CURRENT OWNER PROPERTY
REPORTS
We will provide a complete search of records that could affect
the priority or enforceability of a mortgage lien created
by your institution. Property Reports are performed by our
experienced full-time employees, rather than by part-time
or independent contract workers. For this reason, we have
extensive control over our work and, therefore we are able
to give you the prompt, accurate, and quality service that
you require in order to give fast approval to your applications.
Because each property search is unique, we cannot guarantee
turn-around time; however, our record speaks for itself in
this area.
The information contained in a Property Report
will be that which is obtained from the following public records
of the County in which the property is located: County Recorder's
office, County Treasurer's office, and County Clerk of Court's
office. The Property Report will include only information
found in properly indexed instruments under the names of the
current record owner since the date of recording of the deed
vesting ownership in the current record owner. A Property
Report will not reveal any instruments prior to the recording
of such deed. Legal Search, Inc. shall not be liable for
any inaccuracy, errors or omissions in any public records
and the Property Report is not an abstract of title, title
guaranty or title insurance policy. If such protection is
required, see the Title Insurance section below. Any Property
Report issued by Legal Search, Inc. may only be relied upon
by the person to whom the Property Report is addressed and
shall not be the basis for issuing an abstract of title, title
guaranty or title insurance policy. The liability of Legal
Search, Inc. for any errors or omissions or any inaccuracy
in a Property Report is limited to the amount of fees paid
to Legal Search, Inc. for the Property Report. By ordering
and receiving a Property Report, the addressee thereof expressly
waives any other damages and releases any claims for any other
damages against Legal Search, Inc., including, but not limited
any consequential, special or punitive damages.
FLOOD DETERMINATIONS
Legal Search will provide flood zone determinations for your
loans. These determinations are structure-based and are derived
from current-in-force FEMA flood maps.
Life-of-loan service can also be provided
on mortgage loan applications when a flood determination has
been requested. Life-of-loan service monitors your loan for
changes in FEMA mapping and changes in FEMA/NFIP community
status. When changes do occur, the affected loans will be
reprocessed and you will be provided with new certifications
for those loans that have had a change in flood zone.
APPRAISALS
In partnership with local appraisers, we can provide Drive-by
or Walk-through appraisals. Also, we can
provide you with full Form 1004 appraisals.
All of these services are performed by qualified, experienced
appraisers. We can also provide AVM (Automated Value
Model) appraisals, which provide an appraised value
without an actual physical inspection of the property. This
type of appraisal is computer-generated, saving you time and
cutting your costs.
DOCUMENT COPIES
At your direction, we will provide you with copies of any
recordings needed in relation to your loan.
RECORDING OF MORTGAGE
We will review your mortgages before recording them to see
that they are properly signed and notarized, avoiding rejection
by the Recorder, and therefore delaying your loan. If there
is a problem, we will notify you immediately so that corrections
can be made, and your loan can proceed.
EXTENSION LETTER
If an extension letter is ordered, we will review your mortgage
and search for any intervening liens. We will then send you
a letter giving you this information along with the recording
time and file numbers.
TITLE INSURANCE
Legal Search can provide Mortgage Loan Policies, a $25,000.00
Equity Loan Policy, and a Junior Loan Policy
to insure your equity line. These types of insurance policies
are available and are written through The Guarantee Title
and Trust Company, a domestic title insurance company throughout
the State of Ohio, and licensed with the State of Ohio, Department
of Insurance.
LOSS PROTECTION
Legal Search, Inc. is insured against errors and omissions
through a Title Abstractors Insurance Policy in the amount
of $1,000,000.00. Please note that this policy insures our
company only, not a large nationwide company with many branches.
A copy of the cover page of the policy is enclosed.
Thank you for the opportunity to
serve your needs!
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