- October 22, 1991
- All Texas Issuing Offices
- Waiver of Inspection and Disclosure to Owner
Please see the new Waiver of Inspection and Disclosure to Owner referenced at the end of this bulletin. We recommend that you use this Waiver in all transactions closed by you where you are issuing an Owner Policy.
- Waiver of Inspection.
The first paragraph constitutes a waiver of inspection and agreement to "rights of parties in possession". If the insured does not agree to this exception, then the insured may mark out the paragraph. If the insured does not agree to this exception, you must inspect the property and make those exceptions that are relevant. You may make a charge for your reasonable and actual costs for the inspection.
The second paragraph acknowledges receipt of the Commitment. If any exceptions will appear in the Owner Policy in addition to those shown in Schedule B of the Commitment, you should list the additional exceptions in an exhibit to the Waiver.
- Area and Boundary.
The third paragraph acknowledges that the Area and Boundary Exception will remain in the Policy. The insured should not delete this paragraph unless the insured has furnished you an acceptable survey and agrees to pay you the additional promulgated premium.
The fourth paragraph acknowledges that there will be an arbitration provision in the Policy. The insured may delete this paragraph from the Waiver. If the insured deletes this paragraph, you should add the following to Schedule B of the Policy:
"Section 14 of the Conditions and Stipulations of this Policy is hereby deleted."
The fifth paragraph is a general disclosure to the insured that the Policy and Commitment are indemnity agreements, and that you do not represent the allowed uses of the property.
THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.
- Bulletins Replaced:
- Related Bulletins:
- Underwriting Manual:
- TX 5.16 Escrow Closings
- Exceptions Manual: