Commitments in Missouri

• As of 2017, the ALTA 2016 Commitment has been approved for use in Missouri.

Additional Documents

Written notice must be provided to any borrower at the time a Commitment is prepared when an owner's policy has not been requested. The notice must advise the borrower that they will not be protected by the loan policy and must give them the option to purchase owner's insurance up to sixty days after the closing.

2. A title insurer, title agency, or title agent issuing a lender's title insurance policy in conjunction with a mortgage loan made simultaneously with the purchase of all or part of the real estate securing the loan, where no owner's title insurance policy has been requested, shall give written notice, on a form prescribed or approved by the director, to the purchaser-mortgagor at the time the commitment is prepared. The notice shall explain that a lender's title insurance policy is to be issued protecting the mortgage-lender, and that the policy does not provide title insurance protection to the purchaser-mortgagor as the owner of the property being purchased. The notice shall explain that the purchaser-mortgagor may obtain an owner's title insurance policy protecting the property owner, within sixty days of closing and at a specified cost or approximate cost, if the proposed coverages are or amount of insurance is not then known. A copy of the notice, signed by the purchaser-mortgagor, shall be retained in the relevant underwriting file at least fifteen years after the effective date of the policy.

Mo. Ann. Stat. § 381.015

Content

• Exceptions in Missouri
• Requirements in Missouri

Disclaimers

There do not appear to be any special regulatory requirements for disclaimers or other matters for Missouri Title Commitments. Similar to many western states, Missouri state law expressly states that a Commitment (defined to include Commitments, Preliminary Reports, and Binders) is not an abstract of title:

"A title insurance commitment is not an abstract of title." Mo. Ann. Stat. § 381.015.

It is common practice to include a disclaimer nonetheless.

Examples

PLEASE READ THE EXCEPTIONS BELOW AS WELL AS THE TERMS SHOWN OR REFERRED TO HEREIN. THE EXCEPTIONS ARE MEANT TO PROVIDE YOU WITH NOTICE OF MATTERS WHICH ARE NOT COVERED UNDER THE TERMS OF THE TITLE INSURANCE POLICY TO BE ISSUED AND SHOULD BE CAREFULLY CONSIDERED. (R.S.Mo. 381.015.1)

Delivery

There do not appear to be any special regulatory requirements for delivery of Missouri Title Commitments. A written notice must be delivered to a borrower for a transaction in which only a loan policy has been ordered advising the borrower that they will not be covered by the loan policy. See Additional Documents supra.

Signatures

There do not appear to be any special regulatory requirements for signatures on Missouri Title Commitments.