Richmond NCS has established the largest national construction disbursing department in the country. Whether it is a ground-up build, property rehab or tenant finish work, we manage escrows ranging from small single-family homes to billion-dollar mixed-use developments in all 50 states. Our seasoned staff has the experience and knowledge to help you with your next construction project.
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.
The Richmond NCS offers both local and national construction disbursing services to furnish title insurance coverage to the lender during the project lifecycle and beyond. Our construction escrow officers 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:
I have worked with Louellen Scott for several years in my capacity as a real estate Paralegal for McDonald's Corporation. Lou has provided excellent underwriting advice and service to our company through many difficult and complicated transactions in Virginia, most of which involve numerous conference calls and repeated review of voluminous title documents. Due to her extensive knowledge of title requirements in Virginia, Lou is able to effectively provide guidance to her clients while continuing to protect the interest of the title company. In addition, Lou has a complete understanding of McDonald's business protocol and requirements, and she consistently delivers expert advice for our transactions that ultimately result in issuing clean, accurate title insurance policies. Lou is patient, knowledgeable, professional, responsive and thorough and I am pleased to be able to continue to work with such a friendly and competent individual. That says it all in my book!