OTP
Owner’s Policy Availability
Many states require a notice of availability and waiver of Owner’s Policy if a Loan Policy is being issued in connection with the purchase of land.
Requirement
OTPR01 STG
Notice of Owner’s Policy Availability
The Company requires a signed statement by the purchasers/mortgagors acknowledging their right to obtain an owner’s title policy and waiving or rejecting such policy.
Comment: Many states require a notice of availability and waiver of Owner’s Policy if a Loan Policy is being issued in connection with the purchase of land.
See Underwriting Manual