Form T-8ALT "Seller's Closing Protection Letter" - Missouri

What Is Form T-8ALT?

This is a legal form that was released by the Missouri Department of Commerce and Insurance - a government authority operating within Missouri. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on January 17, 2008;
  • The latest edition provided by the Missouri Department of Commerce and Insurance;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a printable version of Form T-8ALT by clicking the link below or browse more documents and templates provided by the Missouri Department of Commerce and Insurance.

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Download Form T-8ALT "Seller's Closing Protection Letter" - Missouri

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SELLER’S CLOSING PROTECTION LETTER
_______________ TITLE INSURANCE COMPANY
Name
Address
Date:
Agent ID
“Issuing Agent”
Agent Name Agent Address
Agent Address
Transaction (hereafter, “the Real Estate Transaction”):
Re:
Closing Protection Letter
Dear Madam or Sir:
____________________Title Insurance Company (the “Company”) agrees, subject to the
Conditions and Exclusions set forth below, to reimburse you for actual loss incurred by you, in
connection with the closing of the Real Estate Transaction conducted by the Issuing Agent,
provided:
A Commitment or Policy of the Company is issued in connection with the closing of the Real
Estate Transaction; You are to be the seller or lessor of an interest in land; and
(A)
A Commitment or Policy of the Company is issued in connection with the closing
of the Real Estate Transaction; and,
(B)
You are to be the seller or lessor of an interest in land;
and provided the loss arises out of:
Acts of theft of settlement funds or fraud with regard to settlement funds by the Issuing
Agent in connection with such closing.
Conditions and Exclusions
1.
The Company will not be liable to you for loss arising out of:
A.
Loss or impairment of settlement funds in the course of collection or while on
deposit with a bank due to bank failure, insolvency or suspension, except as shall
result from failure of the Issuing Agent to comply with your written closing
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SELLER’S CLOSING PROTECTION LETTER
_______________ TITLE INSURANCE COMPANY
Name
Address
Date:
Agent ID
“Issuing Agent”
Agent Name Agent Address
Agent Address
Transaction (hereafter, “the Real Estate Transaction”):
Re:
Closing Protection Letter
Dear Madam or Sir:
____________________Title Insurance Company (the “Company”) agrees, subject to the
Conditions and Exclusions set forth below, to reimburse you for actual loss incurred by you, in
connection with the closing of the Real Estate Transaction conducted by the Issuing Agent,
provided:
A Commitment or Policy of the Company is issued in connection with the closing of the Real
Estate Transaction; You are to be the seller or lessor of an interest in land; and
(A)
A Commitment or Policy of the Company is issued in connection with the closing
of the Real Estate Transaction; and,
(B)
You are to be the seller or lessor of an interest in land;
and provided the loss arises out of:
Acts of theft of settlement funds or fraud with regard to settlement funds by the Issuing
Agent in connection with such closing.
Conditions and Exclusions
1.
The Company will not be liable to you for loss arising out of:
A.
Loss or impairment of settlement funds in the course of collection or while on
deposit with a bank due to bank failure, insolvency or suspension, except as shall
result from failure of the Issuing Agent to comply with your written closing
DIFP
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T-8alt
Revised 1/17/08
instructions to deposit the funds in a bank which you designated by name.
B.
Fraud, dishonesty or negligence of your employee, agent, attorney or broker.
C.
Your settlement or release of any claim without the written consent of the
Company.
D.
Any matters created, suffered, assumed or agreed to by you or known to you.
E.
Loss or impairment of your funds if held by or disbursed to the Issuing Agent,
subsequent to the closing of the Real Estate Transaction, if the Issuing Agent acts
in the capacity of an IRC Section 1031 qualified intermediary or facilitator.
2.
The protection offered herein shall not exceed the amount of settlement funds due you in
the Real Estate Transaction if such funds are transmitted to the Issuing Agent.
3.
When the Company shall have reimbursed you pursuant to this letter, it shall be
subrogated to all rights and remedies which you would have had against any person or
property had you not been so reimbursed. Liability of the Company for such
reimbursement shall be reduced to the extent that you have knowingly and voluntarily
impaired the value of this right of subrogation.
4.
The Issuing Agent is the Company’s agent only for the limited purpose of issuing title
insurance policies, and is not the Company’s agent for the purpose of providing other
closing or settlement services. The Company’s liability for your losses arising from those
other closing or settlement services is strictly limited to the protection expressly provided
in this letter. Any liability of the Company for loss does not include liability for loss
resulting from the negligence, fraud or bad faith of any party to the Real Estate
Transaction other than an Issuing Agent, the lack of creditworthiness of any borrower
connected with the Real Estate Transaction, or the failure of any collateral to adequately
secure a loan connected with the Real Estate Transaction. However, this letter does not
affect the Company’s liability with respect to its title insurance binders, commitments or
policies.
5.
You must promptly send written notice of a claim under this letter to the Company at its
principal office at ________________________________. The Company is not liable
for a loss if the written notice is not received within one year from the date of the closing.
6.
The protection herein offered extends only to real property transactions in Missouri.
Any previous closing protection letter or similar agreement provided to you is hereby cancelled
only with respect to the Real Estate Transaction.
____________________ TITLE INSURANCE COMPANY
By: __________________________________
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