May 23, 2012
Revised TREC HOA Addendum Required July 1, 2012
At its regular meeting May 7, the Texas Real Estate Commission (TREC) approved a revised HOA Addendum to the TREC One-to-Four Family Residential Contract. The revised form may currently be used on a voluntary basis, but its usage will become mandatory on July 1, 2012. The revised HOA Addendum addresses the common failure to reimburse title agents ordering subdivision information in transactions that do not close. TLTA supported the inclusion of language in the Addendum stating that the title agent is only authorized to order a Resale Certificate on behalf of a party after they have received the payment for the certificate. The new language also allows for the parties to identify who should pay for a Resale Certificate and any necessary Resale Certificate updates. The form also now reflects the recent statutory change TLTA was instrumental in passing that permits a buyer to obtain a resale certificate directly from a property owners association. View Updated Form >
Don't Miss These Important State and Federal Updates at the TLTA Conference
You won't want to miss the TLTA's Annual Conference in Fort Worth June 14-16 where key leaders at the state and federal level will provide important updates to the industry. Rob Carter, Assistant General Counsel for the Texas Department of Insurance, will review the recent reorganization of the Department, particularly as it pertains to the title industry, and he'll also review the challenges facing both the title industry in Texas and its regulators. He'll be followed by Richard Koss, Director of Economics for Fannie Mae, who will provide his forecast for the housing market. He'll also talk about the upcoming federal agenda and provide his thoughts on the health of the economy. You also won't want to miss the Hot Topics Sessions covering proposed changes from the recent TDI Rule Hearing and the proposed changes to the HUD-1 Settlement Statement. Get More Info >
Make Sure Your Company is Included in ALTA Agent and Abstractor Survey
Deadline May 31, 2012
The American Land Title Association (ALTA) is conducting a nationwide survey of agents and abstractors to gather potentially valuable information. It is important to have as much participation as possible in order to enhance the accuracy of this survey. The results may provide the industry with valuable advocacy information such as the amount of curative work that goes into issuing title policy and how many employees are in our industry. With accurate and comprehensive responses, the title industry may be better equipped to promote the industry and explain the important work you do for homebuyers, lenders and other parties. The deadline to complete the survey is May 31, 2012. If you have any questions, please contact Irisa Wasson at 1.800.354.7207 or email
[email protected]. Take the Survey >