TX Underwriting Summary - Revision history

Celiatatum: /* Default Vesting */

2022-07-18T17:06:08Z

‎Default Vesting

2020-12-15T23:32:32Z

‎Construction Liens

2020-12-14T18:22:47Z

‎Mortgages And Trust Deeds

2020-12-14T18:21:10Z

‎Mortgages And Trust Deeds

2017-07-11T23:56:26Z

‎Search/Exam

2017-05-02T00:58:31Z

‎Surveys

2017-05-02T00:57:32Z

‎SURVEYS

2016-06-01T19:49:36Z

‎Power Of Attorney

2016-06-01T19:48:44Z

‎Search/Exam

2016-05-09T22:01:36Z

‎Search/Exam

@@ Line 10: / Line 10: @@
 ==Default Vesting==
-If title is held by two individuals the presumption is that title is held as community property.   Upon the death of the first to die, title does NOT automatically vest in the survivor.   Title will pass by heirship or by the terms of the decedent's will.
+If title is held by two individuals married to one another the presumption is that title is held as community property.   Upon the death of the first to die, title does NOT automatically vest in the survivor.   Title will pass by heirship or by the terms of the decedent's will.
 Title MAY be held by joint tenants with right of survivorship, but such must be clearly indicated and must be backed up by a written agreement between the parties.   Merely holding or taking title as joint tenants does not imply a right of survivorship, and merely taking title as JTWROS without a written agreement does not  establish a right of survivorship.

@@ Line 58: / Line 58: @@
 Additionally, if the property is homestead and the construction constitutes “repairs and renovation” as opposed to “new construction” the lien is void unless at least 5 days elapsed between the application for credit and the signing of the lien contract.  Additionally, the contract must provide for a 3 day right of rescission, and must be signed at the office of the lender, an attorney or a title company, any of which must be in Texas. Texas Constitution, Art. XVI, Sect. 50(a)(5).
 On non-homestead property, a valid construction lien may be evidenced by a deed of trust securing advances for the purpose of construction.
 ==Surveys==

@@ Line 97: / Line 97: @@
 *When the loan is paid off, the release comes from the beneficiary (the lender) and not from the trustee.
 *A mortgage lien on real property is barred by limitations 4 years after the date of maturity of the loan, which is the date the final payment is due.
 ==Homestead Protection Against Creditors==

@@ Line 96: / Line 96: @@
 *Most mortgages in Texas take the form of deeds of trust.  The property owner conveys the property, in trust, to the trustee; the trustee has no authority to do anything unless and until the beneficiary (the lender) instructs the trustee to act.
 *When the loan is paid off, the release comes from the beneficiary (the lender) and not from the trustee.
 *A mortgage lien on real property is barred by limitations 4 years after the date of maturity of the loan, which is the date the final payment is due.
 ==Foreclosure Review==

@@ Line 8: / Line 8: @@
 *Survey Requirements  -- YES – for survey deletions (and any short form policy); either new survey or existing survey and T-47 Survey Affidavit
 *UPL Hot Button Issues -- Doc prep only
-==Search/Exam==
+==Default Vesting==
 If title is held by two individuals the presumption is that title is held as community property.   Upon the death of the first to die, title does NOT automatically vest in the survivor.   Title will pass by heirship or by the terms of the decedent's will.

← Older revision		Revision as of 00:58, 2 May 2017
Line 91:		Line 91:

	This does not affect the requirement of P-2 that a survey is necessary to give a lender the survey amendment. We will accept a plat as a survey if the land is platted and unimproved. We will also accept a condo declaration as a survey under P 2.		This does not affect the requirement of P-2 that a survey is necessary to give a lender the survey amendment. We will accept a plat as a survey if the land is platted and unimproved. We will also accept a condo declaration as a survey under P 2.
		+
		+	[https://uww.wfgnationaltitle.com/images/2/23/Texas_rules.docx Copies of the applicable rules are here]

	==Mortgages And Trust Deeds==		==Mortgages And Trust Deeds==

@@ Line 60: / Line 60: @@
 On non-homestead property, a valid construction lien may be evidenced by a deed of trust securing advances for the purpose of construction.
-===SURVEYS===
+==Surveys==
 Survey coverage, also known as amending the survey exception, can be requested either on the loan policy or the owner policy.

@@ Line 48: / Line 48: @@
 *The statutory form for a durable POA is found in [http://www.statutes.legis.state.tx.us/Docs/ES/htm/ES.751.htm Ch. 751] and [http://www.statutes.legis.state.tx.us/Docs/ES/htm/ES.752.htm 752] of the Estates Code.
 *The POA must be recorded if it is used in a real property transaction.
-*A POA may be used in a home equity transaction only if the POA was signed in the office of a lender, an attorney, or a title company, all of which must be in Texas.
+*A POA may be used in a home equity transaction only if the POA was signed in the office of a lender, an attorney, or a title company, all of which must be in Texas.  Refer to the Texas Underwriting  Bulletin on this subject.
 *POAs signed in other states are acceptable in Texas if they are executed in conformity with the laws of the state where they were signed.
 *Agent may only exercise authority specifically granted in the power of attorney and any authority reasonably necessary to give effect to that express grant of specific authority.