To insure on a condominium, you must verify that the Declaration complies with state law. The Company requires a review of the Declaration to verify that the Condominium Endorsement ALTA Form 4 (or 4.1 in those states where the assessment lien has priority for some assessments) can be issued. You must carefully consider expandable condominium regimes in accordance with the Company's guidelines. Always be aware of mechanic's lien issues on new condominium projects recently or not yet complete.
The Company requires a satisfactory statement from the Association or its agent stating the amount of the unpaid common or maintenance charges against the unit, to the date of closing. At that time, the Company may make additional requirements or exceptions.
Comment: When insuring on a condominium, you must confirm that all assessments and charges are paid current.
Unit No. ______, Building ______ of ____________ condominium regime, as
created by the Declaration recorded ____________, together with an undivided
___________ interest in the appurtenant common elements.
Comment: This description refers to the fractional or percentage interest. The Company prefers not to do that if the interest may change in an expandable condominium.