STG Commitment - Insure Lender on Contract Purchaser's Interest
Commitment No. Effective Date of Commitment:
Inquiries should be directed to:
1. Policy or Policies to be issued: Amount
(a) ALTA Owner's Policy 1987 $ Amount of loan __
Proposed Insured: Name of the Lender
(b) ALTA Loan Policy 1987 $ _______________
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 identify the owner as a|
|"contract vendor" or "seller". After the name of said owner, the following|
|must be added: "Our policy when issued will show title to the land|
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 ___ (mortgagor) ___ , buyer, dated ____________ , recorded ___________ in Book _____ , Page _____ .
|NOTE: If at the time of the issuance of the commitment, the contract has not been filed for record, it will become necessary to show, in addition, the following exception:
|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 and does incorporate all the terms, provisions, conditions, and limitations of the contract.|
No guidelines are available for this form at this time.