REGARDING CONSTRUCTION LOANS
If you haven't already broker
ground it is better to wait until after your loan closes escrow
BROKEN PRIORITY is established once ANY work
commences on your property. This would include work done by you, even
though it may not generate a bill of an amount due. Following is a list
of some of the actions that have established a broken priority. It is
very important that you DO NOT do any of the following until after your
loan closes escrow. If you do break ground (any of the following) it
may cause the title company not to issue the title insurance that we
need in order to fund a loan for you!:
Prune trees.
Do any grading.
Do any clearing.
Drive in
stakes.
Move rocks.
Park equipment on the property. Put
in well.
Put in septic.
Survey.
String out
foundation.
Mark the ground in any way. Break ground, even with
a shovel!
Have material delivered... gravel, etc.
Anything done on the property could establish broken priority, the
only safe bet is to DO NOTHING TO THE PROPERTY, PUT NOTHING ON THE
PROPERTY.
THE TITLE COMPANY WILL INSPECT YOUR PROPERTY AN
HOUR OR SO BEFORE YOUR LOAN ESCROW CLOSES. the title
company determines that a broken priority,
and you will then have to
qualify for your title insurance, that is submit an assett and
liability statement, show proof of income, etc.
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