Bulletin: MI2007001

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Bulletin: MI2007001

Bulletin Document
V 1
Date: June 06, 2007
To: All Issuing Offices in Michigan
RE: 2006 ALTA Forms

Dear Associates:

On June 17, 2006, the American Land Title Association ("ALTA") approved a 2006 ALTA Owners Policy, a 2006 ALTA Loan Policy, a 2006 ALTA Short Form Residential Loan Policy, a 2006 ALTA Commitment Form, and a 2006 ALTA Plain Language Commitment Form. The ALTA also approved new and revised endorsements. For an overview of the 2006 ALTA policies, please review Bulletin SLS00307 and the 2006 ALTA Forms Webinar available on Virtual Underwriter (www.vuwriter.com).

In Michigan, Stewart currently issues the 1990 ALTA Owner's policy, 1992 ALTA Loan Policy, and the 1992 ALTA Short Form Residential Loan policy. Effective June 15, 2007, these forms will no longer be issued in Michigan and the 2006 ALTA Owner's Policy, the 2006 ALTA Loan Policy and the 2006 ALTA Short Form Residential Loan Policy will be the default policies. Additionally, the 2006 ALTA Commitment Form will be the default commitment form. To view the forms in their entirety, please visit the ALTA website, www.alta.org or the Stewart Virtual Underwriter, www.vuwriter.com.

The following exceptions are contained on Schedule B of the 2006 ALTA Commitment Form approved for use in Michigan:

    1. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the Effective Date but prior to the date the proposed Insured acquires for value of record the estate or interest or mortgage thereon covered by this Commitment.

    2. Rights or claims of parties in possession not shown by the public records.

    3. Easements, and claims of easements, not shown by the public records.

    4. Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished, imposed by law and not shown by the public records.

    5. Rights of Dower, homestead or other marital rights of the spouse, if any, of any individual insured.

    6. Existing water, mineral, oil and exploitation rights which are not of record.

    7. Restrictions or restrictive Covenants affecting the property described in Schedule A and not appearing in the chain of title to the land.

    8. Any discrepancies, conflicts or shortages in area or boundary lines, or any encroachments, or any overlapping of improvements which a correct survey would show.

    9. Taxes which are due and payable subsequent to the date of policy.

    10. The land described in this policy shall not be deemed to include any house trailer, mobile home or manufactured housing unit on the subject property.

These exceptions must be carried over to the policy unless all requirements have been satisfied for their deletion. The requirements for removing these exceptions remain unchanged from the existing policy forms. You will also do your normal search and except to specific matters in Schedule B.

If you have any questions, please do not hesitate to call the Michigan Division Office in Southfield, Michigan, at 800-221-8710. For on-line viewing of this and other bulletins, log onto http://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:
Underwriting Manual:
  • None
Exceptions Manual:
  • None
Forms: