Buyer Information and Election Form Masters Title & Escrow welcomes the opportunity to help you with your upcoming settlement. Recent changes to government regulations as well as underwriting guidelines now instruct title companies to require all funds received from buyers/borrowers to be submitted by electronic bank wire. Thus, we are forbidden and no longer able to accept checks prior to, or at closing for amounts exceeding $2500.00. Please be sure to wire funds using wiring instructions we provide to you. Note that we NEVER change wire instructions. HAZARD AND/OR FLOOD INSURANCE: Check with your lender (if any) regarding necessary insurances and have your insurance agent send us the insurance binder with a bill or paid receipt. PHOTO IDENTIFICATION: Some of the documents you will be signing at settlement may need to be notarized, and if so you will need to provide a valid, government-issued form of photo identification such as a driver license or passport. CORPORATE MATTERS: If the buyer is an entity (LLC, corporation, etc.), we will need copies of formation/operating/good standing documents. The purchasing entity will also need to identify who will be signing closing documents on its behalf. SURVEY MATTERS: In connection with the purchase of many properties, a licensed surveyor may be engaged to prepare a location drawing. Since a location drawing is not a boundary survey and does not identify property boundary lines, State Regulations may require us to have your approval. TITLE INSURANCE: We will be generating a title insurance commitment and a copy of the commitment will be made available to you upon your request or at the time of your closing. SETTLEMENT INFORMATION: Your sales contract may contain a settlement date but until the exact time and place has been confirmed with us your settlement has not been scheduled. Please contact us once all parties have agreed on the final settlement date and location. Below you will find a form to send us information we'll need to move forward.Subject property address* Street Address Address Line 2 City AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyomingArmed Forces AmericasArmed Forces EuropeArmed Forces Pacific State ZIP Code full address of the property you are purchasingOur File # If known -- for example M21-xxxxFinancing* Cash Loan Will you be paying all CASH or obtaining a loan?Type of purchase* Investment property Primary residence 2nd home Lender contact information*Name, phone, emailNumber of buyers12 or moreChoice of TenancyThe below examples are provided for information purposes only and are not to be considered or substituted for legal advice. SOLE OWNER: An undivided interest by one person with no other party having a right or interest in or to the Property. TENANTS BY THE ENTIRETY: An undivided interest by a married couple, with the right to the entire property passing to the surviving spouse upon the death of one (1) spouse. JOINT TENANTS: An equal ownership interest by all parties named on the deed with rights of ownership vesting in the survivor of all owners. Example: Andy, Beth and Charles own Blackacre one-third (1/3) each. If Beth dies, Andy and Charles will each own one-half (1/2) of Blackacre. TENANTS IN COMMON: An individual ownership interest in a portion of the Property (either equal or unequal) with another party and sharing a common interest and right to use as to the whole. Tenants in Common does not provide for survivorship rights. Thus, a will is recommended to identify the recipient of the ownership interest upon the death of one of the owners. Example 1: Andy, Beth and Charles own Blackacre. Beth owns seventy percent (70%), Andy owns twenty percent (20%), and Charles owns ten percent (10%). Charles dies. Charles had a will which states that his interest should pass to his mother, Charlene. Charlene now owns a ten percent (10%) interest in Blackacre. If Charles dies without a will, his ten percent (10%) interest shall pass in accordance with the laws of the jurisdiction in which the property is located.Example 2: Andy and Beth are married but own Blackacre with Charles. Andy and Beth own a sixty percent (60%) interest in Blackacre, which they hold as Tenants by the Entirety. Charles owns a forty percent (40%) interest in Blackacre. As between Charles and the unit made up of Andy and Beth, the parties own Blackacre as Tenants in Common, forty percent (40%) to Charles and sixty percent (60%) to Andy and Beth jointly. We direct Masters Title & Escrow to utilize the tenancy selected below in preparing all documentation relating to the Property. Tenancy Election* Sole Owner Tenants by the Entirety Joint Tenants Tenants in Common Percentage Ownership (Tenants in Common)* Please provide a breakdown of ownership percentages (must add up to 100%)Is this property a condominium?*YesNoSurvey AuthorizationLocation drawings cost approximately $200, but can be more expensive depending on the size of the property. Boundary surveys cost $750+.If you do want a boundary survey, please contact us immediately because they take considerably longer to perform than location drawings.Selection* I/we request that Masters Title & Escrow NOT retain a surveyor for the preparation of a location drawing or a boundary survey. I/we understand that the final owners’ title policy will contain an exception concerning all matters that would have been disclosed were a proper land survey undertaken. I/we approve the preparation of a location drawing. I/we have read and understand that, in the absence of any problem revealed by or during the preparation of this drawing, it will be all that is required for settlement. I/we request a boundary survey that will include a location drawing, and will identify property boundary lines and mark property boundary corners. I/we have read and understand that this may not be required for settlement purposes and will increase the cost of the service. Title InsuranceNotice is hereby given that in connection with a loan to be secured by a mortgage/deed of trust on the above property, your lender is requiring issuance of a title insurance policy, which policy will provide protection ONLY to the lender. You are hereby notified of your right and opportunity to obtain simultaneously with said lender’s title insurance policy an owner's title insurance policy designed to insure you as to the status of your title. Such owner's policy will be issued in the amount of the total purchase price. The owner's policy will be subject only to the contingencies and conditions contained in the binder, title report and policy. You have the right to review a sample of the form of policy in which said exceptions and exclusions will appear. A comparison between Basic and Enhanced Owners coverages can be found here. The owner's policy will not be effective until its issuance after the requirements contained in the commitment issued to the mortgagee have been met and payment made of the applicable premium. I/we hereby acknowledge receipt of this Notice, prior to the disbursement of any funds, and I/we do hereby make the following election with regard to an owner's title insurance policy (choose one): Policy choice* I/we desire to purchase a Basic owner's policy. I/we desire to purchase an Enhanced owner's policy. I/we do not desire to purchase an owner's policy. First Time Home Buyer* Yes No Not sure Are all buyers considered "first time home buyers under applicable law"?Best Contact InformationName* Phone*Email* Mailing address* Street Address Address Line 2 City AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyomingArmed Forces AmericasArmed Forces EuropeArmed Forces Pacific State ZIP Code Confirmation* By submitting this Election Form I/we represent that I/we am/are the Buyer/Buyers in the subject transaction and, if more than one, I/we have the authority to submit these responses on behalf of all co-buyers. Further, I/we acknowledge that I/we have been provided with the opportunity to consult with independent attorneys and tax advisers of our own choosing concerning all aspects of this transfer, including which manner of title is suitable for our situation and tax consequences. EmailThis field is for validation purposes and should be left unchanged.
