- April 28, 2010
- All Georgia Issuing Offices
- The Recording Gap
The risk of a title claim dramatically increases when the recording of documents by the Clerk of Court is delayed after closing. The purpose of this Bulletin is to address issues incident to delays in that process.
Issuing Agents must ensure that documents are delivered to the Clerk of Court either on the same day as closing or the next business day, but no later than two (2) working days from the date of the closing. In the case of a refinance, the two (2) days would start at the end of the rescission period when funds are disbursed. We realize that not all agencies have the ability to hand deliver instruments for recording to the Clerk of Court on a daily basis because of the relative location of the agency and court house. This is especially true for out-of-county closings. However, your file should reflect that the documents were sent for recording within two (2) business days of the date of closing or disbursement, whether by FedEx receipt; date of cover letter in your file; or whatever means you use to document that act. We also recognize that not all counties are current in the posting and recording of documents. Our focus is on the date the documents are delivered to the Clerk of Court for recording.
If the Issuing Agent is aware of any unusual risk, such as a final judgment not yet reduced to a writ of fieri facias or the recording of a claim of lien in the Recording Gap, the closing should be held in escrow until all open matters are settled and/or written approval has been obtained from your local Stewart Title Guaranty Underwriting Personnel.
If you have questions related to this bulletin, please contact your local underwriting personnel or Stewart Legal Services.
For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.
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:
- MU000021 Date of Policy (without recording information)
- NL000038 Delayed Recording-Gap Insurance
- NL000047 Date of Policy and Endorsements
- Exceptions Manual:
- GA Gap Insurance