Bulletin: WA000035

Date:
June 29, 1992
To:
All Washington Agents
RE:
Forced Sales

Dear Associates:

We continue to have problems with forced sales.

Please set up the following special exception on all binders and policies insuring purchasers at trustee and sheriff sales, including lending institutions, or contract vendors after forfeiture.

"Any alleged defect in, including, but not limited to, lack of notice, or challenge to the validity of, the (trustee sale) (sheriff sale) (contract forfeiture) wherein the insured acquired title to the land described herein by any party, including, but not limited to, a trustee in bankruptcy."

Note: This exception may be eliminated at the discretion of the Company from a subsequent policy issued to a bona fide purchaser from the named insured.

Please let me know if you have any problems with this requirement.

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:
None
Related Bulletins:
None
Underwriting Manual:
3.48 Contract Purchasers
 
3.52 Contracts For Sale
 
12.32 Mortgage Foreclosures
Exceptions Manual:
WA Mortgages
Forms:
ALTA Commitment 1966
 
ALTA Loan Policy 1992
 
ALTA Owner's Policy 1992