COVID-19: UPDATES & INFORMATION
Thomas Title is open for business. We are accepting new files, and our title, escrow, and support teams are safely working to insure and close your transactions.
As an independent title agency, we work with all of the top national underwriters to find the optimal coverage for your transactions. The advantage of this independence has never been more evident than now, in this time of uncertainty and change. Nimble, creative, reliable—Thomas Title is here to help.
As this emergency evolves, we are determined to (1) complete all open and incoming deals, and (2) prepare for inevitable changes in the market. To stay ahead of the crisis, to continue to exceed your expectations, and to be your go-to resource for commercial real estate transactions, we are actively developing strategies to get your deals done—now, and as we navigate this significant disruption.
Thomas Title’s areas of focus in light of the COVID-19 situation:
- Governmental recording offices aren’t immune to the crisis. Many have closed, and we expect more to do the same. Should recording capability become unavailable, gap coverage is required. We are continually monitoring the gap coverage guidelines of our underwriters, and will utilize the right underwriter for each transaction.
- GAP COVERAGE CURRENT STATUS (PDF)
- Remote Online Notarization allows notarized documents to be executed remotely, but in the presence of a notary public via technology. Underwriters have different policies for accepting documents executed via RON. We actively assess these policies to ensure we can close deals under these trying circumstances.
- The recent reduction in interest rates has presented a significant refinancing opportunity for CRE owners. We are poised to handle these loan transactions for all asset classes, nationally.
- Social distancing measures and the curtailment of travel is having an immediate impact on the hospitality industry, and we foresee the same for retail and other sectors. We are very experienced in loan workouts, and can provide loan modification endorsements.
- Thomas Title formed in 2006 and grew through the Great Recession. We know distressed sales and forecloses. Whether for trustee sale guarantee or deed in lieu transactions, we can help.
