Chicago Title NCS Chicago: SYFCREC 2021

Surviving Your First Commercial Real Estate Closing I Title Commitments What is a Commitment Not? o Abstract of Title o Opinion of Title o Representation of the status of title o An informational product 7 Surviving Your First Commercial Real Estate Closing I Title Commitments Ordering a Title Commitment Structure of Transaction o Sale o Refinance o Construction Loan o Leasehold Transfer Transactional Party Information Contact Information for: o Seller o Buyer o Borrower o Lender Property / Transaction Information o Legal Description o Property Identification Number (PIN/Tax Parcel) o Property Address o Prior Title Information (e.g. Commitments, Policies) o Purchase Price / Loan Amount Expected Closing Structure o Formal Escrow Closing o New York Style / Title Only Closing o Title Insurance Requirements & Endorsements o Timing of the Closing 8 7 8 7