Example TX Commitment Schedule C Analysis 1
Your Policy will not cover loss, costs, attorney's fees, and expenses resulting from the following requirements that will appear as Exceptions in Schedule B of the Policy, unless you dispose of these matters to our satisfaction, before the date the Policy is issued:
1. Documents creating your title or interest must be approved by us and must be signed, notarized and filed for record.
No. 1 in Schedule C sets out that the title company must approve all documents creating the interest to be created and that all documents must be signed, acknowledged and filed for record.
2. Satisfactory evidence must be provided that:
- no person occupying the land claims any interest in that land against the persons named in paragraph 3 of Schedule A,
- all standby fees, taxes, assessments and charges against the property have been paid,
- all improvements or repairs to the property are completed and accepted by the owner, and that all contractors, subcontractors, laborers and suppliers have been fully paid, and that no mechanic's, laborer's or materialman's liens have attached to the property,
- there is legal right of access to and from the land,
- (on a Loan Policy only) restrictions have not been and will not be violated that affect the validity and priority of the insured mortgage.
No. 2 in Schedule C sets out that the items that the parties to the transaction must prove to the title company:
3. You must pay the seller or borrower the agreed amount for your property or interest.
This item deals with the consideration to be paid in the transaction
4. Any defect, lien or other matter that may affect title to the land or interest insured, that arises or is filed after the effective date of this Commitment.
No. 4 in Schedule C excepts to matters that affect title to the land or interest to be insured that arise after the effective date of the commitment.
No guidelines are available for this form at this time.