- February 20, 1990
- All Underwritten Companies
- Clarification Smoke Detector Compliance Affidavit
It has been recently brought to my attention by one of our Underwritten Companies, through their direct involvement with the New York City government, that the "Smoke Detector Compliance Affidavit" made reference to in NL000049 entitled, "HUD Nonjudicial Mortgage Foreclosure, dated February 2, 1990, concerning Smoke Detector Compliance Affidavit and Residential Dwellings requires further modification. It is presently our understanding with respect to condominium and cooperatives that the "Affidavit" is only required when such condominium or cooperative unit is part of a "one or two family residential dwelling".
Based upon the above, the conveyance of a single condominium or cooperative unit will require the aforesaid "Affidavit" only in the event that such unit is part of a one or two family residential dwelling. In the event that the unit is part of a large condominium or cooperative, "three units or more", such "Affidavit would not be required".
In the event you have any questions concerning the above or if I can be of
further assistance with regard to same, please do not hesitate to contact me
at your earliest convenience.
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.
- Bulletins Replaced:
- Related Bulletins:
- NL000049 HUD Nonjudicial Mortgage Foreclosure
- Underwriting Manual:
- Exceptions Manual: