NY Standard New York Endorsement for ALTA Loan Policy Guideline 1992
Explanation:Note: The TIRSA Rate Manual contains STANDARD NEW YORK ENDORSEMENT forms for the ALTA 4/6/90 Loan and Owner’s Policies. The endorsements to the 1990 policies, and the policy forms which they modify, are no longer available for issuance for title insurance transactions closing after December 31, 1993.
Purpose Of Endorsement:
The 1992 ALTA. forms of title insurance policy are written with the entire nation in mind. The purpose of the New York endorsement forms is to amend the ALTA. policies so that they are reflective of New York law.
(a) Lien law coverage is added to the Owner’s policy (as insuring provision 5) and New York-specific language is substituted for the lien law coverage of insuring provision 7 of the loan policy. The New York coverage is against any statutory lien for services, labor or materials furnished prior to the policy date, which gains priority over the interest or mortgage insured;
(b) The policy is amended to cover “gap period” liens (intervening liens or encumbrances which come of record between the date of policy and the date the insured instrument is recorded), except real estate taxes, assessments, water charges and sewer rents.
Underwriting Requirements:Requirements For Issuance:
(a) Must be issued with every policy issued covering property located in the State of New York;
(b) Insured instruments must contain trust clause in compliance with the requirements of §13 of the New York Lien Law, and the insured transaction must not be collateral in nature;
(c) Documents must be recorded within ten days (or sooner) from the date of closing.
Issued With The Following Policies:
(a) The STANDARD NEW YORK ENDORSEMENT (Loan Policy)(For ALTA 10/17/92) is issued with every loan policy;
(b) The STANDARD NEW YORK ENDORSEMENT (Owner’s Policy)(For ALTA 10/17/92) is issued with every owner’s policy.
Any revision to this form requires approval of a Stewart Title Guaranty Company underwriter. 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):None