ITG will allow issuance of commitments during the closure so long as the abstract certification date does not extend beyond the business day immediately preceding the closure date (in this
case, July 10, 2020). For example, a commitment with an abstract certification date good through July 10, 2020 (prior to closure) may be issued between July 14-20, 2020 (during the closure).
: The following requirement, as noted in our e-bulletin dated April 2, 2020,
is hard-coded to appear in Section 4 of Schedule B, Part I of the commitment:
Confirmation that the county recorder and courthouse are processing filings and permitting abstractor access to perform necessary final title searches through the date of the vesting deed and/or guaranteed mortgage filing.
CPL or GAP:
If a closing protection letter (“CPL”) or GAP Coverage Endorsement has been or will be issued,
closing may not occur
unless and until the county recorder and courthouse are reopened, processing filings and permitting abstractor access to perform necessary final title searches through the date of the vesting deed and/or guaranteed mortgage filing.
No CPL or GAP:
If no CPL and no GAP has been or will be issued, ITG will permit closing. However, the final certificate shall not be issued unless and until the abstractor has performed the proper final searches good through the date of the guaranteed mortgage filing and the examining attorney has confirmed proper title vesting, clear title and desired lien priority in his or her final title opinion.
While ITG may permit closing in this instance, ITG strongly cautions against closing under these circumstances, as the closer will assume any and all liability for matters revealed in the gap.