THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.
Bulletin: CT000007
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Bulletin: CT000007
Dear Associates:
Enclosed please find a copy of Public Act No-93-355 entitled ?An Act Concerning Real Estate Broker's Lien? which creates a broker's lien to secure the broker's commission for services relating to Commercial Real Property as defined under Section 1(c). The Act provides time constraints for recording which differ under certain situations but in any event does not attach until recorded on the land records in the town where the property lies. Except as provided in Section 1(d) (e) (f) & (g), the Broker entitled to compensation must file a notice of lien no later than three days prior to the lease or conveyance in order to claim such lien. Therefore, we require that title be brought down after the limitation period and prior to closing whenever you are called upon to close an applicable transaction and you will be writing either an Owner or Mortgagee Title Insurance Policy.
Please contact this office if you have any questions concerning the foregoing.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- Exceptions Manual:
- None
- Forms:
- None