Chicago Title NCS Chicago: SYFCREC 2021

Surviving Your First Commercial Real Estate Closing I National Transactions Clearance & Other Title Requirements 7 o Standard forms (owner’s affidavits, ALTAs, and GAP undertakings) o Not-so-standard forms (broker’s lien affidavits, property management waivers, Notices of Title Insurance) o Given the expansive range of local title requirements nationwide, our form of national owner’s affidavit builds upon the typical ALTA statement to help cover the gamut of local peculiarities from the start. o There are certain jurisdictions, however, where local rules require additional affidavits (and in some cases, lien waivers) to address statutory broker or property management liens. Your national underwriter will identify these requirements and provide the appropriate forms for signature. That said, it’s always good practice to carefully review the requirements section of your commitment to identify whether additional clearance documentation will be required. o In some jurisdictions like FL and WI, we need enough advance notice to order municipal lien certificates so that we can clear certain general exceptions. Where unpaid utilities and assessments can become a lien against the real property, relying on a statement in the owner’s affidavit is not enough. Surviving Your First Commercial Real Estate Closing I National Transactions Tax Considerations 7 8 197