Proper financial management is imperative to maintain positive cash flow for materials and labor costs, along with safeguards and contingency plans to ensure the successful completion of construction projects. Whether your development project is a ground-up build, property rehab or tenant finish work, we manage escrows for homes and properties of all sizes and price points. Let our local team of specialists support you and your customers, from blueprint through move-in.
Construction services are used by lenders and general contractors to obtain title insurance coverage and escrow disbursing services for construction projects. This service also ensures the lender’s mortgage, or lien will be satisfied first and prior to any other lien, including those that may arise during the course of construction. We offer both local and national construction disbursing services to furnish title insurance coverage to the lender during the project lifecycle and beyond. Our construction disbursing team will coordinate with all other title departments to provide a seamless transition from the acquisition of the land through completion of construction.
During the construction process, we will assign an underwriter and construction escrow officer to the project and they work with the customer to prepare an escrow agreement which describes each project participant’s responsibilities. We review and confirm the acceptability of the completed packet and then set up construction draws as soon as the work begins. The construction escrow officer coordinates funding with the lender. If all documents are in order such as lien waivers, architect approval and lender approval, funds are disbursed according to an escrow agreement and an endorsement is issued. The endorsement extends the policy effective date to the funding date and continues the mechanic lien coverage to protect against any other liens which may have been filed.
Our construction disbursing team can assist with any type of construction scenario:
And provide the following services:
Our title policy protects you against unforeseen defects in title that would not be revealed by an abstract, the public records or an attorney’s opinion.
Whether this is your first home build or fiftieth real estate development, ask your real estate professional or broker to protect you and your property with Fidelity National Title.