- February 19, 1999
- All Issuing Offices in Texas
- Date of Owner Policy
We have been experiencing a wonderful real estate market in both the residential and commercial arenas. However, the increase in business has brought about a slowdown in the recordation of real estate instruments at many county recorder offices; making timely delivery of owner policies harder to achieve.
We would like to share with you how you can deliver owner policies immediately after closing. How can you accomplish this when you have not received the recording information? Well, it is actually a very simple process. All you have to do is modify what goes into the "Date of Policy" blank on Schedule A. Instead of waiting until you have received recording information back from the County Clerk, you will enter the actual date you delivered the deed to the County Clerk for recording.
For example, if you delivered the deed to the County Clerk on January 2, 1999, you would enter that date in the "Date of Policy" blank and promptly send the policy to the insured.
Obviously, you must still record the deed the same day you issue the policy or at the latest, first thing the next morning or business day. Timely recording preserves priority and prevents claims.
Owner policy issuance is the culmination of the real estate transaction. We believe that using this technique will enable you to issue your owner policies in a timely fashion. Not only will you have a satisfied customer, you will help create a situation that could result in business referrals.
If you should have any questions, please call Stewart Title Guaranty Company underwriting personnel.
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.
- Bulletins Replaced:
- TX000046 This Bulletin has been replaced by TX000050.
- Related Bulletins:
- Underwriting Manual:
- Exceptions Manual: