May 4, 2022
In This Issue:
- Compliance Update: Agents Completing Form TS-1 Must Use 2020 U.S. Census Data
- TLTA Judiciary Committee: Whose Boundary Is It Anyway? Litigating the Policy’s Survey Exception
- Special Election This Saturday, May 7; Ballot Includes Two Property Tax Propositions
- FinCEN Renews and Expands Real Estate Geographic Targeting Orders
- In Memoriam: Mike Ramsey, TLTA Past President
Compliance Update: Agents Completing Form TS-1 Must Use 2020 U.S. Census Data
TLTA | May 3, 2022
All title agents are required to turn in a new T-S1 form
every year in September. Form TS-1 proves up an agent's minimum capitalization requirements under state statute
and administrative rule
Agents must use the population count for the county in which their principal office is located to complete calculations for the TS-1. While agents may have used 2010 census data when completing the form last year, agents are now required to use 2020 county population data as published by the U.S. Census Bureau. Refer to Section 2651.012(C) here to determine amounts to be met based on current population count.
While the TS-1 should be submitted no earlier than Sept. 1, 2022, and is due no later than Sept. 30, 2022, we wanted to give you time to prepare for this data source change, which could impact your capitalization requirements.
For more information contact TitleExaminations@tdi.texas.gov
TLTA Judiciary Committee: Whose Boundary Is It Anyway? Litigating the Policy’s Survey Exception
Sean O'Callaghan, CTIP | May 4, 2022
When an insured is served with a lawsuit from their neighbor alleging a dispute over the common boundary line between the two properties, the last thing the insured wants to see in their title policy is an exception for coverage for discrepancies, conflicts, or shortages in area or boundary lines.
That was the just the situation an insured found itself in the Zarkasha case. Zarkasha Enterprise, Inc. purchased their 3.9 acre tract of land on the Waller County side of the Waller County/Montgomery County border in 2009. In 2017, Zarkasha’s neighbor purchased their 18 acre tract of land on the Montgomery County side of the Waller County/Montgomery County border.
A dispute arose between Zarkasha and its neighbors, so in 2018, the neighbors filed suit against Zarkasha to quiet title alleging that Zarkasha was claiming an interest in the neighbors’ land in Montgomery County. The neighbor’s petition alleged that both properties at issue were described in their deeds as being entirely in one county (Zarkasha in Waller and the neighbor in Montgomery) and that both legal descriptions referenced that the county line was the boundary for their respective properties.
Zarkasha then made a claim on its owner’s title policy and sued its title insurer, demanding a defense to the neighbors’ claims.
Read More »
TLTA's Judiciary Committee
, which is chaired by Leslie Johnson, is responsible for recommending to our board of directors TLTA's position on court decisions that could affect the defense of title companies and title agents.
Special Election This Saturday, May 7; Ballot Includes Two Property Tax Propositions
TLTA | May 4, 2022
A special election will be held this Saturday, May 7. In addition to any local elections that may be on your local ballot, all ballots statewide include two property-tax related amendments to our state's constitution.
The first ballot proposition would increase the homestead exemption on school taxes to $40,000 from $25,000.
The second proposition on the May 7 ballot would extend the school property tax rate cuts approved by the Texas Legislature in 2019 to elderly and disabled homeowners.
Both of these initiatives were approved by lawmakers during special sessions of the 87th Texas Legislature in 2021. To become law, they must now be approved by Texas voters during the special election May 7.
Additional Background Info From Texas Tribune »
Where to Vote and Other Info From Texas Secretary of State »
FinCEN Renews and Expands Real Estate Geographic Targeting Orders
Renewed order continues to affect title companies in Bexar, Tarrant or Dallas Counties; Expanded order includes communities outside of Texas
U.S. Treasury | April 29, 2022
The GTO first went into effect Aug. 28, 2016. The order has been renewed and expanded, and is currently effective April 30, 2022 through Oct. 26, 2022.
Learn More »
In Memoriam: Mike Ramsey, TLTA Past President
TLTA | May 4, 2022
We are sad to report that Mike Ramsey, a past president of TLTA, passed away April 26.
"Mike was universally loved by his title industry friends and colleagues," said Leslie Midgley, CEO and Executive Vice President of TLTA. "A leader in every sense, he was also considered a mentor by many young professionals entering the business. His hallmark good humor and gentlemanly approach to life and business brought him the respect of all who knew him. He will be greatly missed by his TLTA family."
In addition to serving as president of TLTA 1980-81, Ramsey was honored as Title Man of the Year in 1972. He is also a former president of the Title Underwriters of Texas and served on various TLTA and ALTA boards and committees over the years.
Mike's obituary, including visitation and service details, can be found here
Industry Hot Topics 2022: Tips and Guidance on Current Questions Escrow Pros Are Asking
1 hr Escrow Credit
Frances Hughes, CTIP, Providence Title
Melissa L. Trubatisky, Alliant National Title Insurance Company
In this intermediate webinar, attendees will learn helpful hints and receive guidance on hot topics currently affecting the title industry, including the following:
Watch it LIVE and ask the presenters questions
- How to handle lender requests for loans involving additional collateral. The rate rules to know and how homestead can affect the transaction. We’ll discuss refinances and purchase transactions.
- When to issue a T-1 Owner Policy vs. issuing a T-1R.
- Review of the procedural rule associated with the definition of “residential real property” and the issuance of the Owner Policy.
- What you need to know about handling new construction when there are overruns, overages and upgrades. How homestead can affect this issue.
- How to balance the Buyer CD when the lender improperly discloses title company fees and premiums.
- Who is responsible for preparing the Seller CD.
- Who is responsible for delivery of CDs to real estate agents.
- Proper disclosures on the promulgated Texas Disclosure (T-64), and the procedural rule associated with this form.
- Properly completing notary acknowledgements and acceptable forms of identification for all parties.
Thursday, May 12, 1 p.m.
Not sure you can watch it live next Thursday? Register anyway and if you miss it, we'll change your registration to our on-demand webinar and let you know when it's posted to our on-demand library.
Don't see what you're looking for in the list above? TLTA maintains a library of more than 80 On-Demand webinars and videos
covering the title industry topics you need to earn continuing education credits and stay ahead of the curve on the latest industry trends!