GAP

Gap Insurance

The Company may be required to provide a New York style closing or otherwise insure the title as of date of the closing without waiting until a final postrecording downdate occurs. To do so on commercial property, please call the Company’s underwriting personnel.

Requirement

GAPR01 STG

Require Gap Indemnity

The Company requires for its review a satisfactory indemnity and affidavit to be executed by the seller/mortgagor stating that:
(1) There are no matters pending against the affiant that could give rise to a lien or any other right that would attach to the land between the effective date of commitment as extended and the recording of the interest to be insured.
(2) The affiant(s) have not and will not execute any instruments or allow any action that would adversely affect the interest to be insured.
Comment: The Company may be required to provide a New York style closing or otherwise insure the title as of the date of closing without waiting until a final postrecording downdate occurs. To do so on commercial property, please call the Company’s underwriting personnel.