STG GOLD Comprehensive Protection Owner's Policy (West Coast) Guideline 1997
Explanation:The Stewart Title Guaranty Company GOLD Owner Policy provides substantially more coverage to owners of 1-4 family residential and condominium properties than has ever been offered before. The additional coverages are extensive and require additional underwriting procedures as are outlined below. Additionally, an affidavit to be executed by the seller of the property must be executed at closing.
Underwriting Requirements:(1) Issue only on one-to-four family residence or residential condominium.
(2) Issue only if improved. Verify by review of tax/assessment search. If search does not reflect improvements, do inspection.
(3) Issue only on bona fide sale, not existing ownership by insured.
(4) Issue only on (A) a platted lot within a city or not exceeding one acre or (B) condominium unit. Do not issue on metes and bounds or other property without underwriter approval.
(5) Verify by tax/assessment search that separately assessed.
(6) Verify with homeowners association that assessments paid current and that any right of first refusal will not be exercised in current transaction (if there is a right of first refusal).
(7) Verify no pending or current construction ongoing.
(8) If builder sale, verify that certificate of occupancy or local equivalent issued, so that house can be occupied.
(9) Verify that all bills paid on any prior construction within lien period.
(10) If attach map of land (not required on policy), verify that description same as Schedule A description.
(11) Require seller to execute special affidavit and your customary affidavit of debts and liens.
(12) Verify by review of restrictions/covenants that the land may be used as a residence.
(13) Except as provided above, no survey or inspection required.
(14) Policy may be dated and issued on date of settlement's if your requirements have been met, funds disbursed, and you are in position to promptly record. You may show that date as date of policy and you do not need to show recording information in Schedule A.
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):