- June 11, 1993
- All Offices and Agents Located in Hillsborough, Pinellas and Pasco Counties
- David Allen Properties Inc., Franchisee of Arthur Rutenberg Homes Inc.
A recent newspaper article in business section of the St. Petersburg Times indicated that several subcontractors of the homebuilder captioned above were attempting to force a bankruptcy because of unpaid bills.
Accordingly, please use extreme care in doing any closings for this builder. This means you should confirm that the builder has not filed bankruptcy at the time of any closing or has not been forced into bankruptcy.
Also, when doing any closings for this builder, you should not use the generic no lien affidavit as to construction liens, but you should require the more detailed affidavit with which you are all familiar to be accompanied by lien waivers from all subcontractors.
If you are asked to handle a closing for this builder, please first call either myself or Charles Klug in this office so that we may review this process with you.
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.