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Pre-Start Construction Considerations in Ohio

The scenario of a developer who paid cash for a parcel of land and wants to get started on development and construction prior to the closing of the construction loan is fairly common.  However, under Ohio law a pre-start construction project creates difficulties for the title insurance underwriter to insure the priority of the mortgage over mechanic’s lien risk.  This is likely to result in more time and costs to provide the required title insurance and if not handled properly, it could jeopardize the financing for the project. 

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TAGS: Pre-Start Construction, Real Estate Law, Title Insurance

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