COT

Cotenancies

Cotenants have various rights in the land, including rights of partition and certain reimbursement rights. The United States may be able to sell the entire land to satisfy taxes. Some states recognize tenancy by entireties (survivorship by spouse), and joint tenancies. The tenancy by entirety or joint tenancy may be terminated as provided under state law. In some states, liens against one tenant of a joint tenancy or tenancy by the entireties will not attach to land. In a few states, this is also true of federal tax liens against the spouse of a tenancy by the entireties.

Requirement

COTR01 STG

Tenancy by Entirety – Survivorship

The Company requires for its review a satisfactory affidavit stating the time and place of death and place of residence as death of _________________________ (“decedent”) and stating that decedent and ___________________ (“spouse”) remained married continuously from the date they acquired title to land until the death of decedent. At that time, the Company may make additional requirements or exceptions.
Comment: If title is vested as tenants by entireties in accordance with state law, this requirement confirms that the surviving spouse owns title.

See Underwriting Manual

COTR02 STG

Joint Tenancy – Survivorship

The Company requires for its review and recordation a satisfactory affidavit stating the time and place of death and place of residence at death of _________________________ (“Decedent”) and a death certificate. At that time, the Company may make additional requirements or exceptions.
Comment: If title is vested in joint tenants in accordance with state law, this requirement will confirm that the surviving tenant owns title.

Note: You may add additional local requirements here. Please consult with our underwriting personnel in preparing appropriate provisions.

See Underwriting Manual

Exception

COTX01 STG

Federal Tax Lien Against Cotenant

The right of the United States to sell the entire fee simple interest in the land upon foreclosure of its lien against the undivided interest of ______________ as reflected by notice of tax lien filed under _________.
Comment: If one cotenant is subject to a recorded Notice of Federal Tax Lien, you must except to that federal tax lien because of the right of the U.S. to sell the entire fee.

COTX02 STG

Cotenant Exception

Rights and claims of cotenants and those persons claiming by, through, or under them, including rights of possession, partition, and reimbursement, and rights of the United States to sell the land.
Comment: When insuring an undivided interest of a cotenant, add this exception.

See Underwriting Manual