Information forTitle Companies
Numerous title companies have closed transactions with the Freehold Instrument in place.
In fact, the Freehold Instrument has been designed with significant input from title companies. We have reached an agreement with Fidelity National Title, whereby they have agreed to close transactions with our Instrument in place. (Contact Us for more information). Some important provisions from the Freehold Instrument include:
- Online requests for estoppel certificates and closing assistance. CovenantClearinghouse.com
- Express subordination to the lender.
- There is no obligation to investigate or ascertain the location of a Trustee or any other information related to the Instrument by any means other than by reference to the official public records ("OPR").
- If for any reason a Trustee cannot be located by reference to the OPR, a Closing Agent shall administer the Capital Recovery Fee applying applicable state escheatment rules. Compliance with the foregoing shall satisfy all sums then due under the instrument and any Lien securing same.
- The parties shall be entitled to an estoppel letter from Trustee;
- Where permitted by law a Closing Agent shall be and hereby is entitled to withhold from each Capital Recovery Fee collected and retain as a fee the greater of $100.00 or two percent (2%) of the Capital Recovery Fee collected;
- When in doubt as to duties or liabilities related to disbursement of funds, the Capital Recovery Fee can be paid to the clerk of any court of competent jurisdiction; and
- The parties shall be entitled to rely solely upon information contained in the OPR and are released as to claims resulting from unrecorded information.
Title companies work hard to attract and keep business and they recognize the importance of accommodating property owners who own, control or will control hundreds of billions of dollars worth of real estate. By showing developers that the title company appreciates their business and will work to insure that this important property right is preserved and administered, title companies build loyalty.
Find more information in the Overview section, or by downloading our brochure.