STG Insuring Contract Purchaser - Indirect Method (Commitment)
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.
Commitment No. Effective Date of Commitment:
Inquiries should be directed to:
1. Policy or Policies to be issued: Amount
The sale price as(b) ALTA Loan Policy 1987 $ _______________
(a) ALTA Owner's Policy 1987 $shown by the
Name of the contract purchaser.
Do not identify the proposed insured as a
"contract purchaser" or "vendee".
2. The estate or interest in the land described or referred to in this Commitment and covered herein is a Fee Simple.
3. Title to said estate or interest in said land is at the effective date hereof vested in:
Name of the record owner.
(Presumably the contract vendor) - Do not attempt to identify the owner as a
"contract vendor" or "seller" - After the name of said owner, the following
wording must be added: "our policy, when issued, will show title to the land so vested".
4. The land referred to in this Commitment is located in the County of __________________ , State of ________________ and described as follows:
Legal description as contained in the contract.
This presupposes the following:
1. The record owner does in fact own the land.
2. That the legal description is an insurable one.
Schedule B of the policy or policies to be issued will contain exceptions to the following matters unless the same are disposed of to the satisfaction of the Company.
1. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the effective date hereof but prior to the date the proposed Insured acquires for value of record the estate or interest or mortgage thereon covered by this Commitment.
2. Standard Exceptions:
(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 hereto 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.
3. Special Exceptions:
Liens, encumbrances, etc. of record.
No. ________ Terms, provisions, conditions, and limitations contained in the contract of sale entered into by _____________________ , seller, and ___________________ , buyer, dated ____________ and recorded ___________ in Book _____ , Page _____ .
NOTE: If the contract has not been filed for record it is necessary to show the following:
No. _____ We require that the above contract be filed for record. In lieu of such recording, a memorandum thereof may be recorded if the memorandum standing alone does constitute a valid contract of sale and does incorporate all the terms, provisions, conditions, and limitations of the contract.
"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.