NY TIRSA Residential Mortgage Endorsement Guideline 1994
Explanation:Purpose Of Endorsement:
This endorsement provides the most popular forms (in New York) of affirmative insurance coverage for covenants, restrictions and easements in one package. It is more in accord with New York underwriting practices than the “ALTA 9” endorsement.
Underwriting Requirements:Requirements For Issuance:
(a) Premises must be improved by a one-to-four family dwelling;
(b) A survey is recommended, preferably certified by the surveyor to meet ALTA/ACSM Land Title Survey standards. The ALTA/ACSM standard calls for the surveyor to locate evidence of easements and rights of way, including surface indications of underground easements; the survey must be compared with covenants, restrictions and easements of record, and there cannot be any improvement, encroachment or projection which interferes with or violates any of the covenants, conditions or easements; if this endorsement is used in connection with a survey endorsement, care must be taken in review of covenants, restrictions and easements;
(c) Any covenants, restrictions or conditions in the chain of title must be carefully reviewed and specific exception taken in Schedule B; in addition, covenants, conditions or restrictions cannot be violated by the existing improvement, or the endorsement cannot be issued;
(d) Easements and rights of way, if any, affecting the premises must be ascertainable and fixed, which means that the part of the premises affected must be shown on the survey, and the structures on the premises cannot encroach on the area of any easement or right of way.
Issued With The Following Policies:
Mortgage policies only (this does not prohibit affirmative insurance on an 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