- February 11, 1992
- All Florida Stewart Offices and Agents
We have been getting conflicting reports and document from various places around the state concerning sales from RTC. I am sure you know this gets fairly complex but at this time I want to address just one issue, the type of deed.
RTC by a directive dated December 16, 1991, says in part:
"This directive applies to all RTC offices. Approval has been granted for RTC to use a special warranty deed when conveying real property... A quitclaim deed is often not accepted in the marketplace... Purchasers, lenders or title insurance companies will often require that a special warranty deed be used... A specific version of the RTC Special Warranty Deed was developed... Representations and warranties primarily provided that the sale has been duly authorized by requisite corporate action and that the signatories are authorized to execute documents to sell or convey the property... Because of specific state by state language requirements, standard RTC Special Warranty Deeds (with certain joinder language to be added) have been developed for each state...The same attached may not be used for any specific transaction since it does not contain state specific language..."
Please see referenced forms at the end of this bulletin for a copy of an RTC affidavit which will serve as a no lien affidavit and a copy of the RTC Florida Special Warranty Deed. In all future transactions this deed and only this deed should be accepted. No future RTC deals are to be accepted with a quitclaim deed.
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.