Buyer Election Form 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 purchasingIs this property a condominium?*YesNoOur File #From our welcome materials -- for example "M19-xxxx"Number of Buyers*1234Choice 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 OwnerTenants by the EntiretyJoint TenantsTenants in CommonPercentage Ownership (Tenants in Common)*Please provide a breakdown of ownership percentages (must add up to 100%)Survey AuthorizationIn connection with the purchase of many properties, a licensed surveyor will 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. If you do want a boundary survey, please contact us immediately because they take considerably longer to perform than location drawings.Selection*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.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.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.Buyer NamesPlease confirm that the name(s) you submit on this form is/are the exact name(s) shown on the valid, government-issued identification you will bring to closing.Buyer 1 Name* First Middle Last Suffix Buyer 2 Name* First Middle Last Suffix Buyer 3 Name* First Middle Last Suffix Buyer 4 Name* First Middle Last Suffix Type of purchasePrimary residence2nd homeInvestment propertyBest Contact InformationName*Phone*Email* CommentsConfirmation* 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.
