Category: Underwriting Q & A’s

20 Nov

Underwriting Q&A: What are the requirements of issuing the Texas Residential Owner Policy (Form T-1R)?

Q: What are the requirements of issuing the Texas Residential Owner Policy (Form T-1R)? A:  Requirements to issue the The property must be residential (defined in Procedural Rule P-1.u); The residence must be for 1-to-4 families; and the proposed insured MUST be a “natural person” (required in Procedural Rule P-38) the Texas Residential Owner Policy

19 Sep

Underwriting Q&A: The Grantor in the proposed insured transaction is a Trust. How does the Deed have to be prepared so that a title insurance policy can be issued?

Question: The Grantor in the proposed insured transaction is a Trust. How does the Deed have to be prepared so that a title insurance policy can be issued?   Answer:     Trusts establish a relationship between a person holding in interest in a property for the benefit of another person. The person who holds the interest

16 Aug

Underwriting Q&A: What date should be inserted into the blank on paragraph 4 of the T-47 Residential Real Property Affidavit?

Q: In Texas, where we are encountering multi-generational re-use of existing surveys, the T-47 Residential Real Property Affidavit allows a seller to verify that a prior survey is still an accurate depiction of the property to be insured for purposes of giving an area and boundaries exception amendment and/or T-19 or T-19.1 coverage. What date

16 Jul

Underwriting Q & A | I came across a notary signature with reference to Florida Statute 118.10. Also, the document appears to be notarized in another country. Is this a valid notary acknowledgement?

Q: I came across a notary signature with reference to Florida Statute 118.10.   Also, the document appears to be notarized in another country.  Is this a valid notary acknowledgement?  A: The Florida law provides for a specialized type of notary certification, called an International Notary or Civil Law Notary. There are approximately 150 International Law Notaries

20 Apr

Underwriting Q & A | Are there any tricks when a title agent needs information from the Internal Revenue Service (IRS) regarding a party to a real estate transaction?

Q: Are there any tricks when a title agent needs information from the Internal Revenue Service (IRS) regarding a party to a real estate transaction? A: Earlier this year, the IRS instituted a new identity verification process requiring third parties calling on behalf of a taxpayer to verify their identity by providing personal information such

14 Feb

Underwriting Q&A | Are Transfer on Death Deeds effective mechanisms for transferring real property?

Question: Are Transfer on Death Deeds effective mechanisms for transferring real property? Answer: Texas – Yes.  Through a recorded Transfer on Death Deed (“TODD”), a real property owner can designate a beneficiary or beneficiaries to automatically receive the property upon the owner’s death. The beneficiary has no interest in the real property during the owner’s lifetime

17 Jan

Underwriting Q & A | Is the statutory process of “bonding around” a filed mechanic’s lien affidavit (MLA) always a potential remedy to closing the transaction without making payment to the contractor claiming the lien or excepting to the claim of lien in the policy?

Q: (Texas Only) Is the statutory process of “bonding around” a filed mechanic’s lien affidavit (MLA) always a potential remedy to closing the transaction without making payment to the contractor claiming the lien or excepting to the claim of lien in the policy? A: No. The statutory bond process contained in Chapter 53 of the Texas

20 Dec

Underwriting Q & A | Are the Texas home equity loan laws changing effective January 1, 2018?

Q: Are the Texas home equity loan laws changing effective January 1, 2018? A: Yes, in connection with the November election, the voters of the State of Texas approved amendments to the Texas Constitution. Significant changes have been detailed in Underwriting Bulletin # 2017-03. Link: http://www.fnti.com/docs/Underwriting%20Bulletins/TX%20Bulletin%202017-03%20Home%20Equity%20Changes%2012-2017.pdf

15 Nov

Underwriting Q & A | What are the laws of intestate succession regarding a deceased person’s property who was married at the time of death and who died without a will (or without the will being probated)?

Question: What are the laws of intestate succession regarding a deceased person’s property who was married at the time of death and who died without a will (or without the will being probated)? Answer: One thing to remember for states with community property laws, a surviving spouse always retains their own community property interest, it is the