CLTA Foundations-Portion of Land Described in Policy Endorsement Guideline 102.6
Explanation:Provides the lender with assurance that the foundations of the structures under construction on a portion of the land are within the boundaries of that land and that their location does not violate particular CC&Rs.
Underwriting Requirements:(1) Although this endorsement is similar to the CLTA 102.4 Endorsement in its basic coverages, this endorsement is used on blanket construction loans covering an entire subdivision where the foundation is completed on only a portion of the project. The request is made for a foundation endorsement by the lender on a specific portion or lot where the foundation has been completed.
(2) An inspection of the subject property is required.
(3) The endorsement must refer specifically to the lot(s) or portions of the project where the foundations have been completed.
(4) Liability under the endorsement is specifically limited to the proportionate value of the lot(s) in question or the portion of the project to the value of the loan policy issued on the entire project.
The underwriting guidelines contained herein have been provided for general reference. The facts, circumstances, and location of the subject property should be considered when determining the issuance of the requested form or endorsement. Please note that all of the forms and endorsements included in this system may not be available in all states. Accordingly, please contact the appropriate Stewart Title Guaranty Company underwriting personnel in order to determine availability.
Compliance with the underwriting guidelines contained herein in no way obligates Stewart Title Guaranty Company to issue any form or endorsement.
This guideline applies to the following form(s):