STG Insuring Contract Purchaser - Direct 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.
Our policy, when issued, will describe this estate or interest as "The rights of the contract purchaser in the contract dated ______________ , recorded in Book _____ , Page _____ .
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)
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.
Our policy, when issued will contain, among others the following exceptions:
No. ________ "Terms, provisions, conditions, and limitations contained in the contract of sale entered into by _____________________ , seller, and ___________________ , buyer, dated ____________ , and recorded ___________ in Book _____ , Page _____ , notice of which is given by the memorandum dated ________________ recorded in Book _____ Page _____ ."
No. ______ "Any loss or damage occasioned by the rejection of the contract referred to in Item _____ hereof, pursuant to the provisions of the "Bankruptcy Act"."
No guidelines are available for this form at this time.