STG Insuring Contract Purchaser - Indirect Method (Owner's Policy)
This form should not be used if a comparable ALTA version is available. If a comparable ALTA version is available, the most current version of the ALTA form available in each state should be used, unless approved by a Stewart underwriter.
Order No.: Policy No.:
Date of Policy: Amount of Insurance: $ The sale price as shown by the contract
1. Name of Insured: Name of the Contract Purchaser.
(No further identification or qualification)
2. The estate or interest in the land which is covered by this policy is: Fee simple estate.
3. Title to the estate or interest in the land is vested in: Name of record owner.
4. The land referred to in this Policy is described as follows:
Legal description as contained in the contract.
(On the assumption that:
1. The record owner owns said land.
2. The legal description is an insurable one.)
This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) which arise by reason of:
(a) Rights or claims of parties in possession not shown by the public records.
(b) Easements, or claims of easements, not shown by the public records.
(c) Encroachments, overlaps, boundary line disputes, or other matters which would be disclosed by an accurate survey and inspection of the premises.
(d) Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown by the public records.
(e) Taxes or special assessments which are not shown as existing liens by the public records.
Liens, encumbrances, etc. of record.
No. ________ Terms, provisions, and limitations contained in the contract of sale entered into by _____________________ , seller, and ___________________ , buyer, dated ________________ and recorded _______________ in Book/Volume _____ , Page _____ .
IF THE CONTRACT IS NOT RECORDED, THE FOLLOWING EXCEPTION MUST BE ADDED:
No. _____ Any loss or damage resulting from the fact that the instrument creating the insured's estate or interest in the land, and referred to at Exception No. _____ hereof, has not been recorded.
No guidelines are available for this form at this time.