VA Outsale Requirements/Exception 1995
Provide full and complete subcontractor/supplier lien waivers from all subcontractors/suppliers who have provided labor or materials to the subject property. Said waivers must be provided to the title insurance company prior to settlement. Reservation is hereby made to add additional exceptions and/or requirements upon receipt and review of said waivers.
Provide Title company with satisfactorily executed Owner's and Contractor's Final Affidavit and Indemnity Agreement.
Upon satisfaction of all the requirements contained in this schedule, including the payment of the extra-hazardous risk premium, General Exception "Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished" contained in SCHEDULE
B -- SECTION II, will not appear in the title policies issued in favor of the Proposed Insureds named in Schedule A hereof.
The Owner's Title Insurance Policy issued in favor of the Proposed Insured named in SCHEDULE A, Item 1 (a) of this commitment will contain the following substitution language:
"Unmarketability of title by reason of filed or unfiled mechanic's liens is expressly excepted; however, this policy insures against actual loss or damage (including court costs and attorneys fees) resulting from the enforcement or attempted enforcement of any mechanics' or materialmen's liens arising from work done or materials furnished prior to Date of Policy. Actual loss or damage as to the matters insured against by this paragraph shall not be construed to include loss or damage sustained or incurred by reason of the refusal of any person to purchase, lease or lend money on the estate or interest covered hereby in the land described in SCHEDULE A. However, this Company will assure to a purchaser or lessee from the insured or their respective lender the same coverage which the Company affords to the insured under this paragraph provided that a new policy is purchased from the Company and paid for at normal rates insuring such purchaser, lessee or lender."
No guidelines are available for this form at this time.