Bulletin: NJ000056

Date:
March 18, 2002
To:
All Issuing Offices in New Jersey
RE:
New Leasehold Owner's and Lender's Endorsements

Dear Associates:

A copy of recent revisions to the Title Insurance Manual of Rates and Charges and Manual of Forms is available through the New Jersey District Office. The revisions have an effective date of March 4, 2002.

Please insert the new and revised Rate Manual page as follows:

Page 47, adding Section 10.43 which covers the new ALTA 13 and 13.1 Endorsements. They cover the conversion of an owner's (NJRB 1-11) or lender's (NJRB 2-08) policy to a leasehold policy by inclusion of the endorsement.

Please insert the new and revised Forms Manual pages as follows:

  • New form NJRB 5-67, which is the ALTA 13 Leasehold Owner's endorsement. The purpose of this form is to convert a fee owner's policy to a leasehold owner's policy. It replaces NJRB 1-12, effective March 4, 2002. However, you may continue to use NJRB 1-12 until you have exhausted your current supply of the form.

  • New form NJRB 5-68, which is the ALTA 13.1 Leasehold Loan endorsement. The purpose of this form is to convert a lender's policy to a leasehold lender's policy. It replaces NJRB 2-09, effective March 4, 2002. However, you may continue to use NJRB 2-09 until you have exhausted your current supply of the form.

Please call the New Jersey District Office if you have any questions.

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:
11.04 Leasehold Insurance
Exceptions Manual:
NJ Leases
Forms:
None