Bulletin: NE2017001

Date:
February 15, 2017
To:
All Nebraska Issuing Offices
RE:
UNDERWRITING - Succession to Real Property by Affidavit

Dear Associates:

It is with increasing frequency that we are presented Affidavits of Succession to Real Property by Affidavit under § 30-24,129, Neb. Rev. Stat., and we are asked to recognize these affidavits as valid and effective links in the chain of title in support of an interest to be insured. The purpose of this form is to eliminate most of the expense of probate and streamline the process of confirming title so that title to property of a relatively de minimus value can be transferred efficiently. 

The present maximum value of property that may be transferred in this manner is $50,000.00, as determined by the assessed valuation of the property in the year of decedent’s death, plus any real estate taxes and interest thereon that may be due. Since these are the only criteria specified in the statute, other encumbrances may not be deducted from the value as established pursuant to the statute. We do not recognize the validity of any other method of establishing value for the purposes of the statute.

Attached is a checklist that can be used when evaluating a proffered Affidavit for acceptability for use in an insurable chain of title.

CAVEAT: the Affidavit for Succession to Real Property does not address, and does not affect any potential liability for Inheritance Tax; therefore it will be necessary to require a proceeding to determine inheritance tax in most cases.

Any Affidavit for Succession to Real Property should be reviewed and approved by an underwriter prior to insuring.

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.

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