NY TIRSA Survey Endorsement for ALTA Loan Policy Guideline 1993

Explanation:

Purpose Of Endorsement:
This endorsement provides lenders with affirmative coverage against adverse matters which would be shown on a survey, without the necessity of providing a survey.

Underwriting Requirements:

Requirements For Issuance:
(a) This endorsement is only available for loan policies insuring residential one-to-four family property, and contains language in bold letters which invalidates it for any other purpose;
(b) The property owner must execute the survey endorsement affidavit, certifying (among other things) that there are no disputes with neighbors as to locations of structures or property lines, and that all structures have been in existence in their current conditions for at least 2 years;
(c) This endorsement cannot be issued if the insurer is aware of any violation, variation, encroachment or adverse circumstance which an accurate survey would show (i.e., if there is a survey, and it shows any circumstance which could result in a loss to the insured lender, the endorsement cannot be substituted); and the endorsement cannot be issued together with a survey reading;
Note: The existence of this endorsement does not preclude the issuance of affirmative insurance coverage in connection with specific matters raised in a survey reading.
(d) This endorsement should not be used for farm tracts or residences located on property more than 5 acres in size.
Issued With The Following Policies:
The survey endorsement is for loan policies Only.
Premium:
10% of the unreduced (straight) mortgage premium