The Construction Loan Financing Phase
When you are ready for construction loan financing, the issues previously referred to will
form the basis of a preliminary report for the benefit of you and your lender. Your Title
Officer will then be working with you and your lender to:
- Provide the above referenced preliminary report.
- Provide plotting of recorded easement locations as may be required by your lender.
- Provide recorded document copies (referenced in the title report) as may be required by your lender.
- Consult with you and your lender to resolve any title insurance issues or needs raised by your lender.
- Review, record and insure the construction loan documents as required by your lender.
If you intend to start work on the subject property prior to the recording of your construction
loan, consult your Commonwealth Land Title Sales Representative or Title Officer before work begins on
your subdivision site. Your lender requires that its title insurance policy insures against
loss due to any mechanic's lien claims. In order to provide this insurance to your lender,
you will need to provide an indemnity, acceptable to Commonwealth Land Title. We recommend that you
notify us of any start of work on your project site at once, but no later than 48 hours
before your construction loan is expected to record. This will give us the minimum time
necessary to prepare and process your indemnity for approval.