Chicago Title NCS Chicago: SYFCREC 2021

Surviving Your First Commercial Real Estate Closing I Title Commitments 1. Rights or claims of parties in possession not shown by the Public Records. 2. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the title that would be disclosed by an accurate and complete land survey of the Land. 3. Easements, or claims of easements, not shown by the Public Records. 4. Any lien, or a right to a lien, for services, labor or material heretofore or hereafter furnished, imposed by law and not shown by the Public Records. 5. Taxes or special assessments which are not shown as existing liens by the Public Records. General Exceptions ALTA Statement Clearance 23 Surviving Your First Commercial Real Estate Closing I Title Commitments Any defect, lien, encumbrance, adverse claim, or other matter that appears for the first time in the Public Records or is created, attaches, or is disclosed between the Commitment Date and the date on which all of the Schedule B, Part I – Requirements are met. Not available in every transaction Gap Exception in Schedule B-II “Gap” Coverage Provided to Buyer and/or Lender 24 23 24 15