What TREC changed in the Title Policy and Survey Paragraph
05/27/2014 | Author: Editorial Staff
The Texas Real Estate Commission recently adopted new and revised forms that take effect June 1. One of the revisions concerns the Title Policy and Survey Paragraph, which affects these forms:
- One to Four Family Residential Contract (Resale) (TAR 1601, TREC 20-12)
- Unimproved Property Contract (TAR 1607, TREC 9-11)
- New Home Contract (Incomplete Construction) (TAR 1603, TREC 23-13)
- New Home Contract (Completed Construction) (TAR 1604, TREC 24-13)
- Farm and Ranch Contract (TAR 1701, TREC 25-10)
The standard printed exception to the title policy covered in this section did not change. What did change was language that now requires the buyer to designate whether he is amending his title policy to reduce the number of exceptions to the title policy, and that now designates whether the buyer or seller will pay the fee associated with that change.
Many buyers opt for this amendment because it provides them additional protection under their title policy. Now because of the checkbox, it’s more apparent that they have a choice.
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