Skip to comments.VANITY: Can someone tell me what a GAP check is on a real estate title?
Posted on 03/07/2013 12:21:55 PM PST by OKSooner
Just a trivia question for general edification.
What does the term "GAP check" mean, in the context of real estate?
This link may help:
Gap: The common title industry name for the period from the effective date on the commitment to the day of closing and recording of documents. A "Gap Check" is the title company's search of the public records for this time period.
They’re covering their backside for anything that might botch the sale.
Is it a check between the “Boomers” and “Sooners”? :-)!
a check to confirm there is no gap in chain of title. However now it also has to do with the securitization of the mortage note from Mortage broker to processor to trustee. Naked Capitalism had a big expose today on wells Fargo have a doc factory in Minn where they would check the paperwork on the notes held in a trust and 90% were deficient (meaning they had a problem). they would send paperwork to another department to ‘repair’ the deficiency. Mainly add signatures for transfers. none of this is legal and was after the robo-signing. http://www.nakedcapitalism.com
A sawmill owner purchased several acres of woods for the timber but when he started to harvest the timber the actual owner arrived and explained the purchased property was the bare creek bottom near by.
It seems there was a slight error in the survey that allowed this GAP.
It’s a pistol cartridge designed by Ernest Durham, .45 GAP, that was supposed to equal the power of .45 ACP but shorter to fit in a more compact pistol. GAP originally stood for “Glock Automatic Pistol” but became known to mean “Get Another Pistol.”
As common practice, a real estate title insurer issues a title policy commitment days or weeks before closing based on their review of the public record. This naturally raises the question of possible liens and impediments on the title that are filed after the date of the title policy commitment and before the closing takes place. This gap period — between the title check for the policy commitment and the date of closing — is commonly covered by the title insurer checking the public record again after closing and before issuing the title policy.
Rockingham gives a good description in post #10. It’s just the follow-up title check to ensure that no liens or other encumbrances attached to the property in the interval between the issuance of the title policy and the actual closing date.
I considered it might mean one of those backless hospital gowns but a .45 cal. GAP sounds more likely, “Fall into the GAP” went the jingle.