Chicago Title NCS Chicago: SYFCREC 2021

Surviving Your First Commercial Real Estate Closing I Mechanic’s Lien Risks & Construction Escrow Lien Waiver Collection Standard o Agreement provides the below standard for collecting waivers at each draw: o To Lender and Escrowee, the statements, waivers, affidavits, supporting waivers and releases of lien for any work done and material supplied to the date of the current disbursement of funds, from such persons and in such form as may be required by Title Insurer for the purpose of providing the Policy, the endorsements, and the mechanic’s lien coverage specified herein 19 Surviving Your First Commercial Real Estate Closing I Mechanic’s Lien Risks & Construction Escrow General Disbursement Procedures o Title Company receives: o Construction draw package, and o Funds from Lender / Owner o If insurance is to be given, Title Company conducts title search o Note that the search may take several days or longer, depending on the county o If title search does not disclose new matters, disbursement occurs as set forth in the Agreement. o Title Company issues endorsement to Lender 20 19 20 83