NM Designation of Improvements, Address Endorsement Guideline 52
Explanation:This endorsement insures that (1) the named improvements are located on the land; and, (2) the improvements are identified by a stated address. This endorsement may be attached to Owner's or Loan Policies. It may not be attached to policies insuring residential property containing four or fewer dwelling units. [126.96.36.199 NMAC] The premium is $25 for each endorsement. [188.8.131.52 NMAC]
Underwriting Requirements:You may issue this Endorsement if you verify that the land has the generally named improvements and the stated address by (1) an inspection of the land; or (2) a review of a survey. You should limit the description of improvements to a general description of the principal or basic improvement on the land (e.g., "office building" or "apartment building"). Do not give specific details, such as the number of floors, square footage, or number of units (e.g. do not say, "ten story building" or "100 unit apartment house".) (Compare CLTA Form 116.)
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):