For title policy preparation instructions, choose the scenario below that applies to a specific transaction.
Mortgagee Policy Only
Attach a CATIC E-16 – Construction Mortgage Endorsement to each loan policy.
Seller: When the property is being sold by a corporation, in addition to other appropriate Schedule B, Requirements and Exceptions, include the following in Schedule B, Requirements:
- Obtain evidence of Good Standing of [corporation] from jurisdiction of incorporation. NOTE: Need not be recorded.
- Obtain shareholder resolution authorizing sale to buyer and appointing an agent to convey. NOTE: Need not be recorded.
- Satisfactory evidence that seller is compliant with, or exempt from, Transfer Tax under 32 VSA Section 9602 (e.g. no transfer of a controlling interest within the selling entity). Note: This Requirement may be satisfied by including a statement to that effect in the deed.
- Execute and record deed from [corporation] to [buyer].
Buyer: When the property is being purchased by a corporation, in addition to other appropriate Requirements and Exceptions, include the following in Schedule B, Requirements:
- Obtain evidence of Good Standing of [corporation] from jurisdiction of incorporation. NOTE: Need not be recorded.
- Obtain shareholder resolution authorizing purchase of the property for $____ and appointing an agent to act on behalf of the corporation in the purchase. NB: If applicable, add the following “authorizing financing of property in the amount of $_____ with [lender]”. NOTE: Need not be recorded.
- Execute and record deed from [corporation] to [buyer].
- [If applicable] Execute and record mortgage in the amount of $____ from [corporation ] to [lender].
Click here for background information regarding the program.
Issuing Title Insurance
Please add the following Schedule B, Exception to Policy Commitments, Mortgagee Policies, Owner Policies and Short Form Policy Addendum:
Terms and conditions of enrollment in Vermont’s Current Use Program as evidenced by instrument recorded in Book ______ , Page ______.
If you have any questions, please call the VATC office.
When a lender increases a mortgage amount (mortgage modification), they will want to increase the amount of coverage for the loan policy. This is accomplished via a Date Down Endorsement. Use the following procedure:
- Record a Mortgage Modification Agreement (MMA);
- Update from the date of the original policy to the date of recording of the MMA;
- Collect $125.00 endorsement from borrower (payable to VATC);
- Collect the difference in premium for the new coverage amount (if needed, contact VATC for assistance);
- Send original policy or policy # to VATC and a copy of the recorded modification agreement;
- We will complete the endorsement and return the original to the lender or your office (let us know!).
When the property is being sold by an Estate, in addition to other appropriate Schedule B, Requirements and Exceptions, include the following in Schedule B, Requirements:
- Per Title Standard 24.1, evidence that the property is not subject to an inchoate Federal Estate Tax Lien.
- Obtain and record either (choose one): Fiduciary deed and License to Sell from the Estate of _____ OR Decree of Distribution from the Estate of ______.
For requirement No. 1, please click here to obtain a form Estate Tax Affidavit and Indemnification Agreement for Estate to execute as evidence no Estate tax liens are due.
Commitment
Issue Standard coverage Owner & Loan
Schedule B, Exceptions:
- Matters relating to the property being lease, society or glebe lands so-called, including the terms and conditions of the lease or public use. NOTE: As to any loan policy issued, the final policy will contain the following affirmative language: “As to this loan policy and pursuant to 8 VSA §14302 or §14303 the policy insures against all loss or damage arising from the failure of the Insured mortgage to have priority over the lease. If the Insured acquires the property via foreclosure, the Company agrees to issue policies of title insurance in the form of this policy, including the affirmative insurance provided with respect to the aforesaid issue(s), to subsequent mortgagees of the insured premises, subject to (a) matters arising subsequent to the Date of Policy and (b) payment of applicable premium at regular rates.”
Final Title Policy
Issue Standard coverage Owner & Loan Policy:
- If title interest is converted to fee, proceed as normal.
- If title interest remains leasehold :
Schedule B, Exceptions:
- Matters relating to the property being lease, society or glebe lands so-called, including the terms and conditions of the lease or public use. NOTE: As to this loan policy and pursuant to 8 VSA §14302 or §14303 the policy insures against all loss or damage arising from the failure of the Insured mortgage to have priority over the lease. If the Insured acquires the property via foreclosure, the Company agrees to issue policies of title insurance in the form of this policy, including the affirmative insurance provided with respect to the aforesaid issue(s), to subsequent mortgagees of the insured premises, subject to (a) matters arising subsequent to the Date of Policy and (b) payment of applicable premium at regular rates.
Commitment:
- Choose “Standard” Coverage.
- Type “Yes” in Leasehold box (#3 on Schedule A).
If the Lease is already of record, list it on Schedule B, Exceptions of the Commitment:
“Terms and conditions of lease between [Landlord] and [Tenant] dated [_], a Memorandum of which is recorded in Book [ ], Page [ ] of the land records. NOTE: The final policy will issue with a Leasehold [Loan, Owner] Endorsement.”
If the Lease is not yet recorded, type the following into the Commitment:
Schedule B, Requirements:
“Duly execute and record lease agreement between [Fee Owner] and [Insured].
Schedule B, Exceptions:
NOTE 1: The final policy will contain the following Exception: Terms and conditions of lease between [Landlord] and [tenant] dated [_], a Memorandum of which is recorded in Book [ ], Page [ ] of the land records.
NOTE 2: The final policy will issue with a Leasehold [Loan, Owner] Endorsement.
Final Title Policy
- Select “Standard” coverage.
- Type “Yes” in the Leasehold box (Schedule A, Paragraph 2)
- Add to Schedule B, Exceptions:“Terms and conditions of lease between [Fee Owner] and [Insured] dated [_______], a Memorandum of which is recorded in Book [ ], Page [ ] of the land records.”
- Attach the appropriate Leasehold Endorsement: Loan | Owner
Seller: When the property is being sold by an LLC, in addition to other appropriate Schedule B, Requirements and Exceptions, include the following in Schedule B, Requirements:
- Obtain evidence of Good Standing of [LLC] from appropriate jurisdiction. NOTE: Need not be recorded.
- Establish compliance with Comment 2 to Vermont Title Standard 22.1.
- Satisfactory evidence that seller is compliant with, or exempt from, Transfer Tax under 32 VSA Section 9602 (e.g. no transfer of a controlling interest within the selling entity). Note: This Requirement may be satisfied by including a statement to that effect in the deed.
- Obtain LLC resolution authorizing sale to buyer and appointing an agent to convey. NOTE: Need not be recorded.
- Execute and record deed from [LLC] to [buyer].
Buyer: When the property is being purchased by an LLC, in addition to other appropriate Requirements and Exceptions, include the following in Schedule B, Requirements:
- Obtain evidence of Good Standing of [LLC] from appropriate jurisdiction. NOTE: Need not be recorded.
- Obtain LLC resolution authorizing purchase of the property for $____ and appointing an agent to act on behalf of the LLC in the purchase. NB: If applicable, add the following: “authorizing financing of property in the amount of $_____ with _______ Bank”. NOTE: Need not be recorded.
- Execute and record deed from [seller] to [LLC].
- [If applicable] Execute and record mortgage in the amount of $____ from [LLC] to [lender].
For title insurance purposes, a fee interest in land and/or a mortgage on an interest in land, which land contains a mobile or manufactured home (“Unit”), is insurable where the Unit is: (a) owned or to be owned by the Buyer/Borrower and (b) is affixed to land also owned or to be owned by the Buyer/Borrower.
Background and Procedures
- Title Search: Conduct a 40 year title search.
- UCC Search: Search the Secretary of State website and the land records for UCC filings under the sellers’/borrowers’ names. Any UCC’s must be terminated. NB: UCC’s on mobile homes are valid for 30 years.
- Property Description: Make express reference to the Unit, or use a phrase such as “Being all of the land and premises, with improvements thereon …”. It is helpful to add additional identifiers like the number, make, model, year and/or color of the Unit.
- NB: If a loan is involved, a lender (OR the Secondary Market investor) will typically require a Manufactured Housing Endorsement even if the lender does not initially request the endorsement. Therefore, it is far easier to issue the Endorsement with the Policy (as opposed to doing a post-closing endorsement). The Affidavit need not be recorded. Please retain the signed copy in your file and attach a copy to the final policy remitted to CATIC.
- If the MH endorsement is issued, collect the $100 endorsement fee. Be sure to add the fee to the Title Insurance Invoice so that it will be collected at closing and reflected on the Transmittal Sheet when you remit the policy. To add the endorsement fee, go to Premium Calculator; Charges I; check the box for Vermont Manufactured Housing.
Title Insurance Preparation
Commitment:
Schedule B, Requirements: In addition to typical Requirements, add:
“Seller [or refinance borrower] to execute Manufactured Housing Affidavit”.
Schedule B, Exceptions: In addition to typical Exceptions, at the bottom of the page, add:
“NOTE: The final policy/policies will issue with appropriate ALTA Manufactured Housing Endorsement.”
Final Policy:
Print and attach applicable ALTA Manufactured Housing Endorsement:
7.1 – Manufactured Housing MP or 7.2 – Manufactured Housing OP (also available in PrepExpress™).
For title insurance purposes, a mortgage on an interest in land, which land contains a mobile or manufactured home (“Unit”), is insurable in the grant of a mortgage, only if: (a) the Unit is owned by the Borrower, (b) the Unit is affixed to land leased by the Borrower and (c) there is a recorded lease (or memorandum thereof) between the Borrower and the fee owner (typically a MH park).
Background and Procedures
- Title search: Conduct 40 year title search on the land (i.e. typically a MH park).
- UCC Search: Search the Secretary of State website and the land records for UCC filings under the sellers’/borrowers’ names. Any UCC’s must be terminated. NB: UCC’s on mobile homes are valid for 30 years.
- Property Description: The mortgage description and policy description should provide:
“Being the leasehold interest in property located at [911 address], together with all improvements including a Manufactured Home [if possible, add additional identifiers like the number, make, model, year and/or color of the Unit] as described in a lease dated _, 20 a copy or a memorandum of which is recorded in Book , Page of the land records.”
Title Insurance Preparation
- Issue Standard Protection Policy.
- Prepare the Commitment and final policies per Leasehold protocol (located in Policy Preparation).
- Commitment: In addition to typical Requirements and typical Exceptions add:
Schedule B, Requirements:
- Obtain written confirmation from landlord (fee owner) that the lease is in full force and effect, is not in default and the rent is paid to date.
- Execute and record lease or a memorandum thereof in the land records.
Seller or refinance borrower to execute Manufactured Housing Affidavit.
Schedule B, Exceptions (at bottom of page):
NOTE: The final loan policy will issue with an ALTA Leasehold Endorsement.
- Final Policy:
Issue Standard policy with 13.1 – Leasehold – MP or 13.2 – Leasehold – OP (also available in PrepExpress Online™)
Do NOT issue an ALTA 7 series Manufactured Housing Endorsement.
Please call the VATC office and speak with underwriting counsel if:
- No Lease/Lease not recorded. Where the Unit is owned by Owner/Borrower but there is no lease or, if there is a lease, there is nothing recorded in the land records, do not insure the Unit.
- Unit Not Affixed. Where the Unit not affixed to land do not insure the Unit.
- In the Commitment:
- Schedule A: use the date for the primary town. Use Schedule A Continuation page to list recording information for town #2.
- Schedule B, Requirements: enter each requirement twice (once for each town), indicating the town for each requirement.
2. In the final Policy:
- Schedule A: use the date for the primary town. Use Schedule A Continuation page to list recording information for town #2.
- Schedule B, Requirements: enter each requirement twice (once for each town), indicating the town for each requirement.
- In the Commitment:
- Schedule A: add the first property as you normally would in the general information. Then, click on “inserts” in the blue tool bar and add an insert. Follow the prompts in the toolbar to delete, add additional inserts or alternate between inserts. Click here for a screenshot.
2. In the final Policy:
- Schedule A: complete the schedules for the first property. Use the prompts in the tool bar to alternate between inserts.
What is an Aggregation Endorsement? An Aggregation Endorsement also known as a “tie-in” endorsement clarifies that, notwithstanding the fact that multiple mortgages were recorded, and multiple policies issued, CATIC’s liability is NOT the total amount of the recorded mortgages. CATIC’s liability is limited to the amount of indebtedness (typically, the amount on any single mortgage). Language in the endorsement lumps multiple title insurance policies together such that CATIC’s liability is limited to the amount of the indebtedness, NOT the total amount of the mortgages.
When to use an Aggregation Endorsement:
Example: Borrower is borrowing $350,000. The loan will be secured by 3 mortgages on 3 different properties and 3 separate mortgages will be recorded, each in the amount of $350,000. If a Tie-In endorsement was not issued, this would result in $1,050,000 of title insurance ($350,000 x 3). By “tieing” the 3 policies together, the total amount of title insurance will be $350,000 even though 3 mortgages of $350,000 were recorded. That way, the borrower only pays the premium for one policy of $350,000.
Title Insurance Preparation: If you have multiple properties and the lender wants multiple mortgages in the amount of the total indebtedness:
Commitment
- Using the above example, prepare each of the 3 PC’s as you normally would. The Amount of Insurance of each PC will be $350,000.
- At the bottom of Schedule B, Exceptions add: “NOTE: The final policy will include an ALTA 12: Aggregation Endorsement in connection with properties located at: [property 1 address], [property 2 address] and [property 3 address].
Final Policies
- Prepare each final policy as you normally would. The Amount of Insurance for each policy is $350,000.
- Attach a completed Aggregation Endorsement to each policy.
Click here for an Aggregation Endorsement.
Navigable Waters
When the property is bounded by navigable waters, include the following Schedule B, Exception:
Right of the United States Government to establish, change or alter the harbor, bulkhead or pierhead lines adjacent to said premises, to require improvements to be removed, and to take land now or formerly below the mean high water line of the waters of [_], all for the purpose of commerce and navigation, and without compensation.
Public Trust Waters
When the property is bounded on waters affected by the public trust doctrine or has such waters flowing through it, include the following Schedule B, Exception:
Rights of the State of Vermont, the municipality and/or the public to any portion of the property described in the property description attached below the mean high water mark as unaffected by fill, or which constitutes the “public trust”.
Seller: When the property is being sold by a general partnership, in addition to other appropriate Schedule B, Requirements and Exceptions, include the following in Schedule B, Requirements:
- Obtain partnership resolution authorizing sale to buyer and appointing an agent to convey. NOTE: Need not be recorded.
- Satisfactory evidence that seller is compliant with, or exempt from, Transfer Tax under 32 VSA Section 9602 (e.g. no transfer of a controlling interest within the selling entity). Note: This Requirement may be satisfied by including a statement to that effect in the deed.
- Execute and record deed from [Partnership] to [buyer].
Buyer: When the property is being purchased by a partnership, in addition to other appropriate Requirements and Exceptions, include the following in Schedule B, Requirements:
- Obtain partnership resolution authorizing purchase of the property for $____ and appointing an agent to act on behalf of the corporation in the purchase. NB: If applicable, add the following “authorizing financing of property in the amount of $_____ with _______ Bank”. NOTE: Need not be recorded.
- Execute and record deed from [seller] to [Partnership].
- [If applicable] Execute and record mortgage in the amount of $____ from [Partnership] to [lender].
Seller: When the property is being sold by a Limited Partnership, in addition to other appropriate Schedule B, Requirements and Exceptions, include the following in Schedule B, Requirements:
- Obtain evidence of Good Standing from appropriate jurisdiction. NOTE: Need not be recorded.
- Obtain Limited Partnership resolution, signed by a general partner, authorizing sale to buyer and appointing an agent to convey. NOTE: Need not be recorded.
- Satisfactory evidence that seller is compliant with, or exempt from, Transfer Tax under 32 VSA Section 9602 (e.g. no transfer of a controlling interest within the selling entity). Note: This Requirement may be satisfied by including a statement to that effect in the deed.
- Execute and record deed from [Limited Partnership], signed by General Partner, to [buyer]. Note: This Requirement may be satisfied by including a statement to that effect in the deed.
Buyer: When the property is being purchased by a Limited Partnership, in addition to other Appropriate Requirements and Exceptions, include the following in Schedule B, Requirements:
- Obtain partnership resolution authorizing purchase of the property for $____ and appointing an agent to act on behalf of the corporation in the purchase. NB: If applicable, add the following “authorizing financing of property in the amount of $_____ with _______ Bank”. NOTE: Need not be recorded.
- Execute and record deed from [seller] to [Limited Partnership].
- [If applicable] Execute and record mortgage in the amount of $____ from [Limited Partnership] to [lender].
When the property being insured is bounded on waters affected by the public trust doctrine or has such waters flowing through it, in addition to typical Requirements and Exceptions applicable to the property, include the following in Schedule B, Exception:
Rights of the State of Vermont, the municipality and/or the public to any portion of the property described in the attached property description below the mean high water mark as unaffected by fill, or which constitutes the “public trust”.
When the property being insured is bounded on waters affected by riparian rights, in addition to typical Requirements and Exceptions applicable to the property, include the following in Schedule B, Exception:
“Riparian rights of others in and to _____.” [i.e. Lake Champlain; a water course known as ___; a body of water known as ____]
Prior to issuing title insurance for transactions involving SBA funding, you should understand the complete nature of the transaction. Often, transactions involving SBA funding are consummated without a complete understanding of the transaction’s structure and, inevitably, additional post-closing work is required to “fix things”. Ask for the SBA loan commitment letter.
Here is the typical SBA funded scenario BUT your situation might vary so check the details of your transaction.
- Lender A grants 1st
- Lender A grants 2nd
- Granite State Economic Development Corporation (GSEDC) grants a 3rd mortgage (the SBA funding). NOTE: The mortgage amount for the 3rd mortgage will be slightly higher than the 2nd mortgage. GSEDC will record its 3rd mortgage at closing, but the SBA loan is not initially funded. When the loan is funded, the 2nd mortgage is discharged such that the GSEDC mortgage moves into 2nd place priority.
How to Prepare Title Insurance Commitments (PC)
- Prepare PC for Lender A’s 1st mortgage in normal fashion.
- Prepare PC for Lender A’s 2nd mortgage and:
- In addition to typical Schedule B, Requirements add:
- Execute and record first priority mortgage from [Borrower] to [Lender A] in the principal amount of $___.
- Execute and record second priority mortgage from [Borrower] to [Lender A] in the principal amount of $____.
- In addition to typical Schedule B, Exceptions add:
- The final policy will contain an exception for the first priority mortgage to be granted to [Lender A] and [if applicable] the appurtenant Assignment of Rents.
- In addition to typical Schedule B, Requirements add:
- Prepare PC for GSEDC’s 3rd mortgage and:
- In addition to typical Schedule B, Requirements add:
- Execute and record first priority mortgage from [Borrower] to [Lender A] in the principal amount of $___.
- Execute and record second priority mortgage from [Borrower] to [Lender A] in the principal amount of $____.
- Execute and record third priority mortgage from [Borrower] to Granite State Economic Development Corporation in the principal amount of $____.
- In addition to typical Schedule B, Exceptions add:
- The final policy will contain an exception for first priority mortgage to be granted to [Lender A] in the amount of $_____ and [if applicable] the appurtenant Assignment of Rents.
- The final policy will contain an exception for second priority mortgage to be granted to [Lender A] in the amount of $____ and [if applicable] the appurtenant Assignment of Rents.
- In addition to typical Schedule B, Requirements add:
NOTE: Upon information and belief from Granite State Economic Development Corporation, [Lender A] will discharge its second Mortgage and Assignment of Rents upon receipt of $__________ from the proceeds of the SBA Debenture Sale relative to the loan insured with the U.S. Small Business Administration.
NOTE: The final policy will contain the following language: “Condition 13, Arbitration, is deleted from the policy.”[BEFORE INSERTING THE FOLLOWING NOTE, PLEASE GET VATC UNDERWRITING APPROVAL FROM VATC.]
NOTE: Exceptions 1 & 2 will be removed from the final loan policy.
Preparing Final Policies
- 1st mortgage: Prepare final loan policy in normal fashion and:
- In Schedule B, Part I Exceptions, copy the relevant exceptions.
- In Schedule B, Part II (Subordinate) add:
- [if applicable] Assignment of Rents for first priority mortgage from [Borrower] to [Lender A] of record in Book ___, Page ___ of the land records.
- Second priority mortgage from [Borrower] to [Lender A] of record in Book ___, Page ___ of the land records.
- [if applicable] Assignment of Rents for second priority mortgage from [Borrower] to [Lender A] of record in Book ___, Page ___ of the land records.
- Third priority mortgage from [Borrower] to Granite State Economic Development Corporation of record in Book ___, Page ___ of the land records.
- [if applicable] Assignment of Rents for third priority mortgage from [Borrower] to [Lender A] of record in Book ___, Page ___ of the land records.
- 2nd mortgage: Prepare final loan policy in normal fashion and:
- In Schedule B, Part I (Exceptions) add:
- First priority mortgage from [Borrower] to [Lender A] of record in Book ___, Page ___ of the land records.
- [if applicable] Assignment of Rents for first priority mortgage from [Borrower] to [Lender A] of record in Book ___, Page ___ of the land records.
- In Schedule B, Part I (Exceptions) add:
- [if applicable] Assignment of Rents for second priority mortgage from [Borrower] to [Lender A] of record in Book ___, Page ___ of the land records.
- In Schedule B, Part II (Subordinate) add:
- Third priority mortgage from [Borrower] to Granite State Economic Development Corporation of record in Book ___, Page ___ of the land records.
- [if applicable] Assignment of Rents for third priority mortgage from [Borrower] to [Lender A] of record in Book ___, Page ___ of the land records
- 3rd mortgage: We recommend sending a DRAFT final policy to GSEDC for its review and approval.
Prepare final policy in normal fashion and:
- In Schedule B, Part I (Exceptions)
- [If previously authorized by VATC] Delete Exceptions 1 & 2.
- [If true and if applicable] NOTE: This policy insures the insured against loss or damage arising out of the above exceptions interfering with the use of the premises as currently improved.
- Include the following:
After all exceptions: NOTE: Condition 13, Arbitration, is deleted from the policy.
Print and attach an Endorsement Deleting the Arbitration Clause.
- In Schedule B, Part I (Exceptions) add:
- First priority mortgage from [Borrower] to [Lender A] of record in Book ___, Page ___ of the land records.
- [if applicable] Assignment of Rents for first priority mortgage from [Borrower] to [Lender A] of record in Book ___, Page ___ of the land records.
- Second priority mortgage from [Borrower] to [Lender A] of record in Book ___, Page ___ of the land records.
- [if applicable] Assignment of Rents for second priority mortgage from [Borrower] to [Lender A] of record in Book ___, Page ___ of the land records.
- In Schedule B, Part II (Subordinate) add:
- [if applicable] Assignment of Rents for third priority mortgage from [Borrower] to Granite State Economic Development Corporation of record in Book ___, Page ___ of the land records.
Premium Calculation and Invoicing
- If the combined loan amount for the 1st and 2nd mortgages is over $1M please contact the VATC office for a rate quote.
- If the combined loan amount for the 1st and 2nd mortgages is below $1M
- Prepare an invoice for the 1st mortgage per premium calculator.
- Do not prepare an invoice for the 2nd There is no additional premium due for this mortgage.
- Prepare an invoice for the 3rd mortgage per premium calculator and [if previously authorized by VATC] click the “Remove Survey Exception” button to charge and collect the additional hazard premium.
Expanded Loan Policy: The policy does NOT contain Exceptions for Parties in Possession or Survey so there is nothing to “remove”. In fact, matters that would be disclosed by a survey are actually a Covered Risk in this policy.
However, except for Expanded Protection Loan policies, all ALTA title insurance policies contain standard general Exceptions for what are known as the “Parties in Possession” and “Survey” Exceptions. These Exceptions are #1 and #2 in a Commitment and final policy.
In order to REMOVE either of these Exceptions from an OWNER policy or a STANDARD LOAN policy, you must have VATC underwriting approval. IF VATC underwriting approval is received:
Commitment
- In Schedule B, Exceptions, add: “NOTE: Exceptions 1 & 2 will be removed from the final loan [and/or owner] policy”.
- Charge and collect the Hazard Premium. In PrepExpress™, in the premium calculator click the “Remove Survey Exception” button to charge and collect the additional hazard premium.
Final Policy
In Schedule B, Exceptions, type in “1 & 2″ to remove the exceptions.
Seller: When the property is being sold by a Trustee (or Trust), in addition to other appropriate Schedule B, Requirements and Exceptions, include the following in Schedule B, Requirements:
- Execute and record Trustee’s Certification 14A VSA 1013 establishing authority to convey real property.
- Execute and record deed from [trustee] to [buyer].
Buyer: When the property is being purchased by a Trustee (or Trust), in addition to other appropriate Requirements and Exceptions, include the following in Schedule B, Requirements
- Execute and record Trustee’s Certification 14A VSA 1013 establishing the Trustees authority to purchase real property [and, if applicable, authority to mortgage real property].
- Execute and record deed from [seller] to [trustee(s)].
- [If applicable] Execute and record mortgage in the amount of $____ from [trustee(s)] to [lender].
For policies insuring a Grant of Development Rights, Conservation Restrictions and Option to Purchase:
In Schedule A, paragraph 3 insert: “Conservation rights and interests pursuant to 10 VSA Chapter 34.”
In Schedule B, Exceptions insert:
“Performance of, and compliance with, the covenants, restrictions and conditions set forth in the Grant of Development Rights, Conservation Restrictions and Option to Purchase insured herein.”