Loan Policy: Residential Property
Stewart Title Guaranty Company (STG) does not require a survey in order to give extended coverage as to survey matters in Loan Policies issued on completed 1-4 family residential properties. You may delete the survey exception or issue the appropriate survey coverage endorsement without any inspection or additional requirements. You also may delete any general exception to unrecorded easements.
You should continue to except to easements of record and any significant encroachments, conflicts or unrecorded easements of which you have actual knowledge, either by a prior survey or inspection report in your possession, your search, or information obtained from a starter policy, which conforms to STG requirements.
These 1-4 family residential policies can be either subdivision lots or acreage tracts under 25 acres.
Loan Policy: Commercial Property
STG does not require a survey in order to give extended coverage as to survey matters in Loan Policies issued on commercial transactions with liabilities of up to $25,000,000 per site. You must include specific exceptions (such as specific encroachments) as provided above for matters actually known by you. If the liability for a site exceeds $25,000,000 and you are requested to provide extended coverage as to survey matters without a survey, please call a Senior Underwriter.
Loan Policy: Endorsements
You may issue the ALTA Form 9-06, 9.10-06, 28-06, 28.1-06 and 28.2-06 Endorsements or CLTA Form 100-06 Endorsement (or similar Endorsement available in your jurisdiction) on Loan Policies covering 1-4 family residential properties or on Loan Policies relating to commercial transactions of up to $25,000,000 per site without a survey, if you include specific exceptions for matters (such as specific encroachments) actually known by you and if you comply with our other requirements for issuance of these endorsements. If the liability for a site exceeds $25,000,000, please call a Senior Underwriter.
ALTA Owner's Policy: Residential Property
STG does not require a survey in order to give extended coverage as to survey matters in Owner's Policies covering 1-4 family residential property in platted subdivisions if you include specific exceptions for matters (such as specific encroachments) actually known by you.
ALTA Homeowner's Policy: Residential Property
STG does not require a survey to issue the ALTA Homeowner's Policy. Please see our Bulletins MU000030 and MU000036.
Short Form Residential Owner's Policy
STG does not require a survey to issue the Short Form Residential Owner's Policy. Please see our bulletin MU2007001.
Owner's Policy: Commercial Property
You may provide survey coverage on Owner's Policies covering commercial property based on a prior survey of any date if (1) you secure the STG Affidavit - Owners (Survey) (or similar representation made in the transaction) from the seller, and (2) you do not have actual knowledge that improvements have been added since the date of the prior survey, and (3) you add specific exceptions for matters (such as specific encroachments) shown on the survey. You may also rely on the prior survey for issuance of other endorsements (such as survey, contiguity, ALTA 9.1-06 or 9.2-06), that require review of a survey.
You may provide survey coverage on an Owner's Policy not exceeding $10 million and covering commercial property without a prior or new survey if (1) you secure the STG Affidavit - Owners (No Survey) (or similar representation made in the transaction) from the seller, and (2) you are satisfied that the improvements, including any walls, fences, and other improvements, are not encroaching over the property line, such as by aerial photography or an inspection, and it does not appear that major buildings are bisected by known underground lines or easements, (3) the land is platted or you compare the legal description of the land to the last description used for adjoining tracts to verify no apparent conflict, and (4) you add specific exceptions for matters (such as specific encroachments) disclosed in the affidavit or inspection.
You must secure overlimits approval from our underwriting personnel for issuance if the policy to be issued will exceed your authority to issue without underwriter approval.
Ongoing or Recently Completed Construction
1-4 Family Residential Property - You may provide the survey coverage pursuant to this bulletin as long as there is no known ongoing construction.
Commercial Property - If the property has a new building(s) or a building(s) that was modified as to height or footprint and completed less than a year from policy date, you may, for example, provide the survey coverage on a refinance after completion or a sale after completion if you:
1. Review a site plan;
2. Physically inspect the property; and
3. Obtain a signed STG Affidavit - Encroachments and Property Boundary Issues (New Construction).
Contact a Stewart underwriter if you are aware of ongoing construction.
Construction loan policies are not covered by this bulletin.
If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.
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