Bulletin: SLS2008024

Date:
November 26, 2008
To:
All Issuing Offices
RE:
Vacation Homes and Mechanic's Liens

Dear Associates:

Sales of luxury high-end vacation homes have plummeted across the country as have all new home sales resulting in hardships in many prominent developments and for the luxury builders building in them. Increased vigilance against possible mechanic's lien claims and close attention is warranted in all geographic areas regardless of past performance or reputations of the development and builder.

Each state has different laws and procedures; therefore, please review the mechanic's lien requirements in your state of business for additional information. As to particular questions or if you need guidance, contact appropriate Stewart Underwriter Personnel.

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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.