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TITLE TECHNICALITIES There are many problems that a title underwriter may come across that can either delay the closing of the loan or disqualify it altogether. Our staff is trained in the special types of issues that can arise in connection with Reverse Mortgages, and are able to anticipate the level of difficulty to allow for a smoother transaction. click here to see article featuring CLS
The older customers may have done some estate planning and as a result we often see properties that have been placed in a “Living Trust”; situations where the owners have actually transferred their property to children and have retained a “Life Estate”; and circumstances where the owners have executed “Durable Powers of Attorney”. Each of these title issues has its own unique problems, which require experienced title people, and in some cases a considerable amount of “thinking outside the box”. We pride ourselves on both. Our staff can forewarn you of issues that may not be apparent on their face, and will work with you and your customer to clear the issues so that the loan can close in a timely manner. Because some of these borrowers have retained legal counsel to assist them with their “estate planning”, it may be necessary for their attorney to be involved in resolving certain issues. We will advise you when this is necessary early in the process so as to avoid any unnecessary delays.
Any time there are title issues that you don’t understand you can feel confident in discussing those issues with your assigned team, or our staff of underwriting attorneys. | |
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In addition to normal insurance coverage requirements, we also carry a
FIDELITY BOND
No warranty or guaranty is made by CLS for the accuracy or reliability of the information provided within this web site or any sites to which it links. The information contained herein is not and should not be construed as legal advice, and CLS assumes no liability for any reliance on the information contained herein. Only an attorney licensed to practice in the appropriate jurisdiction can provide legal advice.
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