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.
Bulletin: FL000008
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Bulletin: FL000008
Dear Associates:
I have just learned that on May 2, 1992, the Real Property and Probate Section of the Florida Bar enacted a new Title Standard 18.4 and under this Title Standard a Powers of Attorney may be used to convey homestead property.
With this change in the Title Standards, Stewart Title Guaranty Company now changes its position on the use of a Powers of Attorney for homestead and will agree that if all of the other requirements of the Powers of Attorney are satisfied, the Powers of Attorney may be used to convey homestead. Those other requirements are that the Powers of Attorney be completed with the same formalities as a deed; that the Powers of Attorney be recorded as the instrument preceding the deed; that the Powers of Attorney be specific.
You will note that under the new Title Standard a Powers of Attorney may be used as a joinder in a deed or mortgage, that the Powers of Attorney may be given by one spouse to act on behalf of the other spouse or that the Powers of Attorney may be given to an outside party to act on behalf of either one or both spouses.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- Exceptions Manual:
- None
- Forms:
- None