Bulletin: NC2010001

Date:
June 08, 2010
To:
All North Carolina Issuing Offices
RE:
NCLTA Promulgated Lien Waiver Forms

Dear Associates:

Effective May 12, 2010, the North Carolina Land Title Association has made revisions to the lien waiver and affidavit forms introduced last year. The changes are briefly outlined below for your convenience.

NCLTA Form 1 - OWNER AFFIDAVIT AND INDEMNITY AGREEMENT (No Recent Improvements and No Executory Contracts for Improvements)

  • The form has been revised to include an additional certification by the owner that no work has been performed prior to 120 day lien period that will or may be completed post-closing. The title of the form has been revised to reflect this certification.

  • The instruction page has been revised to add paragraph #4 as to the additional certification. The new paragraph includes an example of such an executory contract.

NCLTA Form 2 - OWNER/CONTRACTOR AFFIDAVIT, WAIVER OF LIENS AND INDEMNITY AGREEMENT (Construction Recently Completed)

  • The form has been revised to add basic waiver language to the signature page in the event the signature page is separated from the body of the form.

  • Additional signature blocks have been added.

  • A typo in Paragraph 3 referring to Ch. 83 instead of Ch. 87 of the NC General Statutes has been fixed.

NCLTA Form 3 - OWNER/CONTRACTOR AFFIDAVIT, INDEMNITY AND LIEN SUBORDINATION AGREEMENT (Construction in Process or Immediately Contemplated)

  • Subordination language has been added to the signature page of the form in the event the signature page is separated from the body of the form.

  • Additional signature blocks have been added.

  • Paragraph 2 of the instruction page has been revised to clarify that this form cannot be used to obtain owner's title insurance over mechanics' liens. The spacing in the title of the form has also been adjusted to make the statement "Lender Coverage Only" more visible.

  • A typo in Paragraph 3 referring to Ch. 83 instead of Ch. 87 of the NC General Statutes has been fixed.

The suggested requirement language has also been updated and is included at the site.


NCLTA Form 1 - OWNER AFFIDAVIT AND INDEMNITY AGREEMENT (No Recent Improvements and No Executory Contracts for Improvements)

NCLTA Form 2 - OWNER/CONTRACTOR AFFIDAVIT, WAIVER OF LIENS AND INDEMNITY AGREEMENT (Construction Recently Completed)

NCLTA Form 3 - OWNER/CONTRACTOR AFFIDAVIT, INDEMNITY AND LIEN SUBORDINATION AGREEMENT (Construction in Process or Immediately Contemplated)

Sample Requirement Revised May 2010
(CLICK TO VIEW)


If you have questions related to this bulletin, please contact your local underwriting personnel or Stewart Legal Services.

For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.

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:
None