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: PA2009004
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Bulletin: PA2009004
Dear Associates:
As of October 11, 2009, a Waiver of or Stipulation against Mechanic's Liens is effective for ALL 1-4 family residential properties as long as they are filed with the Prothonotary prior to the first visible commencement of work.
This is good news since the Jan. 1, 2007, effective date of the last amendment which made the Waiver of Liens "against public policy" for residential properties of $1 million and over. The definition of residential properties also includes vacant land which is zoned residential but is restricted to buildings three (3) stories in height (not including the basement).
The Waiver of Liens is still against public policy and, therefore, ineffective for all commercial properties.
The Act 34 of 2009 was signed by Governor Rendell August 11, 2009, to be effective October 11, 2009, and is attached.
Act 34 of 2009 - Effective October 11, 2009 (Click to View)
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References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None