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: NJ2025001
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Bulletin: NJ2025001
Dear Associates:
This bulletin updates and supplements our existing Bulletins NJ2011002 and NJ2024003:
On January 9, 2025, the New Jersey Supreme Court, in a highly anticipated decision, unanimously ruled in the case of 257-261 20th Avenue Realty, LLC v. Roberto, No.A-29-23 (N.J. Jan.9, 2025) (088959) that the State’s pre-2024 version of the Tax Sale Law was unconstitutional insofar as it permitted the forfeiture of a property owner’s surplus equity without just compensation. The court's decision affirmed the lower court's judgment that Roberto should not be deprived of his property rights based upon an uncompensated taking in a tax foreclosure proceeding.
Unlike the NJ Appellate Division’s decision in Roberto, the NJ Supreme Court did not address the issue of pipeline retroactivity. The NJ Supreme Court limited its decision to the specifics of Roberto and did not make broader rulings.
We will continue to monitor New Jersey’s legislative response, if any, to Roberto, and advise as to any revisions to future property-related statutes. In the meantime, our underwriting approach to New Jersey tax sale foreclosures remains unchanged. Please refer to Bulletins NJ2011002 and NJ2024003 for full details.
Stewart Title Guaranty Company will continue to monitor this situation and provide updates regarding any pending cases and legislation. We will adjust any underwriting practices accordingly.
If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.
For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None