As a result of COVID-19 and social distancing, Chicago Title will issue title insurance policies in the event the closing of a real estate transaction is done remotely by using technology such as video conference. If lawyers are using video conferences to close their transactions and verify the identity of the parties, measures need to be put in place to mitigate some of the risks associated with this practice.
Chicago Title’s ID Verification service is here to help. The knowledge-based authentication process uses information that should only be known by the client. Only the true identity owner should be able to correctly answer the questions when having their identity verified. When the closing of the transaction or verification of identity is not face-to-face, please let us know by adding a note to the title insurance order. An additional fee of $17.50 plus tax will be applicable when Chicago Title is requesting the ID Verification.
Should you wish to request an ID Verification outside of a Title Insurance order, we will be happy to provide the service for $25.00 plus tax.