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Jennifer Wilbur

CHMS, CRS, CSSN, MCNE, MRP, TRLP
Berkshire Hathaway HomeServices Premier Properties
713-301-1512  https://www.har.com/jennifermwilbur
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Contract Timelines-Title Policy & Survey

January 17th, 2011


Contract Timelines-Title Policy and Survey
The Seller of a property furnishes to the Buyer, a commitment for a policy of title insurance within 20 days after the title company receives a copy of the contract at either the expense of the Buyer or Seller, and a copy of the restrictive covenants and documents at the Buyer's expense.  If the commitment and exception documents are not delivered to Buyer within the specified time, the time for delivery will be automatically extended up to 15 days or until the closing date, whichever is earlier.

The survey, made by a registered professional land surveyor acceptable to the Title Company and the Buyer's Lender must be furnished within 3 days prior to closing if using the Seller's existing survey, or within a designated number of days after the effective date of the contract if purchased by the Buyer or Seller.

The Buyer may object to items disclosed on the survey or the title commitment within a designed number of days in the contract, and the Seller must cure the objections within 15 days and the closing date will be extended as necessary.  If objections are not cured within such 15 day period, the contract will terminate and the earnest money will be refunded to Buyer unless Buyer waives the objections.

Special attention needs to be paid to how many days are designated for the commitment and survey to be furnished and an extension agreed upon and executed to keep the contract in force.  If the Lender does not approve the commitment and/or the survey as it exists or as it is cured, then the property will not close under the condition of Property Approval in the Financing paragraph of the contract, and the contract will terminate and the Earnest Money returned to the Buyer.

Disclaimer : The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®
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