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TITLE
COMMITMENT PREPARATION INTRUCTIONS
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Section 1: Basic Order Information |
• ATS Order No. – File
Number will be entered by an Absolute Title Representative if not provided to
you in advance
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Agent Name, Contact, Telephone & Fax – Enter
your name as registered with Absolute Title Services, Inc. including a contact
person and numbers
•
Property Address, State, City, Zip Code, County – Enter
Property in Question
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Buyer – Enter
Name of person(s) purchasing PIQ
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Seller – Enter
Name of Person(s) selling PIQ
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Mortgage Broker, Contact, Telephone Number & Fax – Enter
Mortgage Broker Name, Contact Person, Contact Telephone Number and Contact
Fax Number
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Lender, Loan Amount, Contact, Telephone & Fax – Enter
Name of Lender, Loan Amount, Contact Person, Contact Telephone Number and Contact
Fax Number
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2nd Mortgage Lender, Loan Amount, Contact,
Telephone & Fax – Enter
Second Mortgage Lender only if different than first Mortgage Lender, Loan
Amount, Contact Person, Contact Telephone Number and Contact Fax Number
Section
2: Schedule “A” Information
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• Effective Date - Enter effective date listed on Search report
• Proposed Insured / Owners Policy – Enter
buyer name(s) and purchase price
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Proposed Insured / Loan Policy – Enter
Lender name and Loan Amount
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2nd Proposed Insured / Loan Policy – Enter
2nd Lender name and 2nd Loan Amount
•
Tile Vested In, (Check
boxes for how person(s) are vested into Title) – Enter
name of person(s) you determine to be in Title and check the appropriate
box for how Title is vested in or instruct us to use the vesting on Document
Number
????
•
Legal Description – Enter Document Number of the document you determine
to use as the PIQ’s legal description. If legal description is different
please provide us with the correct legal description as an attachment
•
(Check Box for Use Alternate Legal) – Only if different, enter legal
description or provide new legal description as an attachment and explain
the reasoning for new legal description
Section
3: Schedule “B” Information/Taxes
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• Real Estate Taxes for the year and :
- Enter the tax years you determined that are unpaid completely, include the
year if it is past January 1 of that year.
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Real Estate Taxes for the year , a lien but not yet due or payable – Enter
the year of taxes that a bill is to come but is not yet available
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Permanent Tax Number – Enter Property Identification Number for PIQ
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First Installment: $ due (check box: paid unpaid) – Enter this year’s
1st Installment tax amount and check the appropriate box if the bill has
been paid or is unpaid
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Second Installment: $ due (check box: paid unpaid) – Enter this year’s
2nd Installment tax amount and check the appropriate box if the bill has
been paid or is unpaid
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Any additional relevant tax information? – Enter additional notes that
you determine to be disclosed on the Title Commitment
Section
4: Schedule “B” Information/Mortgages-Liens
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Mortgage made by to
amount date of document date recorded document no.(There are only 2 Mortgage
exceptions, please provide additional attachment or complete
other Mortgages/Liens in the notes section at the end of the data entry fields) – Enter
existing Mortgage or Lien information on all blanks. Or, simply enter the
document number in which we should refer to for the information.
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Assignment of Mortgage to
dated Document (There are only 2 Assignment of Mortgage exceptions, please
provide additional attachment or complete the other AOM’s
in the notes section at the end of the data entry fields - Enter, if any,
Assignment of Mortgage information on all blanks. Or, simply enter the document
number
in which we should refer to for the information.
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Possible Judgment – Enter what you have determined to be a possible judgment
against any party involved in the transaction. Please use the next data entry
field labeled as “Other Liens” for actual judgments.
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Other Liens – Enter
what you have determined to be a lien or an actual judgment against any party
or the property in the transaction. Or, simply enter
the document number in which we should refer to for the information.
Section
5: Section “B” Information/Other Items
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•
Deceased J/T – Enter
any Joint Tenancy Information
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Building Line – Enter
any building lines determined by you based on prior policies, plats and/or
declarations. Or, simply enter the document
number(s)
in which we should refer to for the information.
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Condominium – Enter the
condominium declaration information. Or, simply enter the document number in
which we should refer to for the information
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Interest of – Enter
the name(s) of any individuals that are vested in Title, but, your application
does reflect
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Public Utilities, Drainage Affects – Enter
any public utilities and/or easements that you have determined that affect
the PIQ based on prior policies,
plats and/or declarations. Or, simply enter the document number(s) in
which we should refer to for the information.
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Plat Doc # Date – Enter
the Plat of Survey information on all blanks. Or, simply enter the document
number in which we should refer to for the
information.
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Association – Enter “Paid Assessment Letter” in
this field if you determine that the transaction requires a paid assessment
letter
from the Association
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First Refusal – Enter “Right of First Refusal” in this field
if you determine that the transaction requires a letter from the Association
for their “Right of First Refusal”
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New Construction – Enter
any exceptions you determine to be on the Title Commitment for new construction
property. Please call Melinda Spence
or Bonnie
Hollingsworth for additional assistance
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Decendent’s Estate Name
(check boxes for General, Joint & Tenant) – Enter
the name of the deceased party vested in Title and check the appropriate
box
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No Probate(check boxes) – Check the appropriate box for determining
Probate.
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Municipal Transfer Stamps – Enter,
upon verification from the Transfer Tax Ordinance Chart, the City Name to enter
this as an exception on the
Title Commitment
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Homestead interest of – Enter
the name of the spouse that is not disclosed as a person vested into Title
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Divorce case – Enter
the divorce case information to be raised as an exception on the Title Commitment
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Additional Schedule B Issues Not Noted Above – Enter
any information you have determined to be disclosed that is not listed above
to be shown
on the Title Commitment
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Residential Inflation, Comp, EPA, Condo, Loc Note, Arm – Select the
appropriate check boxes, Endorsements, that the transaction requires.
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Other – Check the box if there are other disclosures or notes that
you feel necessary for us to know when typing the Title Commitment.