- December 10, 2008
- All New York State Office Counsel, Managers and Agents
- Escrow Agreement
This bulletin is to advise you that effective immediately all Stewart Title Insurance company agents are required to utilize the new escrow agreement. The new escrow agreement is available online in the Stewart Agent Resource Center. To access the Agent Resource Center, go to www.stewart.com/new-york and click on "Agent Log-In". You will need your Agent ID number to access the Resource Center. If you do not know your agent ID number, please call 212-922-0050.
The form is to be made out in the name of your agency, unless prior approval is obtained to deposit the file with Stewart Title.
By way of guidelines, please complete Section B, escrow to hold with a specific date for performance. For example, indicating"90 days" is not acceptable for the performance completion date. In the same section, be sure to affirmatively state the issue and who will perform. For example:
- John Smith, seller, is to produce a satisfaction for a mortgage in CRFN200800183297
The more explicit the information, the less confusion there will be when the time period ends.
For on-line viewing of this and other bulletins, log onto: www.stewart.com/new-york
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.