Paragraph 6 Spotlight
© 2023 Independence Title Education
6A. TITLE POLICY
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AND
Presented by the Education Team at Independence Title. TREC Approved Continuing Education Provider License# 403. 1
TITLE POLICY
SURVEY
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6 5% of this #
= $120.65 11
$400K
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6B. COMMITMENT:
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SURVEY 14
6C.
8 X 15 Listing Agents…know your “survey situation”!!! 16
• The purpose of the affidavit is to affirm the existing survey, so sellers should use the date of the most recent survey, which may be a survey ordered by them or by a previous owner of the home.
• Sellers should be aware that any date other than the date of the last survey will likely prompt the title company to request a new survey.
• It is ultimately up to the sellers what date they choose to use. At the bottom of Paragraph 4, the seller may list changes to the property that have occurred since that date or put “None” if there have been no changes.
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of the most recent survey
Date
NONE
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T-47 AFFIDAVIT - GET IT NOTARIZED!
The T-47 must be notarized and executed by all the SELLERS within the number of days entered on the contract.
Without the T-47 sworn affidavit, the Buyer can obtain a new survey at the Seller’s expense!
6D. OBJECTIONS:
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PARAGRAPH 6D. OBJECTIONS
PART 1
“Buyer may object in writing to defects, exceptions, or encumbrances to the title: disclosed on the survey other than items 6A(1) through (7) above; disclosed in the Commitment other than items 6A(1) through (9) above; or which prohibit the following use or activity:__________.”
PARK RV IN THE DRIVEWAY?
SHORT TERM RENTAL BUILD A SWIMMING POOL?
IN-HOME DAY CARE?
URBAN CHICKENS?
PARAGRAPH 6D. OBJECTIONS
PART 2
“Buyer must object the earlier of (i) the Closing date or (ii) ___ days after the Buyer receives the Commitment, Exception Documents, and the survey. Buyer’s failure to object within the time allowed will constitute a waiver of Buyer’s right to object; except that the requirements in Schedule C of the Commitment are not waived by Buyer.”
PART 3
“Provided Seller is not obligated to incur any expense, Seller shall cure any timely objections of the buyer OR third-party lender within 15 days after the Seller receives the objections (CURE PERIOD) and the Closing Date will be extended as necessary.”
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PARAGRAPH 6D. OBJECTIONS
PART 4
“If objections are not cured within the Cure Period, Buyer may, by delivering written notice to the Seller within 5 days after the end of the Cure Period: (i) terminate this contract and the earnest money will be refunded to Buyer; or (ii) waive the objections. If Buyer does not terminate within the time required Buyer shall be deemed to have waived the objections.”
PART 5
“If the Commitment or Survey is revised or any new Exception Document(s) is delivered, Buyer may object to any new matter revealed in the revised Commitment, Survey or new Exception Document(s) within the same time stated in this paragraph to make objections beginning when the revised Commitment, Survey or Exception Document(s) is delivered to the Buyer.”
6E. TITLE NOTICES:
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2 ways NOTICE is given
1. Notice is given in the contract.
-OR-
13 CAUTION!! 25
2. Notice is given in a separate form. 26
14 # Title of the Notice How Notice is Given 6E. (1) ABSTRACT OR TITLE POLICY In the Contract 6E. (4) ANNEXATION In the Contract 6E. (6) CERTIFIED SERVICE AREA OF A UTILITY SERVICE PROVIDER In the Contract 6E. (8) PRIVATE TRANSFER FEES In the Contract 6E. (10) NOTICE OF WATER LEVEL FLUCTUATIONS In the Contract 27 6E. Title Notices (2) Separate Form 28
15 HOA Addendum 29
Title Notices (3) Separate Form 30
6E.
16 31 Notice to Purchasers or MUD Notice Best Practices • Google Search • Phone Call • Ask Independence Title for Help 32
17 6E. Title Notices (4)
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Separate Form
Addendum for Coastal Area Property
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TREC No. 33-2 TXR-1915
18 6E. Title Notices (7) Separate Form 35 PID Addendum TREC No. 53-0 TXR-1955 • Google Search • Phone Call • Ask Independence Title for Help 36
19 37 6E. Title Notices (9) Separate Form 38
20 Propane Gas Services System Area
39 6E. Title Notices (11) Separate Form 40
TREC No. 47-0 TXR-2514
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