- May 09, 1995
- All Alabama Attorney and Corporate Agents
- Materialmans Liens
The increase in interest rates and subsequent reduction in demand for housing is now the perfect climate for some home builders to develop financial problems.
We must rely on you to be alert and carefully monitor your builder accounts. Your diligence in taking preventive measures now is essential.
In order to implement some control, Stewart Title Guaranty Company requests that you perform a monthly check of the public records to determine whether Materialmans Liens have been filed on properties that your builder clients may own. Also, check monthly with the local Homebuilders Association to see if any complaints have been registered. Updates prior to closing and discovery of a lien is a large "Red Flag".
Please contact me should any "Red Flags" appear.
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.