Corinthian Title employs staff
members that are highly trained technicians
to examine, report, and insure the condition
of title for all types of subdivision developments.
In addition, working with you in a partnership,
your Corinthian Title team sees our job as
working together with you, your project engineers
and attorney to anticipate and resolve the
many title related matters that arise throughout
the course of a project.
| We work with you and your team
in examining and proposing solutions
to title related items such as: |
- "Blanket floating" or otherwise
undefined or unallocated easements.
- Implied
or actual rights of surface entry for
the development of existing oil or
mineral rights.
- Recorded covenants,
conditions and restrictions (CC & R's)
which limit or prohibit the proposed
development.
- Boundary documents which
may create gaps or overlaps with the
description or establishment of the
boundaries of the subject property.
- Easements
of record which may, based on their
location or use, impair or otherwise
limit the proposed development.
- Issues
involving primary or secondary access
to the project site.
|
This represents
just a few of the issues which may delay, hinder
or otherwise impair the proposed project development
plans. We recognize that we may not always
be the title company for the land acquisition.
However, since we will be working with you
and your team thereafter, considers seeking
Corinthian Title input prior to closing of
the land acquisition transaction. Corinthian
Title will be happy to help when and where
possible.
During
the mapping phase of your project,
Corinthian Title performs the following services
for you, your project engineer and attorney.
Step 1 |
Tentative map and
boundary review for your project engineer. |
|
Step 2 |
Provide project engineer
with boundary deeds, vesting deed(s),
recorded maps, recorded easements and
other recorded documents necessary
to prepare and process the project
map(s) and plans. |
|
Step 3 |
Preliminary reports
(for subdivision mapping purpose) are
provided to you, your project engineer
, the city and/ or county as well as
any other interested parties. These
reports and the subsequent Subdivision
Guarantee (provided to the city and/
or county for recording of your map)
include the current owners and the
nature of all recorded title interests
that appear on the title sheets of
the map to be recorded in accordance
with the requirements of the Subdivision
Map Act and local ordinances enacted
pursuant thereto. |
|
Step 4 |
If the development
is a condominium, we obtain the condominium
plan from your engineer and review
it for correctness and consistency
with the proposed declaration of covenants,
conditions and restrictions as prepared
by your project attorney. |
|
Step 5 |
If DRE processing is required, then
through our in-house DRE processing
coordinators, your attorney or outside
DRE processeing company and your Corinthian
Title Officer will coordinate the review
of documents to be recorded for the
development (i.e., the Covenants,
Conditions & Restrictions
(CC & R's), condominium plan and
sample sale-out grant deed). Our Title
Officer will also provide the required
preliminary reports for DRE processing
purposes.
|
|
Step 6 |
At Corinthian Title
your Title Officer also reviews and
records the approved project documents. |
|
Step 7 |
We will also consult
with your project engineer, attorney
and other team members to resolve or
recommend solutions to title insurance
issues or problems. |
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 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 Corinthian 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.
Upon completion of construction, recordation
of all necessary project documents and the
issuance of any required DRE Public Report
(White report); you are ready to open escrow
for the sale of completed lots or units. Your
Title Officer at Corinthian Title will open
a title order for each lot or unit in your
development as requested by your escrow.
| Your Title Officer will: |
- STEP 1 Provide the
above referenced preliminary report.
- STEP 2 Provide
legal descriptions, upon request, for
use by the escrow officer, lender or
buyer’s lender for their documents.
- STEP
3 Consult with you, your escrow
officer, lender or buyer's lender to
resolve any issues or needs in order
to insure sale-outs to your buyers
and your buyers' lenders.
- STEP 4 Review and
record documents and issue policies
of title insurance as requested and
required by your escrow officer, lender
and buyer's lender.
|
| Additional Services and Information
Available to you at Corinthian Title
Include: |
- "Land for Sale" and "Land
Wanted" information and referrals.
- Detailed sales and marketing research
for existing and proposed developments.
- Contract "Builders Bulk Rate" title
insurance premium rate quotations for
your subdivision needs (acquisition,
construction loan and sale-out policies
of title insurance).
- Engineering firms and attorney referrals
upon request.
- Other value-added services are available
to you on a case by case basis.
|
We understand how important it is for you to
obtain a Public Report in a timely manner.
Toward this end, we believe that the following
general information will be of help to you
in this process. We offer the services of experienced
DRE Coordinators to assist you in obtaining
a Public Report.
A Public Report (White report) is a disclosure
statement to the buyers of lots or units in
your development and is issued by the Department
of Real Estate (DRE) after all requirements
have been met by the developer. Among other
things, it indicates the name of the subdivider,
tract or parcel map number, certain matters
affecting the title to the land, number of
lots or units, parking spaces, recreational
facilities, purchase money handling, financing,
etc. The requirements for the Public Report
are established in Sacramento by our state
legislators. However, the DRE sets the policies
for the issuance of all Public Reports.
A Public Report is required for all residential
subdivision developments having five or more
units or lots. Excepted from this statement
are all commercial subdivisions (medical/professional
condominiums and the like); condominiums, stock
cooperatives, community apartments, and planned
developments having four or less units or lots;
and "standard" subdivisions (having
no association maintained common areas) within
city limits (which will be sold or offered
for sale with a completed residential structure
and with all other improvements necessary for
occupancy, or with financial arrangements determined
to be adequate by the city to assure completion
of such improvements).
Obtaining your public report can be a complicated
and time consuming process. It is for this
reason that Corinthian Title is pleased to
offer the services of our experienced DRE coordinators
to assist you with this process. As a member
of your development team, our DRE coordinator,
assigned to your developments, will work closely
with your project engineer, project attorney,
budget preparer and our title department staff
as the "Single Responsible Party" for
purposes of facilitating and obtaining your
Public Report from the State Department of
Real Estate.
How Long Does It Take to Obtain a Public Report?
As we have indicated, the process can be complicated
and time consuming. Please refer to the chart
below for the general process
and time frame for obtaining a Public Report.
Common
Interest |
Standard |
Processing
Steps |
10 Days |
10 Days |
Substantially complete notice |
N/A |
N/A |
SRP corrects deficiencies |
60 Days |
20 Days |
Qualititative deficiency notice |
N/A |
N/A |
SRP corrects deficiencies |
30 Days |
20 Days |
Response to SRP corrections |
15 Days |
10 Days |
Public report issuance (After file is
"perfected") |
Corinthian Title's experienced staff is up
to date on the latest regulations, procedures
and ever changing forms used in processing
and filing for a Public Report. Our DRE coordinators
can assist you with your residential subdivision
project(s). Give us a call and we will be pleased
to consult with you on the process.
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