THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.
Bulletin: TX000028
Bulletins by State or Territory
Bulletins by Country
Bulletin: TX000028
V
2
Date: March 22, 1995
To:
All Texas Issuing Offices
RE:
Disclosures: Texas Residential Owner Policy of Title Insurance
Dear Associates:
Disclosure
When you issue a Texas Residential Owner Policy of Title Insurance (T-1R), you may wish to present to the buyer the Disclosure Form. Please see referenced forms at the end of this bulletin. Many of these items are not title insurance issues but they do reflect common questions.
The Disclosure Form covers the following matters:
- Waiver of Inspection-this allows you to except to "parties in possession".
- Receipt of Commitment-this acknowledges that the buyer received the commitment.
- No Survey Coverage-this acknowledges acceptance of the "area and boundary"
exception.
- Acceptance of Survey-this acknowledges receipt of the survey (and matters
on the survey you point out).
- Flood Zone-the title company has not investigated whether the land is in
a flood zone.
- Tax Prorations-this relates to accuracy of current year's tax prorations.
- Tax Rendition-this recommends that the buyer render the property and apply
for tax exemption.
- Homeowner's Association-this discloses the association and assessment dues.
- IRS Reporting-this refers to the HUD-1 if it is a substitute 1099-S.
- Closing-this applies if the transaction has not been completed.
- Errors and Omissions-this acknowledges agreement to cooperate on corrections.
- Explanation of Owner Title Policy-the policy is not a representation of
title or use.
- Representations-the title company has not made other representations.
Use Applicable Provisions
We suggest that you use the paragraphs that are relevant to your closing and delete the remainder.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- Exceptions Manual:
- None