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Stewart Title Services
Web Site Available Now
www.titleesq.com
On December 23, 1998, the Stewart Title Services of North Jersey web site, www.titleesq.com, was launched to provide our clients and with a new resource for information and instant communication. The various pages on the site are designed to be intuitive to use and navigate. Our goal was to add the speed and accessibility of the internet to the service and experience provided by our office. I hope that when you have had a chance to use it, you will agree.
When entering our "Home Page" found at www.titleesq.com, you will be presented with some background information about our company as well as a banner with various categories of available information. Note that any highlighted words are "hyperlinks" and that by clicking on them directly, you will be automatically taken to the home page of the referenced site. From this page you will also be able to access the latest edition of "The Plaid Letter," or send an e-mail directly to us by clicking our address, info@titleesq.com.
The "About Us" button on the banner will lead you to additional information about Stewart Title Services of North Jersey, and our goals to bring you the title insurance and related information that you need in an accurate, easy to use format and in the shortest time possible. This section also contains biographical information about our Co-Presidents, Elissa Buonarota and Alfred D. Santoro, Jr., New Jersey attorneys dedicated to providing the service expected by New Jersey attorneys from order to closing table.
The "Services" button will explain the various types of information available to you through our company. In addition to traditional title insurance, we provide related information to suit your needs such as title reports, flood searches, judgment and litigation searches and riparian searches. We will also assist your "backoffice" in ordering surveys, assisting and attending closings and recording documents. When required, we can facilitate 1031 Property Exchanges in accordance with IRS regulations.
Of Course, you have the opportunity to Place an "Order OnLine" and transmit it to us instantly from the convenience of you desk rather than queuing up at the fax or relying on often inaccurate or un-documented telephone calls. Upon receiving your order, we will immediately respond with an order confirmation by fax or e-mail as you request. If You simply need a "Rate Quote," just click that button on our Home Page Banner to request one on the form available here and you will quickly receive a response.
"News and Info" will lead you to "The Plaid Letter" as well as announcements of upcoming events such as seminars of interest to you. For your clients, there is a section of frequently asked questions that will help explain title insurance, what it is and how it protects them.
The site enables you to "Contact Us" without going into your regular e-mail system. It also provides a convenient gateway to other useful sites in the "Helpful Links" section. Here you will enjoy easy access to Stewart Title's Virtual Underwriter, providing underwriting answers, forms and contacts for transactions in New Jersey and across the country. You can track down the successors to banks through the Federal Financial Institutions Examination Council web site. You can even find you way around town or plan you trips with Lucent Technologies' "Mapsonus."
Be sure to bookmark our site by adding it to your Favorites List on your browser toolbar. This will reduce loading time and will assure that all of this information stays at your fingertips, We welcome your comments and suggestions on how we can continue to improve this site and make it a working tool in your daily business.
Carol Garlewicz Joins
STS North Jersey
Stewart Title Services of North Jersey is pleased to welcome Carol A. Garlewicz to its staff as Senior Underwriter. Bringing with her a wealth of experience and a real understanding of the title insurance industry, Carol adds great depth to the resources available at Stewart Title Services of North Jersey.
Carol began her 29 year career in the industry as a title searcher in Hudson County. Subsequently, Carol served as a Title Officer with Ticor Title Insurance Company, Lawyers Title Insurance Corporation and Commonwealth Land Title Insurance Company. During her career, she has handled all types of transactions large and small, including IKEA in Elizabeth, NJ, the Leather Warehouse in Paramus and most recently, the $40 million refinance of the Tara Hotel in Parsippany, part of a 12 site, multi-state transaction.
Carol is a licensed New Jersey Title Producer. She is a member of the New Jersey Title Abstractors Association and the New Jersey Land Title Association.
The addition of Carol to our staff provides our customers with over 60 years of collective experience. Coupled with our investment in technology and dedication to service, we are confident that Stewart Title Services of North Jersey stands ready to provide unparalleled performance in meeting your title insurance and related needs.
Recent Developments in Federal Law
There have been several recent changes in federal law that may affect your business. These changes include:
Federal Estate Tax Exemptions: There is a special estate tax lien effective against property of a decedent for 10 years from the date of death without recording any notice of estate tax lien. The value of the estate includes property previously transferred by the decedent(such as a transfer to a trust) if the decedent retained a life estate or interest that did not end before the decedent's death. If the estate does not exceed the following net amounts, no federal estate taxes are owed:
| Year of Death |
Size of Estate |
| 1987 - 1997 |
$600,000 |
| 1998 |
$625,000 |
| 1999 |
$650,000 |
| 2000-2001 |
$675,000 |
| 2002-2003 |
$700,000 |
| 2004 |
$850,000 |
| 2005 |
$950,000 |
| 2006 or thereafter |
$1.000,000 |
Lender Requirements for Multiple
HUD-1s :Some lenders now request a separate HUD-1 for each loan if there are multiple loans or lenders (and liens) in one transaction, such as a sale or refinance with two new mortgages. We believe that it is appropriate to provide separate settlement statements if requested by the lender. RESPA allows a settlement agent to make a separate HUD-1 for each lender if multiple lenders fund at the same closing. If you produce a separate HUD-1 for each lender in a closing with a first and second lien, you could produce a third HUD-1 for the seller ( if there is a seller.) The Subordinate Lien Final Rule issued by HUD in 1994 says: "there are certain circumstances when a first and a subordinate lien may be created at the same settlement....If the subordinate lien meets the definition of a federally related mortgage loan, the related charges for settlement services must be documented on a HUD-1 or HUD - 1A, as appropriate, but a single HUD-1 can be used...."
Truth in Lending: Commencing October 1, 1998, Truth in Lending regulations require fees charged by the closing agent to be included in the finance charge if the creditor requires use of a particular service, requires the charge or retains a part of the charge ( such as a closing fee or escrow.)
The Truth in Lending commentary apparently continues to exempt a charge that would be paid I a comparable cash transaction, but cautious lenders may address this issue in closing instructions.
For example, some lenders will call the closing agent to confirm the escrow or closing fee, and then include it in the finance charge for disclosure to the borrower. The lender's closing instructions will then prohibit the closing agent from charging a different ( higher or lower ) fee. Truth in Lending does not prohibit or require closing or escrow fees where otherwise lawful.
Federal Tax Liens: Public Law 105-226 amended the Internal Revenue Code, effective July 22, 1998 in many respects. The IRS may not levy on land used as a residence of the owner or other person (and not rented) if the levy does not exceed $5,000.00 The IRS may not levy on land used as a trade or business of an individual without approval in writing of the levy by the district director or assistant district director or a finding of the Secretary that the collection of tax is in jeopardy. The principle residence is exempt from levy unless a judge or magistrate approve in writing the levy.
Accordingly, the sale of land based on an IRS sale in the chain may not be insured unless: 1) the taxpayer is no longer in possession, 2) only the taxpayer had an ownership interest in the land or all other owners join in the deed, 3) the IRS sale occurred more that 2 years prior to your examination , and 4) all other liens on the land are released.
Sanctity of Contract
Alfred D. Santoro, Jr., Esq.
Elissa Buonarota, Esq.
Stewart Title Services of North Jersey, L.L.C.
272 Parsippany Road
Parsippany, NJ 07054
Phone: (973) 560-0636
Fax: (973) 560-0819
1 (800) 734-6019
"New
Jersey lawyers delivering quality title insurance and related
services to New Jersey lawyers."
If you need any
information on anything that you have seen in this newsletter or
have any title related questions, please call:
Stewart Title
Services of North Jersey
Your first
resource in real estate
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