Bulletin: FL000031

Date:
July 20, 1993
To:
Issuing Offices in the State of Florida
RE:
ALTA Condominium Endorsement 4

Dear Associates:

Paragraph 4 of the ALTA Endorsement Form 4 (Condominium) insures against loss because of the priority of a maintenance assessment lien over the insured mortgage. The ALTA Endorsement 9 provides similar coverage.

In Florida, the condominium assessment lien is prior to a first mortgage for six months of assessments. The assessment lien is prior to all other mortgages for all assessments.

Company Policy: Delete paragraph 4 on the Condominium Endorsement. If you issue the ALTA Endorsement 9 on a condominium, add the following exception:

"The Policy and any endorsements to the Policy do not insure against loss because of condominium assessments not yet due and payable."

If you issue the Condominium Endorsement, comply with our Underwriting Manual Guidelines on condominiums (Condominiums 3.40.17).

The promulgated minimum charge for this endorsement is $25.00.

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:
3.40 Condominiums
Exceptions Manual:
FL Condominiums
Forms:
ALTA Endorsement 4 (Condominium)
 
ALTA Endorsement 4.1 (Condominium)