Virtual Underwriter

© 2020 Stewart Title Company

Bulletin: SLS2023014

Bulletins by State or Territory
Bulletins by Country

Bulletin: SLS2023014

Bulletin Document
V 3
Date: October 30, 2023
To: All Issuing Offices
RE: UNDERWRITING - MV Realty PBC, LLC

Dear Associates:

We have previously written about MV Realty PBC, LLC and its “Homeowner Benefit Program” in which MV Realty provides an up-front cash payment to a homeowner in return for a future exclusive right to act as the listing agent when the owner sells their home.

Stewart Bulletin SLS2022007 provides instructions if your title search discloses the recording of a Memorandum of Agreement, Notice of Agreement, or a Deed of Trust securing performance of a Homeowner Benefit Agreement relating to the “Homeowner Benefit Program” (“Agreement”), which may be further supplemented by specific state bulletins previously issued and referred to in the references section, below.

This bulletin supplements and modifies Bulletin SLS2022007 and replaces Bulletin SLS2023012.

MV Realty Holdings, LLC filed Chapter 11 Bankruptcy on 9/22/23 in the Southern District of Florida, Case Number 23-17591-EPK. The court ordered the joint administration with other MV subsidiary entity cases into MV Realty PBC, LLC, Case Number 23-17590-EPK, also in the Southern District of Florida.

MV Realty Holdings, LLC is the sole owner of MV Realty PBC, LLC.

MV Realty PBC, LLC has not filed a Reorganization plan as of today’s date.

Additional Requirement:

Effective immediately, you may close a sale or refinance transaction for a property that is subject to an Agreement as long as you receive a payoff statement from the debtor in possession for the full amount stated in the Agreement, and pay that full amount to the debtor in possession.

If the Agreement is in the form of a deed of trust/mortgage, you must receive and record a release/satisfaction signed by the debtor in possession.

If the Agreement is in the form of a Memorandum of Agreement, you must receive and record a termination of the Agreement signed by the debtor in possession.

Please continue to follow up regarding the required release instrument after the closing. If you are unable to obtain the required instrument, please contact a Stewart Title Guaranty Company underwriter.

If you have questions about a transaction involving a closed bank or a bridge bank, or other issues not addressed by this bulletin, 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