Photo ID, Construction Loan Closings, and Gap Coverage: Updated 3/19

Photo ID, Construction Loan Closings, and Gap Coverage: Updated 3/19

Photo ID

In compliance with the Patriot Act, we are required to collect a valid and unexpired government-issued photo identification from all parties in the transaction.  Effective March 19, the Ohio BMV has closed 181 deputy registrar locations and 52 driver examination stations until further notice. Five locations will remain open to provide CDL (Commercial Driver’s License) testing and licensing services. If a party to a transaction cannot bring a valid and unexpired driver’s license, they may bring a valid and unexpired passport.  (Please call for other acceptable forms of identification) **TEMPORARY EXCEPTION FOR OHIO DRIVER’S LICENSES ONLY** If a party to the transaction is unable to provide other acceptable identification and ONLY has an Ohio Driver’s License that is otherwise valid, but expired on or after March 19, 2020, M&M Title Co. will accept this for closing purposes until the Ohio BMV is back open for license renewal.

NOTE:  This temporary exception remains subject to buyer’s/borrower’s lender approval.  (This exception may extend to other states as similar circumstances arise.)

Construction Loan 

Construction loan transactions have unique considerations and may be impacted by county closures and restrictions.  If your transaction involves new construction, please contact our office for further guidance.

GAP Coverage

In our market, and in accordance with underwriter guidance, we are continuing to insure through the search gap for both lender’s and owner’s policies of title insurance.  Most lenders require title insurance, and there are many important reasons that a buyer should always purchase an Owner’s Policy of title insurance.  However, as this gap is increasing and the risk of unknown liens or interests is exponentially greater during this time, it is more essential than ever that buyers obtain an Owner’s Policy of title insurance.   Please have your clients contact our office if they need additional information regarding an Owner’s Policy of title insurance.

This is only an informational update that reflects the information we have and may not reflect changes as they occur. It may or may not be applicable to your specific situation. Please reach out to our team for questions and help with your particular needs.