GA ALTA Commitment For Title Insurance Schedule B Part I (7-1-21)

GA ALTA COMMITMENT FOR TITLE INSURANCE SCHEDULE B PART I (7-1-21)
ISSUED BY
STEWART TITLE GUARANTY COMPANY                                          

Requirements

File Number: ________________________

All of the following Requirements must be met:  

1.     The Proposed Insured must notify the Company in writing of the name of any party not referred to in this Commitment who will obtain an interest in the Land or who will make a loan on the Land. The Company may then make additional Requirements or Exceptions.

2.     Pay the agreed amount for the estate or interest to be insured.

3.     Pay the premiums, fees and charges for the Policy to the Company.

4.     Documents satisfactory to the Company that convey the Title or create the Mortgage to be insured, or both, must be properly authorized, executed, delivered, and recorded in the Public Records:

(Documents needed to be listed here)      

5.   Affidavit(s) satisfactory to the Company as to debts, liens, and parties in possession or with a right of possession must be properly authorized, executed and delivered.

6.   Receipt of proof satisfactory to the Company that no improvements or repairs were made on caption property within ninety (90) days preceding the filing for record of the instrument(s) required at Item  4 above, or, in the event such improvements or repairs were made, that they have been completed and all costs incurred in connection therewith, including architect’s fees, if any, have been paid.

7.   Proof satisfactory to the Company that all taxes or special assessments, including water and sewer bills, which are not shown as existing liens on the public records are paid in full at the time of closing. 

8.   [The Commercial Real Estate Broker Lien Act applies to a sale, lease, option, loan or other transfer of commercial real estate; therefore, disclosure by the seller and buyer (lessor and lessee) or by the borrower when there is no sale required, in affidavit form stating (1) whether or not broker’s services have been engaged with regard to the management, sale, purchase, lease, option or other conveyance of any interest in the Property and (2) whether or not a notice of lien for any such services have been received. Where the possibility of a right to file a broker’s lien exists, satisfaction (waiver, estoppel statement and payment) of such a lien right must occur prior to or at closing. If not so satisfied, an exception to any such right to a broker’s lien will appear in Schedule B of the Policy.]

9.  [Proof of payment in full of all current and past assessments due to any Homeowner’s Association, Condominium Association or any other individual or entity that is established under any set of covenants or otherwise that subject property is subject to.]

10.  [Homeowners Policy of Title Insurance Affidavit in form acceptable to Company must be properly authorized, executed and delivered].

11. If any party to the transaction is an artificial person, proof satisfactory to the Company that it is legally formed, in existence and in good standing in its state of formation, that the transaction has been duly authorized and that the persons who will execute the documents have been authorized to do so.

12.  Payment of taxes as follows:

a.    20 ___ State and County property taxes due in the amount of $ _________.  Tax Map Parcel No._____.

b.    20 ___ City property taxes due in the amount of $ ________. Tax Map Parcel No. _____.

13.  Payment, satisfaction and cancellation of record of the following Security Deed(s):

a.    Security Deed from ______ to ______, dated ______, and recorded ______, in Deed Book ______, Page ______, ______ County, Georgia Records, in the original principal amount of $______.

 (Additional Requirements may be listed here by number)