CLTA Foundations-Portion of Land Described in Policy Endorsement Guideline 102.7
Explanation:Provides the lender with assurance that the foundations of the structures under construction on a portion of the land are within the boundaries of the land and that such location does not violate particular CC&Rs.
Underwriting Requirements:(1) Although this endorsement is similar to CLTA 102.6, this endorsement extends coverage to the encroachment of the foundation(s) over easements shown in the lender's policy.
(2) An inspection is required and title personnel need to inform the inspector of the subject property about all setback requirements and the location of all easements.
(3) Specific lots or portions of the project are specifically set out on this endorsement and the liability of the endorsement is limited to the proportionate value of the land covered to the value of the loan on the entire project.
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):