Bulletin: GA2022002

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Bulletin: GA2022002

Bulletin Document
Date: September 09, 2022
To: All Georgia Issuing Offices
RE: UNDERWRITING - Security Deed Recording Requirements effective July 1, 2023

Dear Associates:

Effective July 1, 2023, OCGA § 44-14-63 (b) will be revised as follows:

A deed to secure debt shall not be recorded unless it includes the following information on the first page:

(1) The date of the document;

(2) The names of the signatories of the document;

(3) The grantee's mailing address;

(4) Map and parcel identification information, if applicable;

(5) The original loan amount or the amount of any outstanding principal and additional advance pursuant to a loan modification;

(6) The initial maturity date or dates for such debt;

(7) The amount, if any, of the intangible recording tax imposed on such deed to secure debt;

(8) The amount, if any, of the intangible recording tax imposed for an additional advance pursuant to a security deed modification agreement or other additional advance secured by a security deed; and

(9) If no intangible tax is imposed, a citation to the authority providing for an exemption of such tax.

While omission of the above items will not be considered a defense to foreclosure, a clerk may refuse to record the security deed, which could result in a title insurance claim. 

As always, if you have any questions concerning this, please reach out to one of us.

Brian D. Pierce
Georgia Underwriting Counsel

Stewart Title Guaranty Company
200 Mansell Court East, Suite 400
Roswell, Georgia 30076
O (678)-262-4592| M (770)-324-7436
brian.pierce@stewart.com


Bruce L. Ferguson

Georgia and North Carolina Underwriting Counsel

Stewart Title Guaranty Company
200 Mansell Court East, Suite 400
Roswell, Georgia 30076
O (678)-262-4591| M (706)-835-5616
bruce.ferguson@stewart.com

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