NCLTA FORM 3 - Owner/Contractor Affidavit, Indemnity and Lien Subordination Agreement (No Mechanics Lien Agent Appointed - Construction In Process or Immediately Comtemplated) rev. 03 2013
This form is to be used when construction is in process or immediately contemplated and is intended to be used in connection with a policy to insure the priority of the lender’s deed of trust. Coverage for the owner is not available in this scenario. With regard to title insurance for a purchaser purchasing mid-construction, it is important for the closing attorney to ascertain the relationship between the owner and the purchaser and consult with the title insurer to determine from whom waivers will be required and to determine if owner’s coverage is available for the potential liens. The form must be executed by the owner of the property as well as every contractor as defined in the form itself. It is noted that subordinations are required and non-commencement affidavits are no longer available.
Form 3 rev 3-12-13.editable.pdf
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