What is a foundation endorsement?

The Foundation Endorsement (NM 61) insures the lender that the foundations of structures under construction are within the boundaries of the land, that their location does not encroach onto easements, and that their location does not violate particular Covenants, Conditions, or Restrictions.

What is an ALTA 27 endorsement?

This endorsement insures against loss by reason of the invalidity or unenforceability of the lien of the insured mortgage resulting from violation of the usury laws of a specific state in effect at date of policy.

What is the Clta Form 116 endorsement?

This endorsement provides an ALTA lender with assurances that l) there is located on the land a designated improvement; 2) said improvement has been assessed and is known as a particular street address; and 3) the map attached to the policy shows the correct location and dimensions of the land according to the public …

What is environmental endorsement?

Environmental Protection (ALTA 8.1): Overview ALTA has developed the 8.1 (Environmental Protection) Endorsement, which provides affirmative insurance that there are no liens recorded for the cleanup of hazardous wastes on the insured property.

What is the purpose of a foundation survey?

Different than a traditional mortgage location survey (MLS) or boundary survey, a Foundation Survey collects information about the position of a foundation that was poured by a contractor to ensure that it is in the right location and that it is built with the proper setbacks and zoning methods.

What is an ALTA 14 endorsement?

This endorsement is designed for insurance of priority of Advances, regardless of whether the lender knows of the intervening liens and other matters. It is designed for issuance in those states in which Advances will have priority based upon state law according priority to any Advances.

What does Clta cover?

A CLTA policy protects homeowners from financial loss associated with title fraud or forgery. Standard CLTA coverage insures against the property being claimed by anyone other than the insured title owner. It also protects against any recorded claims on the title, including unpaid taxes by a previous owner.

What is an Alta 6 endorsement?

Variable Rate Endorsement (ALTA 6): Underwriting Guidelines Each of these endorsements insures against the invalidity, unenforceability, or loss of priority of the lien of the insured mortgage by reason of provisions providing for changes in the rate of interest.

What is foundation spot survey?

A foundation “spot” survey is required for all new construction and additions upon completion of the construction of the concrete foundation and prior to the continuance of building construction activities.

Why it is important to do a survey before any construction?

Knowing about the relative position of various objects, determination of distances between them, measurement of angles, measurement of height,determination of boundaries and relative heights of various points come under the purview of surveying.It is very essential to mark the various points on the land, boundary lines …