NY TIRSA Planned Unit Development Endorsement Guideline 5.1
Explanation:Purpose Of Endorsement:
The purpose of this endorsement is to provide affirmative coverage with respect to matters involving covenants and restrictions, encroachments onto adjoining land or easements, and rights of the P.U.D.’s Homeowner’s Association.
Underwriting Requirements:Requirements For Issuance:
(1) The endorsement is only available for issuance for a planned unit development;
(2) Covenants and restrictions must be reviewed to insure that there is no forfeiture, reverter or reversionary language, nor any enforceable restrictive use violated by present improvements;
(3) The Homeowner’s Association must provide proof in writing that (i) there are no outstanding charges or assessments; and (ii) the right of first refusal (if any is found) has been waived; and
(4) Survey or filed map must be reviewed for location of easements.
Issued With The Following Policies:
Owner’s and loan policies, if applicable and requested.
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