NM Condominium Endorsement to Owner's Policy Guideline 30
Explanation:This endorsement provides affirmative coverage to owners of condominium units. There are three matters covered by the endorsement. Basically it insures against loss if the unit is not part of a condominium regime, if title to the unit is affected by failure of the condominium documents to comply with state statutes, and if the unit is not a separate parcel for real property tax purposes.
Rate: See Regulation 13 NMAC 14.10.24.
Underwriting Requirements:(1) The examiner of the condominium project must verify that it complies with all statutory requirements and that any conditions for creation of the condominium have been met.
(2) The unit must be properly identified in the declaration and on the project map.
(3) Each unit is being carried as a separate tax parcel by the taxing authority.
(4) All taxes for years prior to the time that the units are entitled to separate assessment must be paid.
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):