GA ALTA Commitment Schedule B Section 1 1

SCHEDULE B - Section 1

File No:                                                                                                                                                                                 Commitment No:

 

I.     The following are the requirements to be complied with:

  1. Instruments necessary to create the estate or interest to be insured must be properly executed, delivered and duly filed for record.

  2. Pay the full consideration for the interest in the land and/or mortgage to be insured.

  3. Pay the Company the premium, fees and charges for the Policy to be issued pursuant hereto.

  4. Execution by Owner/Seller/Contractor an Affidavit as to Debts and Liens or Affidavit and Indemnity.

  5. Receipt of proof satisfactory to the Company that no improvements or repairs were made on caption property within ninety-five (95) days preceding the filing for record of the instrument(s) required at Item 1 above, or, in the event such improvements or repairs were made, that they have been completed and all costs incurred in connection therewith, including architect’s fees, if any, have been paid; and that there are not parties in possession or with a right to possession other than Seller / Mortgagor.  In the event that improvements or repairs were made on the property within 95 days preceding the closing and a general contractor was employed in connection therewith, in addition to the owner’s affidavit required as item 4 above, the Company further requires a sworn Affidavit, Lien Subordination and Indemnity of the General Contractor, executed pursuant to Georgia statute, which identifies all subcontractors, material suppliers, and labors, a copy of which must be furnished for our file.  Also the Company must be provided with lien subordinations or Final Lien Waivers from all subcontractors, material suppliers, and labors listed in the General Contractor’s Affidavit. 

  6. Proof satisfactory to the Company, that all taxes or special assessments, including water bills, which are not shown as existing liens on the public record are paid in full at the time of closing.  Upon receipt of such proof, Item (e) of the Standard Exceptions in Part II, Schedule B will be deleted or amended in accordance with the facts shown thereby.

 

[Record any other matters here]

 

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