- August 03, 1992
- All Virginia Agents of Stewart Title Guaranty Company
- Mechanic's Lien Coverage on Residential Resales
You are hereby authorized to issue Owner's Title Insurance Policies deleting the standard mechanic's lien exception at regular owner's rates (and with no additional extra-hazardous risk premium) if all of the following conditions are met.
The transaction is a residential resale;
There has been no work done or material provided to the property within 121 days of closing; and
The Seller provides a fully executed Owner/Seller Affidavit attesting to the fact that no labor or materials have been provided within 121 days of closing.
Should you have any questions or if we can be of further assistance to you, please do not hesitate to call. Thank you again for your continued cooperation and assistance.
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.