- December 20, 1996
- New York State Counsel, Managers and Agents
- Excepting Covenants, Restrictions, Easements and Other Matters Appearing on Closing Deed
It is standard practice to require closers to review the deed to make sure that the names of the grantors are as shown in the certification of title, and to compare the deed description with Schedule A, as well as reviewing the sufficiency of the acknowledgment.
Claims have arisen because of the recital of new covenants and restrictions or easements in the closing deed, which are not excepted in the title policies. Closers must make sure that the marked up certificate of title contains an additional exception for these items, and that no policy is delivered unless these items have been added. The added covenants or easements will affect the loan policy as well as any owner's policy.
Where the policy has not been delivered at closing, personnel doing post closing review of the closing deed prior to recording should also note whether there are any extra clauses added to the deed. A penny's worth of prevention can save a dollar in claims.
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:
- Underwriting Manual:
- 4.16 Deeds Of Conveyance
- Exceptions Manual: