Until recently, title companies along the front range (Denver, Colorado Springs, Loveland and Fort Collins) did not charge for ownership and encumbrance reports or "to be determined" title commitments. It was just not done. As of May 1, 2010, this has changed. The Colorado Division of Insurance changed these regulations. You can access this by going to: www.colorado.ctic.com/CDIRegulation.aspx
At Chicago Title, we are currently charging $5 per ownership and encumbrance request. This includes a name search in the county where the property is located. A name search will show non-voluntary liens, judgments, tax issues, etc. If a plat map and covenants, conditions and restrictions are needed, the fee is $9. Ownership and encumbrance reports can only be ordered now through the web site at: www.colorado.ctic.com . The on-line option is called PREMIERE SERVICES. You can sign up under my name to receive access to our on-line system (Wendi Milinkov-Account Manager). This is a big change for our Colorado Realtors, lenders, commercial attorneys and builders. Most folks are used to just calling on the phone or emailing directly to the sales rep or O&E department for information. This is not done any longer and because of the new rules and regulations, title companies across the board are making sure their ordering systems will correctly reflect the proper billing for customers. If audited by the Division of Insurance and found to be not compliant, there will be HEFTY fines levied.
Title companies are also charging for To Be Determined (TBD) title commitments. After June 1st, our TBD fee at Chicago Title will be $100. This will be invoiced directly to the seller until a credit card option is installed for ordering purposes. If you are a Colorado Realtor or you do business in Colorado and you'd like to call with questions, I'm happy to help/answer them. 720-985-1624 wendi.milinkov@ctt.com
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