Form T-9 "Closing Protection Letter" - Missouri

What Is Form T-9?

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-9 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-9 "Closing Protection Letter" - Missouri

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CLOSING PROTECTION LETTER
_______________ TITLE INSURANCE COMPANY
Lender (or Buyer) Name
Lender (or Buyer) Address
Lender (or Buyer) 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)
Title insurance of the Company is specified for your protection in
connection with the closing;
(B)
You are to be the (i) lender secured by a mortgage (including any other
security instrument) of an interest in land, its assignees or a warehouse
lender, (ii) purchaser of an interest in land, or (iii) lessee of an interest in
land;
(C)
The protection offered herein shall not exceed the lesser of five million
dollars ($5,000,000) or the amount of settlement funds due you in the Real
Estate Transaction if such funds are transmitted to the Issuing Agent;
and provided the loss arises out of:
1.
Failure of the Issuing Agent to comply with your written closing instructions to
the extent that they relate to (a) the status of the title to that interest in land or the
validity, enforceability and priority of the lien of the mortgage on that interest in
land, including the obtaining of documents and the disbursement of funds
DIFP
T-9
Revised 01/17/08
CLOSING PROTECTION LETTER
_______________ TITLE INSURANCE COMPANY
Lender (or Buyer) Name
Lender (or Buyer) Address
Lender (or Buyer) 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)
Title insurance of the Company is specified for your protection in
connection with the closing;
(B)
You are to be the (i) lender secured by a mortgage (including any other
security instrument) of an interest in land, its assignees or a warehouse
lender, (ii) purchaser of an interest in land, or (iii) lessee of an interest in
land;
(C)
The protection offered herein shall not exceed the lesser of five million
dollars ($5,000,000) or the amount of settlement funds due you in the Real
Estate Transaction if such funds are transmitted to the Issuing Agent;
and provided the loss arises out of:
1.
Failure of the Issuing Agent to comply with your written closing instructions to
the extent that they relate to (a) the status of the title to that interest in land or the
validity, enforceability and priority of the lien of the mortgage on that interest in
land, including the obtaining of documents and the disbursement of funds
DIFP
T-9
Revised 01/17/08
necessary to establish the status of title or lien, or (b) the obtaining of any other
document, specifically required by you, but only to the extent the failure to obtain
the other document affects the status of the title to that interest in land or the
validity, enforceability and priority of the lien of the mortgage on that interest in
land, and not to the extent that your instructions require a determination of the
validity, enforceability or the effectiveness of the other document; or
2.
Acts of theft of settlement funds or fraud with regard to settlement funds by the
Issuing Agent in connection with such closings to the extent such theft or fraud
affects the status of the title to said interest in land or the validity, enforceability
or priority of the lien of said mortgage or deed of trust on said interest in land; or
3.
Acts of theft of or fraud with regard to the purchaser’s earnest money or
settlement funds deposited with Issuing Agent.
If you are a lender protected under the foregoing paragraph, your borrower, your assignee
and your warehouse lender in connection with a loan secured by a mortgage shall be
protected as if this letter were addressed to them.
Conditions and Exclusions
1.
The Company will not be liable to you for loss arising out of:
A.
Failure of the Issuing Agent to comply with your closing instructions
which require title insurance protection inconsistent with that set fort in
the title insurance binder or commitment issued by the Company.
Instructions which require the removal of specific exceptions to title or
compliance with the requirements contained in the binder or commitment
shall not be deemed to be inconsistent.
B.
Loss or impairment of your 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 instructions to deposit the funds in a bank which you
designated by name.
C.
Defects, liens, encumbrances or other matters in connection with your
purchase, lease or loan transactions except to the extent that protection
against those defects, liens, encumbrances or other matters is afforded by a
policy of title insurance not inconsistent with your closing instructions.
D.
Fraud, dishonesty or negligence of your employee, agent, attorney or
broker.
E.
Your settlement or release of any claim without the written consent of the
Company.
DIFP
T-9
Revised 01/17/08
F.
Any matters created, suffered, assumed or agreed to by you or known to
you.
2.
The protection herein offered shall not exceed the lesser of five million dollars
($5,000,000) or the amount of settlement funds you transmit 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
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 a real estate transaction other than an Issuing Agent, the lack
of creditworthiness of any borrower connected with a real estate transaction, or
the failure of any collateral to adequately secure a loan connected with a 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 provided to you is hereby cancelled only with
respect to the Real Estate Transaction.
____________________ TITLE INSURANCE COMPANY
By: __________________________________
DIFP
T-9
Revised 01/17/08
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