STG Creditors' Rights Checklist

Property Address:        __________________________________________________________
Transaction Reference:            ____________________________________________________
File/Title/Commitment No.:     ____________________________________________________
Seller: ______________________________________________________________________
Buyer/Borrower/Mortgagor:     ____________________________________________________

Please provide a brief description of the transaction and the property: _____________________________

_______________________________________________________________________________________________ 

 

 

STEWART TITLE GUARANTY COMPANY
CREDITORS' RIGHTS CHECKLIST FOR OWNER'S POLICY
(If you answer "Yes" to any question, please explain.)

Yes ____

No ____

1. The Seller and Buyer are related or affiliated.

Yes ____

No ____

2. The Seller and Buyer have common owners or investors.

Yes ____

No ____

3. The sales price is substantially (more than 5%) below fair market value (based on assessed value, appraisals, or general understanding of the market).

Yes ____

No ____

4. The consideration to the Seller is wholly or partly other than cash.

Yes ____

No ____

5. The sales price is wholly or partly cancellation of, release of, or covenant not to sue on debt owed to the Buyer or affiliate.

Yes ____

No ____

6. It is understood or rumored that a bankruptcy may be filed by or against the Seller after closing.

Yes ____

No ____

7. The Amount of Insurance on the Owner's Policy will be different than the sales price (or sales price plus contemplated improvements).


Sign Name: _______________________________ Date: ________________
Print Name: _______________________________
Print Title: ________________________________

 

STEWART TITLE GUARANTY COMPANY
CREDITOR’S RIGHTS CHECKLIST FOR LOAN POLICY
(If you answer "Yes" to any question, please explain.)

Yes ____

No ____

1. The loan of the Insured Mortgage is for a purpose other than: (a) purchase money for title to the Land, and no other land; (b) construction of improvements on the Land, and no other land; (c) home equity; (d) reverse mortgage; (e) ongoing operations of the mortgagor; or (f) refinance of such existing secured debt on all of the Land, and no other land, for one or more of the purposes described in (a) - (e).
The purpose of the loan is: __________________________________________[Required].

Yes ____

No ____

2. More than 5% of loan proceeds will be distributed to the parent owner or investors (shareholders, members, partners) in the mortgagor.

Yes ____

No ____

3. More than 5% of loan proceeds will be used to buy out the interest of investors (shareholders, members, partners) of the mortgagor.

Yes ____

No ____

4. More than 5% of the loan will refinance or secure debt of a parent entity of the mortgagor or another person/entity.

Yes ____

No ____

5. The aggregate of items 2, 3 and 4 will exceed 5% of the loan proceeds.

Yes ____

No ____

6. The loan is cross-collateralized with land owned by another mortgagor and/or cross-defaulted with any mortgage given by another mortgagor.

Yes ____

No ____

7. It is understood or rumored that a bankruptcy may be filed by or against the mortgagor after closing.

Yes ____

No ____

8. The loan secured by the Insured Mortgage will exceed the value of the Land (or Land as to be improved).

Yes ____

No ____

9. The Title is vested or will vest in the mortgagor by a conveyance that was not or is not a bona fide sale from an unrelated party.



Sign Name: _______________________________ Date: ________________
Print Name: _______________________________
Print Title: ________________________________

No guidelines are available for this form at this time.