Bulletin: MI000014

Date:
August 04, 1999
To:
All Issuing Offices in Michigan
RE:
Survey Requirements - Loan Policies

Dear Associates:

STG does not require a survey in order to give extended coverage as to survey matters in Loan Policies issued on 1-4 family residential properties. You may delete the survey exception without any inspection or additional requirements.

You should continue to except to easements of record and any significant encroachments or unrecorded easements of which you have actual knowledge, either by a prior survey in your possession, your search, or information obtained from a starter policy which conforms to STG requirements.

These 1-4 family residential policies can be either subdivision lots or acreage tracts under 25 acres.

In addition, STG will no longer require a survey in order to give extended coverage as to survey matters in Loan Policies issued on commercial transaction with liabilities of up to $5,000,000.00. Exceptions are to be shown as outlined above.

You may issue the ALTA Form 9 Endorsement or CLTA Form 100 Endorsement (or similar Endorsement available in your jurisdiction) on Loan Policies covering 1-4 family residential properties or on Loan Policies relating to commercial transactions of up to $5,000,000 without a survey, if you comply with the above requirements and if you comply with our other requirements for issuance of these endorsements.

Owner's Policies and Construction Loan Policies are not covered by this bulletin.

If you have any questions, please call your Stewart Underwriting Representative or the National Legal Department.

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.

References

Bulletins Replaced:
MI000002 This Bulletin has been replaced by MI000014.
Related Bulletins:
None
Underwriting Manual:
5.32 Extended Coverage
Exceptions Manual:
MI Extended Coverage
Forms:
ALTA Endorsement 9 (Restrictions, Encroachments, Minerals) (10/17/98)
 
CLTA Comprehensive Endorsement 100