Underwriting Q & A’s

April 12, 2019

Underwriting Q&A : What are the IRS instructions for Form 1099-S reporting with respect to a married couple?

Q:        What are the IRS instructions for Form 1099-S reporting with respect to a married couple? A:        The IRS makes an exception to its Multiple Transferor […]
February 27, 2019

Underwriting Q&A: Do Texas title companies offer “survey coverage”?

Q: Do Texas title companies offer “survey coverage”? A: No. Unfortunately, over the years our industry has used the slang term “survey coverage” to describe various […]
January 21, 2019

Underwriting Q&A: What is the correct exception in Schedule B when finding a memorandum [of lease, of agreement, etc.] recorded in the Public or Official Records which affects the property? When can this exception be removed?

A:  The exception would properly read as follows:  “Terms, conditions and stipulations of the [lease or agreement] as evidenced by Memorandum of [Lease/Agreement/etc.] recorded as [document/instrument] […]
November 20, 2018

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 […]
September 19, 2018

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 […]
August 16, 2018

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 […]
July 16, 2018

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 […]
April 20, 2018

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: […]
March 22, 2018

Underwriting Q & A | Can an attorney be a devisee in a will that he/she prepared?

Q: Can an attorney be a devisee in a will that he/she prepared? A: No. Section 254.003 of the Texas Estates Code recites that any gift […]