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For a number of years it has been the
practice of Chicago Title to provide survey coverage for loan policies on one to four
family subdivided residential properties without requiring an updated survey or if no
survey was available, without a survey. We are now extending this practice to include
residential tracts under 25 acres and commercial transactions under 5 million dollars.
Chicago Title direct offices and agents
will provide survey coverage on such loan policies without requiring an updated survey or
a new survey. This coverage can include issuance of the ALTA Form 9 endorsement or CLTA
Form 100 Endorsement without requiring a new survey.
Notwithstanding this general practice,
we will take exceptions for unrecorded easements or encroachments, etc. which we find
through other means such as prior policies, surveys or from the parties to the
transaction.
Please note that this new practice will
not be applied to any owners' policies or to loan policies insuring construction loans.
We hope this new practice will help you
to better serve your clients.
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