Bulletin: NY000301

Date:
February 16, 2007
To:
All New York State Office Counsel, Managers and Agents
RE:
Revised Purchaser's and Seller's Affidavits (Home Equity Theft Prevention Act)

In connection with Bulletin NY000300 concerning the Home Equity Theft Prevention Act attached you will find revised Purchaser's and Seller's Affidavits.  Note that the Seller's affidavit incorporates language relevant to the Act and inserts it into the standard Multiple Exceptions Affidavit.  Please alert all personnel, especially closers, of the importance of obtaining these affidavits where applicable.  If the Seller cannot execute the multiple exceptions affidavit due to the facts set forth therein, then in order to close the Purchaser must be able to execute the Purchaser's affidavit that he/she/they is/are exempt.  If neither the Seller nor the Purchaser can sign their respective affidavits, refer to the bulletin as the underwriter must be called prior to closing for additional documentation and approval.

If you have any questions please feel free to contact Agency Legal Services at 212-922-0050.

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.

Please click here to access the revised Purchaser's Affidavit.

Please click here to access the revised  Multiple Exceptions Affidavit (Seller's Affidavit)

References

Bulletins Replaced:
None
Related Bulletins:
NY000300 Home Equity Theft Protection Act
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None