Chicago Title NCS Chicago: SYFCREC 2021

Surviving Your First Commercial Real Estate Closing I National Transactions Document Types & Requirements 5 Be careful when drafting documents for a national transaction. Every jurisdiction has its own specific requirements as to margin, content, form of notary acknowledgement, etc. – even ink color! Conveyance Documents: Not all states will accept just any form of deed. Types include a Grant Deed, Covenant Deed, Warranty Deed, Bargain and Sale Deed, and more. Quitclaim Deeds are usually not insurable, but exceptions can be made. NOTE: Be prepared to have your buyer sign the deed in some parts of the county like MO (City of St. Louis only) and PA (to certify the Grantee’s address). Surviving Your First Commercial Real Estate Closing I National Transactions Document Types & Requirements 6 Security Instruments: Here in Illinois, we use Mortgages to secure loans, but in other states like NC, TX, CA, OR, VA, WA, and others, a Deed of Trust is used. You need to designate someone (an individual or an entity) to act as Trustee for the benefit of the Lender. Just ask us if you need help identifying a Trustee as each state has its own requirements. In Colorado, the Trustee role is taken on by a Public Trustee for the County in which the property is located. And in Georgia, the customary form is a Deed to Secure Debt. NOTE: Each state has its own release requirements/forms so be sure to check with us before execution. 5 6 196