GUARANTY FEE AMOUNT TO CHANGE

The Board of Directors of the Texas Title Insurance Guaranty Association voted to decrease the policy guaranty fee from $5.00 to $2.00 effective January 1, 2012. The Guaranty Fee will be $2.00 for each owner title policy and $2.00 for each mortgagee (loan) title policy collected during the applicable quarter.

Please make the appropriate changes to your closing/collection procedures to change to the new fee as of January 1, 2012.

Thank you,

Valley Land Title Co.

TREC Adopts Changes to Forms

The Texas Real Estate Commission (TREC) adopted changes to six contract forms and 17 addenda. Most of the revisions relate to TREC's new Web address and phone number, but here are a few other changes that were adopted:

• The seller agrees to have the utilities on during the entire time the property is under contract.
• There are new choices for a buyer if a seller fails to complete repairs as agreed.
• Language was added to provide for a buyer to order and pay for a homeowners association resale certificate.
• Language was added to advise parties of a property owner's right to receive certain information from a homeowners association. The added information also explains what a resale certificate is and that some documents must be made available to the parties.
• Language was added to advise the parties that, if the property is subject to a private transfer fee, the law requires a seller to notify a buyer that the private transfer fee obligation may be governed by the Texas Property Code.

The forms will be posted soon on the TREC website for voluntary use. Required use begins March 1.