TITLE COMMITMENT PREPARATION INTRUCTIONS

 

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
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
Buyer – Enter Name of person(s) purchasing PIQ
Seller – Enter Name of Person(s) selling PIQ
Mortgage Broker, Contact, Telephone Number & Fax – Enter Mortgage Broker Name, Contact Person, Contact Telephone Number and Contact Fax Number
Lender, Loan Amount, Contact, Telephone & Fax – Enter Name of Lender, Loan Amount, Contact Person, Contact Telephone Number and Contact Fax Number
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

Effective Date - Enter effective date listed on Search report
Proposed Insured / Owners Policy – Enter buyer name(s) and purchase price
Proposed Insured / Loan Policy – Enter Lender name and Loan Amount
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

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.
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
Permanent Tax Number – Enter Property Identification Number for PIQ
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
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
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

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.
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.
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.
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

Deceased J/T – Enter any Joint Tenancy Information
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.
Condominium – Enter the condominium declaration information. Or, simply enter the document number in which we should refer to for the information
Interest of – Enter the name(s) of any individuals that are vested in Title, but, your application does reflect
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.
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.
Association – Enter “Paid Assessment Letter” in this field if you determine that the transaction requires a paid assessment letter from the Association
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”
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
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
• No Probate(check boxes) – Check the appropriate box for determining Probate.
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
Homestead interest of – Enter the name of the spouse that is not disclosed as a person vested into Title
Divorce case – Enter the divorce case information to be raised as an exception on the Title Commitment
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
• Residential Inflation, Comp, EPA, Condo, Loc Note, Arm – Select the appropriate check boxes, Endorsements, that the transaction requires.
• Other – Check the box if there are other disclosures or notes that you feel necessary for us to know when typing the Title Commitment.