TX Waiver of Inspection and Disclosure to Owner 1993
WAIVER OF INSPECTION AND DISCLOSURE TO OWNER
TO: Stewart Title Guaranty Company ("Title Insurer")
_________________________ Title Company
RE: ________________________ to ________________________
("Insured" or "You")
GF (File) Number: ________________________
1. Waiver of Inspection.
You may refuse to accept an Exception to "Rights of Parties in Possession". "Rights of Parties in Possession" means one or more persons who are themselves actually physically occupying the land or a portion thereof under a claim of right adverse to the record owner of the land as shown in Schedule A of the Policy. The Company may require an inspection and additional charge for reasonable and actual costs to inspect. The Company may make additional Exceptions for matters the inspection reveals. If you do not delete this paragraph, you waive inspection of the property and you accept the Exception in your policy.
YOU MAY REFUSE TO ACCEPT THIS EXCEPTION BY MARKING OUT THIS PARAGRAPH 1.
2. Receipt of Commitment.
You acknowledge having received and reviewed a copy of the Title Commitment issued in connection with this transaction. You understand that your Owner Policy will contain the Exceptions set forth in Schedule B of the Commitment, and any additional Exceptions to title resulting from the documents involved in this transaction, and any additional Exceptions reflected by an exhibit attached hereto.
You may request amendment of the "Area and Boundary Exception" to read "Shortages in Area". The Area and Boundary Exception is as follows: "Any discrepancies, conflicts, or shortages in area or boundary lines, or any encroachments, or protrusions, or any overlapping of improvements". You must furnish a current survey. The survey must be acceptable to the Company. You also must pay an additional premium equal to 15% of the basic premium charge. The Company may make additional exceptions for items shown on the survey.
YOU MAY REQUIRE AMENDMENT OF THE AREA AND BOUNDARY EXCEPTION BY MARKING OUT THIS PARAGRAPH 3 AND BY COMPLYING WITH ITS PROVISIONS BEFORE COMPLETION OF THIS CLOSING.
This paragraph does not apply to the Residential Owner Policy (T-1R). The parties must later agree to arbitrate under the Residential Owner Policy (T-1R).
You may require deletion of the arbitration provision of the Owner Policy (T-1). If you do not delete this provision, either you or the Company may require arbitration, if the law allows and if the Policy provides so. There is no charge to delete this provision.
IF YOUR POLICY IS NOT A TEXAS RESIDENTIAL OWNER POLICY (T-1R), YOU MAY REQUIRE DELETION OF THE ARBITRATION PROVISION BY MARKING OUT THIS PARAGRAPH 4.
You may wish to consult an attorney to discuss matters shown in Schedule B or C of the Commitment. These matters will affect your title and use of your land. Your Title Insurance Policy will be a legal contract between you and the Company. The Commitment and Policy are not abstracts of title, title reports or representations of title. They are contracts of indemnity. We do not represent that your intended use of the property is allowed under the law or under the restrictions or exceptions to title on your land.
No guidelines are available for this form at this time.