Does anyone know if there is a standard, rule or requirement on law firms using current(2021) msds? It seems like a lot of law firms are using ancient msds, with no signs of changing.
There is no requirement, as such, other than what standards the insurance company wishes to use when they issue a policy. Or perhaps HUD (Housing and Urban Development). In the past, that agency often clung to the older standards for a ridiculously long time. I haven't done any surveys for HUD home sales in many years, so I don't know if they are still functioning like that. Most likely, the people requesting the survey are just unaware that the standards have been updated. I have asked in that situation, and had them agree to use the most recent standards.
Thanks Peter
It's common for attorneys who don't do this kind of work often to go to the files and find out what they did last time. And what they did last time was based on some old fading memory. Treat it as an opportunity to educate the client. They might even appreciate it.
One more reason why my life has been simplified by not doing any ALTAs in about ten years.
The ALTA made it clear that the old standards have been superseded. I once asked an attorney what she would do if the legislature changed the state statutes to require three witnesses at a signing. Would she continue using just two witnesses because it was more convenient? Same thing with the ALTA standards - you use the current set.
This is a great opportunity to inform and educate the attorneys, and by implication let them know you are up on the standards instead of that doofus down the street who will sign anything.
Thanks Bruce.
Thank you.