The goal of this course is to familiarize title insurance professionals with issues related to closing residential construction transactions and insuring the results.
Upon completion of the course, attendees should:
- Have a general understanding of what is considered residential real property and how to deal with new construction.
- Understand the importance of taking homestead issues into consideration.
- Be aware of the rights of suppliers and workers to a lien on the land if not paid.
- Have an understanding of the effect of recording and priority, and that not everything important to consider is recorded.
- Clearly understand the standard documents required for creating construction loans and refinances of same.
- Be aware of the general principles employed in making decisions to insure construction loans and transactions following recent construction and the appropriate insuring forms for each.
- Have a better understanding of what is covered by title insurance and what is not.
- Be aware of the rules for determining the amount of coverage for policies and how to talk with a consumer about title insurance coverage during construction.
- Have an opportunity to learn the rules regarding calculating premiums for transactions involving construction or refinances of construction loans.
Denise Holmes, Independence Title
Frances Hughes, CTIP, Assistant Vice President, Underwriting Support, Alliant National Title Insurance Company
Nola Ann Waggoner, Vice President, Underwriting Counsel, First National Title Insurance Company
For those new to the topic and/or the title industry. May include basic concepts, definitions, industry history and/or general information.
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