Real Estate

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Licensed in a new state

An NMLS licence is granted in a state the entity held none in.

Details
Standard cover
Probable gap
Needs
NMLS Consumer Access
Exposure
Each state sets its own surety bond amount, and the bond is a condition of the licence rather than something to arrange later.
Window
Licence issues before lending can begin
Misfires
Some states licence per branch, so one expansion produces several records.

First Form D

A Form D is filed for a company with no prior filing.

Details
Standard cover
Probable gap
Needs
SEC EDGAR Form D
Exposure
Outside money means outside directors, and the investor's own counsel usually makes D&O a closing condition rather than a later purchase.
Window
Due within 15 days of first sale, so the round is already closed
Misfires
Priced rounds that skip Reg D never file one, so absence proves nothing.

First habitational asset

A permit or deed shows a multifamily or residential asset for an owner holding only commercial before it.

Details
Standard cover
Usually excluded
Needs
Austin Issued Construction Permits, ATTOM
Exposure
Habitational is a distinct and hard class: tenant injury, habitability, and a defect tail that outlives the policy period.
Window
At acquisition or permit, before the first tenant
Misfires
Mixed-use looks habitational in permit data and is often underwritten as commercial.

Buys in a new state

A deed records in a state the owner holds no other property in.

Details
Standard cover
Probable gap
Needs
ATTOM, OpenCorporates
Exposure
Property is scheduled per location, and a new state brings its own valuation, wind and flood terms.
Window
Deeds record within days of closing
Misfires
A single-purpose entity per property is normal, so ownership has to be matched on officers, not names.