Legal Description
The legal description on the vesting deed, the commitment, and the deed to be insured should all match.
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Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Setbacks and Easements
Review the plat of subdivision, deeds, and other documents in the chain of title to determine the existence of easements and building setbacks.
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Cook County Chain of Title
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Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Collar County Chain of Title
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Plat of Subdivision
Review for:– Building Setbacks;
– Easements;
– Specific grants for utilities;
– Covenants, Conditions, and Restrictions.
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Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Sample Plat of Subdivision
Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Sample Plat of Subdivision
Tree Line Conservation
Easement
25’ Building Line
10’ Public Utility
Easement
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Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Covenants, Conditions, and Restrictions (CCRs)
CCRs may be contained in:– Plat;
– Conveyance documents;
– “Restrictive Covenant” documents.
CCRs relate to stipulations for the use or non-use of the property, performance, or non-performance of certain acts.
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Covenants, Conditions, and Restrictions (CCRs)
Note any reverter or forfeiture provisions.
Do not raise CCRs regarding race, color, religion, sex, handicap, familial status, or national origin.– These types of restrictions are prohibited by federal law.
Other CCRs are only rarely waived.
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Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Restrictive Covenants(page 1 of 5)
Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Restrictive Covenants(page 2 of 5)
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Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Restrictive Covenants(page 3 of 5)
Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Restrictive Covenants(page 4 of 5)
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Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Restrictive Covenants(page 5 of 5)
Paragraph 1 of this Deed:
Property can be used for school or park purposes only; property reverts to grantor if not used for school or park purposes.
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Property Index Number (PIN)
For Cook County properties, the search package will include the Sidwell map.
Check the Sidwell map to confirm that the PIN or PINs are correct.– 07-31-305-013-0000
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Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
07-31-305-013-0000
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
07-31-305-013-0000
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Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Tax Search(page 1 of 2)
Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Tax Search(page 2 of 2)
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Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Chain of Title Information
Add Chain of Title paragraphs to Schedule B exceptions on the Commitment: – Plat;
– Building lines, easements, public utilities;
– Covenants, Conditions, and Restrictions (CCRs) from deed, plat, or other instruments;
– Mortgages and Trust Deeds;
– Any exceptions contained in prior policy.
Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Chain of Title For this Chain of Title, the
following paragraphs would be raised in the Title Examination:
– 2: Plat
– 3: Building line
– 4: Public Utility Easement
– 5: Public Utility Easement
– 7: Restrictive Covenants
– 10: Unreleased mortgage
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Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Mortgages and Trust Deeds All unreleased mortgages
or trust deeds must be raised as exceptions.
A valid Certificate of Release is as good as a release; a Record of Payment is not.
Revolving lines of credit must be closed and paid off; specific request to close must be made.
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Chain of Title Information
Add Schedule B exceptions that are shown on the prior policy, such as: – Easements;
– Building lines;
– Public Utilities; or
– Any unreleased Mortgages and Trust Deeds.
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Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Additional Exceptions to be Added to Commitment
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Fraud and Forgery Exception
Right, title, and interest of [1], purported grantor in the deed recorded [2], as Document Number [3].– NOTE: This exception may be waived only by an ATG staff
attorney.
– This is known as the “fraud and forgery” exception
– ATG staff attorney must review the search.
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Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
ChicagoJudgment and Lien Search
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Reviewing the Judgment and Lien Search
Matters can be eliminated based on the following: – Address;
– Social Security Number;
– Statute of Limitations.
Listings that contain minor spelling variations should not be eliminated.
33
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
State Tax Lien Registry
On December 1, 2017, the Illinois Department of Revenue (IDOR) stopped recording Illinois State Tax Liens.
On January 1, 2018, the IDOR launched its Illinois State Tax Lien Registry.
Liens listed on the Registry after January 1, 2018, apply to all property in every county in Illinois.
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
State Tax Lien Registry
You can search the Registry by name, address, and SSN for individuals and by FEIN for Corporations and LLCs.
The Registry does not search similar names or addresses. For individuals, the easiest way to search is last name and SSN.
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Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
State Tax Lien Registry
If there aren’t any possible judgments or liens against the sellers, you can fill out the Illinois State Lien Registry Information (ATG Form 4235).
All that is needed is the Seller’s full name and last four digits of the SSN for an individual or the FEIN number for an entity.
Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Illinois State Lien Registry InformationATG Form 4235
35
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Reviewing the Judgment and Lien Search
For money judgments, “$0.00” for the amount does not necessarily mean the judgment has been paid. Have Search pull a copy of the document to verify the amount of the judgment.
Direct hits should be listed in a specific exception.
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Reviewing the Judgment and Lien Search
If you do not have enough information to eliminate a listing, raise Possible Judgments as an exception.
Obtain a Personal Information Affidavit.
36
Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Sample Judgment and Lien Search(page 1 of 3)
Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Sample Judgment and Lien Search(page 2 of 3)
37
Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Sample Judgment and Lien Search(page 3 of 3)
Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Personal Information AffidavitATG Form 3008(page 1 of 2)
38
Seminar TitleBack to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Lowell KrahnATG
Chicago
Alisa SwerdloveATG
Chicago
Personal Information AffidavitATG Form 3008(page 2 of 2)
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Select Endorsements
Contact Underwriting if you need assistance approving endorsements.
Commercial Title Services must approve all endorsements requested in connection with commercial properties.
39
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Additional Instructions
Provide any additional instructions to ATG regarding preparation of the title commitment.
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Additional Documents
ATG will prepare closing documents for you. Request them on page 4 of the Title Examination.
40
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Additional Documents
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Additional Documents
Choose your preferred format: – RTF (Word)
Word allows you to customize your documents.
– PDF (Adobe Acrobat)
41
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Additional Documents
Recommended Document Packages– Bill of Sale, Affidavit of Title, and ALTA Statement
– 1099-S, Certification of No Reporting, and Solicitation of Taxpayer ID Number
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Additional Documents
Deeds– Warranty Deed;
– Trustee’s, Administrator’s, or Executor’s Deed;
– Quitclaim Deed.
42
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Additional Documents
Affidavits– Joint Tenancy
– Tenancy by the Entirety
– Personal Information
– Foreign Transferor
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Additional Documents
Miscellaneous:– Power of Attorney
– Agency Escrow Disbursement Agreement
– Legal Description
– Request for Water and/or Zoning Certification (Chicago)
43
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Additional Documents
Other:– Certification of Trust
– Illinois State Tax Lien Registry Information
– Cook County Zoning Application
– Stamp Applications
– Signature pages for CD/ALTA Statements
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Signature
ATG Member-Agent (not staff) must sign and date Title Examination (ATG Form 4115) and return to ATG.
44
Back to Basics, Part 2: Title Agent Examination from Search through Commitment ATG LEGAL EDUCATION
Lowell KrahnATG
Chicago
Audio problems?Listen by phone: 877.691.9300Access Code: 7521231#
Alisa SwerdloveATG
Chicago
Underwriting Help
For underwriting help, call:800.252.0402 or
312.752.1990
TITLE EXAMINATION
ATG FORM 4115 © ATG (REV. 9/17)
FOR USE IN: IL Page 1 of 4
Complete the following information and return to ATG® by fax or e-mail to the appropriate office:
Chicago Area .................... 312.224.0203 [email protected] Downstate Illinois ............. 217.352.4909 [email protected]
Order No.: Agent:
File No.:
ORDER INFORMATION
At the time of the initial order, you supplied the information filled in below. If any of this information is incorrect or incomplete, please fill in.
Purchase Price:
First Lender: Loan Amount:
Second Lender: Loan Amount:
BUYER/SELLER INFORMATION
Last Name First Name M.I.
Seller(s):
Buyer(s):
BUYER’S MARITAL STATUS AND TENANCY
Married Tenants by the Entirety
Unmarried Joint Tenants
Tenants in Common
PROPERTY INFORMATION
Address: County: Type:
City, State, Zip: P.I.N.:
Legal Description:
ATG FORM 4115 © ATG (REV. 9/17)
FOR USE IN: IL Page 2 of 4
TITLE EXAMINATION
1. Effective Date:
2. Policies to be issued:
Owner’s Policy Proposed Insured: Buyer Other: Amount of Insurance: Purchase Price Other: First Loan Policy Proposed Insured: Lender Other: Amount of Insurance: Loan Amount Other: Second Loan Policy Proposed Insured: Lender Other: Amount of Insurance: Loan Amount Other:
3. Title is vested in: Grantee in Document No.: Other:
4. The legal description is:
As shown in Document No.: Attached.
5. Setbacks/Easements:
Building setback line(s): Size: feet; Location: line of the property; Created by: Plat Document No.: Easement(s): Size: feet; Location: line of the property; Purpose: Created by: Plat Document No.:
6. The tax and PIN information in the Chain of Title: Is correct Should be:
7. The following numbered Chain of Title paragraphs should be included as Schedule B exceptions on the title commitment.
(If another search company is used, provide a copy of the search and circle the items to be included as exceptions on the commitment.)
8. The following numbered exceptions from the prior policy sent with the Chain of Title should be included as Schedule B exceptions on the title commitment.
ATG FORM 4115 © ATG (REV. 9/17)
FOR USE IN: IL Page 3 of 4
9. Include the following as exceptions in the title commitment. (For a complete description of each exception and its full language, consult the ATG Underwriting manual or the ATG REsource Exception Library Manual.)
Bankruptcy Creditor’s Rights Statutory Powers Broker’s Lien Commercial Property Condominium Construction (New) (Rehab) Cooperative Corporation – Domestic Active Dissolved Corporation – Foreign Decedent’s Estate Name: General Joint Tenant No Probate Supervised Administration Independent Administration Probate Estate Case No.: Divorce (provide judgment) Homeowner’s Association Homestead (release by spouse or civil union partner) Judgments Possible; Against: Recorded; Document No.: Leaseholds – Unrecorded
L.L.C. Municipal Transfer Tax/Municipal Inspection None Tax Applies City: Partnerships General Limited Predatory Lending Pilot Program Recent Sale/Forgery (Check if title has transferred within
the 12 months prior to the effective date.) Sale File: 1099 and Illinois Policy Tax Transfer on Death Instrument Beneficiary: Trust General Trust Land Trust Living Trust Zoning Certificate (City of Chicago) (Complete the Request for Water and/or Zoning
Certification (ATG Form 4027) to order through ATG. Request form will be provided with commitment.)
Water Certificate (City of Chicago) (Complete the Request for Water and/or Zoning
Certification (ATG Form 4027) to order through ATG. Request form will be provided with commitment.)
Zoning Certificate (Unincorporated Cook County)
10. The following endorsements have been approved for policy:
Comprehensive (Loan Policy Only) EPL (Loan Policy Only) Condominium Location (Loan Policy Only)
ARM (Loan Policy Only) Standard Exception Waiver (Owner’s Policy Only) Inflation (Owner’s Policy Only) Other:
11. Provide any further instructions necessary for preparation of the title commitment:
ATG FORM 4115 © ATG (REV. 9/17)
FOR USE IN: IL Page 4 of 4
ADDITIONAL DOCUMENTS
In addition to the commitment package, please send the following documents:
No Additional Documents
NOTE: The Commitment Package includes the Commitment cover, Schedules A and B, Attorney-Title Agent Disclosure, Disclosure Statement – Controlled Business Arrangement, Privacy Policy Notice, and Invoice for Title charges.
Preferred Format
RTF (Word) PDF (Adobe Acrobat Reader required)
Recommended Document Packages
Bill of Sale, Affidavit of Title, and ALTA Statement
1099-S, Certificate of No Information Reporting, and Solicitation of Taxpayer ID Number
Deeds
Quitclaim Deed in Trust Quitclaim Deed Warranty Deed – Joint Tenancy
Warranty Deed in Trust Special Warranty Deed Warranty Deed – Tenancy by the Entirety
Trustee’s Deed Special Warranty Deed – FNMA Warranty Deed – Corporation
Administrator’s Deed Warranty Deed – Individual to Individual Warranty Deed – Individual to Corporation
Executor’s Deed Warranty Deed – Tenants in Common Warranty Deed – LLC
Affidavits
Joint Tenancy Affidavit Tenancy by the Entirety Affidavit Foreign Transferor Affidavit – Individual
Affidavit in Lieu of Survey Personal Information Affidavit Foreign Transferor Affidavit – Entity (Downstate Illinois Property)
Miscellaneous
Power of Attorney Agency/Escrow Disbursement Agreement
Legal Description ATG-Assisted Closing Request
Request for Water and/or Zoning Certification (Chicago Property)
Other (Please specify.)
The undersigned certifies that he or she has reviewed the prior policy (if any), search report, Chain of Title, judgment and lien search, tax information, and title documents on this file and has relied on those items and other personal information to make these directions.
Signature of Member Date
ILLINOIS STATE LIEN REGISTRY INFORMATION
ATG FORM 4235 © ATG (REV. 2/18)
FOR USE IN: IL
Please provide Attorneys’ Title Guaranty Fund, Inc., (ATG®) with the following information so that a search may be conducted of the Illinois Department of Revenue Database pursuant to The State Tax Lien Registration Act (35 ILCS 750/1-20).
Send completed form to the search provider. (If ATG is the search provider, send completed form to [email protected])
Date: File No.: Member No.:
Property Address: City, State, Zip:
Seller: SSN (Last 4 digits) or FEIN (in full):
Seller: SSN (Last 4 digits) or FEIN (in full):
Buyer: SSN (Last 4 digits) or FEIN (in full)*:
Buyer: SSN (Last 4 digits) or FEIN (in full)*:
* Non-purchase money mortgage transactions only.
NOTE:
This form does not replace the need for a Personal Information Affidavit in the event that possible judgments against the seller are identified and raised on the Title Commitment.
Ensure encryption or password protection is utilized when transmitting Non-Public Personal Information (NPI) electronically. Alternatives to encryption, such as password protection (e.g., Adobe PDF password protection) of files or transmission by facsimile, are acceptable forms of protecting information.