- September 18, 2014
- All Wisconsin Issuing Offices
- UNDERWRITING - Mineral Interests in Wisconsin/ Owner's Policy
Stewart Title Guaranty Company seeks to clarify the current requirements for owner's title insurance in Wisconsin, as it may be affected by the possible severance of rights in minerals and other subsurface and surface substances.
In order to proceed without exception for outstanding rights to minerals, comply with one of the following requirements:
(1) Verify that there is no separate interest for minerals or other subsurface substances on the subject property with a search from patent forward and other relevant inquiry by issuing agent as to past, current and planned use of the subject property; or
(2) On single-family residences within platted subdivisions, apartment complexes, office buildings and shopping centers, complete a 40-year tract search and other relevant inquiry without any evidence of the following:
a) Severance of minerals or other subsurface substances (including but not limited to reservation, exception for or conveyance, mortgage, assignment of any mineral or subsurface interest).
b) Statement of Claim by owner of the mineral interest, as contemplated by Wisconsin Statutes Section 706.057.
c) Knowledge of actual past, current or planned development of mineral or other subsurface substances on the subject property or near to it; or
(3) If not otherwise addressed above, secure underwriter approval.
If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.
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.