Bulletin: FL000059

Date:
August 07, 1996
To:
All Stewart Offices and Agents in Florida
RE:
Homebuyer's Protection Act-1996 Legislative Revisions

Dear Associates:

On September 22, 1995, we released a bulletin dealing with the Homebuyer's Protection Act. In part, that bulletin dealt with new requirements and F.S. 501.1375 having to do with mandatory requirements to hold deposits in escrow on newly completed homes. There was some confusion in the construction industry as to exactly what was intended by the statute.

This bulletin is to advise you that the changes to the statute cited above have been eliminated by the 1996 Legislative Session. Therefore, to the extent that the bulletin cited above deals with F.S. 501.1375, the same is deleted, and it is no longer mandatory that deposits on the purchase of a completed house be held in escrow.

The remainder of the bulletin is still in effect.

This bulletin partially replaces the contents of our bulletin FL000057 .

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:
FL000057 Homebuyer's Protection Act
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None