Commercial Real Estate Blog by Madison
Tag Archives: title insurance

Underwriter Fidelity Title Changes the North Carolina Real Estate Landscape

By Samuel M. Shiel, Esq.,
Director of National Title Services and
Senior Underwriting Counsel, Madison Title Agency

In my February 16, 2011 blog post, I addressed the decision that major underwriters made to end the practice of removing the creditor’s rights exception from their policies. This changed the practice of negotiating the removal based on significant financial analysis. It was with great intrigue that I followed that development within the real estate industry.

Now, a little over a year later, we are seeing yet another significant change to real estate title by one title insurance underwriter. After many years of significant loses on Mechanic’s Lien claims in North Carolina, the Fidelity Title Insurance Group, parent company of Fidelity National Title, Chicago Title and Commonwealth Land Title, announced on May 10th that they would no longer issue Mechanic’s Lien coverage for title commitments issued after June 15, 2012. (See their letter below.) Fidelity is also placing restrictions on the effective date of endorsements for previously issued policies. Why this change and why now? Continue reading

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Title Insurance in the U.S. vs. Abroad

As a British subject, once in a while I find myself in the company of ex-compatriots – old neighbours and friends that might be here in the US on holiday or business. I try hard to control myself from visibly rolling my eyes and taking a deep breath when the discussion invariably turns to my line of business. Blimey! Do I really have to explain what I do for a living? I learned years ago that the concept of an industry specifically dedicated to insuring real estate title was — for the most part — foreign to those blokes on the other side of the pond (as well as in most of the world) until quite recently. Even now, their version of title insurance doesn’t resemble ours in the U.S. Continue reading

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Madison CRES Experts Scheduled To Attend ICSC RECON 2012

The leadership at Madison Commercial Real Estate Services (MCRES) will be attending and exhibiting at RECON 2012, the largest retail commercial real estate convention in the world. Hosted by the International Council of Shopping Centers, the RECON Show will be held in Las Vegas, NV from May 20-23, 2011. This is a rare opportunity for commercial real estate property owners and their advisors to meet privately with all of Madison’s top brass – in Madison’s private conference rooms at Booth S541, at the corner of W Street and 54th Avenue in the South Hall — to review and gain insight of how best to improve the ROI of one or multiple properties. To schedule an appointment with Madison’s Leadership Team at RECON 2012, contact Keren Peters at 732-333-2471 or to coordinate a meeting date and time. Continue reading

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How to Insure Title on Leasehold Creations and Assignments?

Most of the transactions that Madison insures for title involve fee estates (properties that are being purchased). From time to time, however, we are asked to insure a commercial or industrial leasehold transaction, whether it is a creation of a brand new lease or assignment of an existing lease. A prospective tenant of a property may have similar concerns as a prospective fee purchaser (buyer) of a real property. Likewise, a prospective lender of a leasehold mortgage also wants to make sure that it has a valid mortgage on the leasehold estate. That is where title insurance comes in…. Continue reading

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Property Surveys in New York

When you purchase a piece of property, a survey should always be done, for any number of reasons. First, the lender will usually require it as a condition of getting a loan assuming that the purchaser is getting a mortgage. Second, the purchaser should insist on a survey in order to know exactly what is being purchased. This includes the size of the property, where the boundary lines are and any easements or encroachments that could affect the property. Finally, the purchaser’s title company will exclude from coverage any facts that an accurate and up-to-date survey would show. To have coverage for such issues included in a title policy, a survey must be provided to the title company. Continue reading

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Another Legal Scam!

Is title insurance a legal scam? A lot of people think so. Title insurance is one of the most misunderstood aspects of any real estate closing. Most buyers don’t fully understand how title insurance works or why title insurance is required by any lender financing a property. More importantly, most real estate owners don’t view title insurance as something desirable. Click here to learn more about how title insurance differs from all other kinds of insurance and why anyone buying real estate should want “peace-of-mind insurance.” Continue reading

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What Impact Will The Consolidation of Title Insurance Underwriters Have On Real Estate?

As we begin 2012, with January under way, our President is set to deliver the State of the Union and most Governors their State of the State. It is also the time when title companies await the findings of the American Land Title Association (ALTA) to see a snapshot how the industry faired in 2011. The first nine months of the year showed that of the nearly $7 billion of title premium written nationwide. Click here to learn what percentage of the transactions underwritten in 2011 was handled by each of the major underwriters and how consolidation of underwriters may impact the real estate industry. Continue reading

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“i” Before “e” Except After “c”…

In a world of shrinking gadgets, cars and incomes, the only thing that seems to be staying large or getting bigger is loan closing packages. Well, maybe for those in the airline manufacturing business, aircrafts are getting bigger but for those of us earning a living doing title insurance; the size of the closing package is the only thing still looking fat and healthy.

That said, despite its size, it has got a whole lot easier over the years to get a real estate closing package from lender, to closing and back to lender again. How so? Technology. Continue reading

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11 Tips for a Smooth NY-style Commercial Real Estate Closing

Being a Title Closer for a good number of years, I’ve observed many closings where there have been delays, arguments, and bad feelings in situations that could have been easily avoided, had those involved prepared properly. Here is a checklist of things that can be done prior to closing to make things run smoother. Continue reading

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The Advantages of Going Paperless

Madison Commercial Real Estate Services (MCRES), is paperless…. truly paperless. There are no paper files to lose. At Madison Title, the frustrating game of “Where’s the file?” that once plagued all law firms and title insurance companies is no more. Continue reading

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