Bulletin: CO000011

Date:
August 31, 1995
To:
All owned offices in Colorado
RE:
Real Estate Commission Approved Closing Instructions

Dear Associates:

For the past several years title companies have required written closing instructions for all closings. This resulted from the revised Title Insurance Regulation known as 3-5-1 which states: "No title entity shall provide closing and settlement services without receiving written instructions from all necessary parties". No official form for these closing instructions was promulgated until the Colorado Real Estate Commission created Rule F-17 for its Realtor licensees.

Rule F-17 states as follows:

"When it is appropriate for a broker to prepare closing instructions in connection with the closing of a real estate transaction, the broker shall use the form captioned "Closing Instructions" effective September 1, 1995."

The form referred to in Rule F-17 can be found in the reference section at the end of this bulletin. Please keep copies of this form in your office or, in the alternative, you may choose to format this form in your computer for continued use. Although the Real Estate Commission has recommended that its Realtor licensees have this form filled out and signed at the time the contract is entered into, we can reasonably expect that there will still be occasions where it will need to be filled out at the closing. Therefore, please keep this form and make it available whenever necessary for your Realtor customers. If you have any questions regarding these matters, please call me.

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:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
CO Closing Instructions 1995