Serving New York State's full service title search and insurance needs since 1984.

Endorsements


Development Rights (New York City)

Insures that all "parties-in-interest" under the Zoning Resolution are bounded by the Declaration of Zoning Lot Restrictions and that the Zoning Lot and Development Agreement ("ZLDA") validly transfers floor area development rights. It also insures an easement for light and air and a negative covenant not to build over and above the transferor's building if provided in the ZLDA.

Requirements: All "parties-in-interest" under the New York City Zoning Resolution must join in or consent to the development rights transfer. The Declaration of Restrictions, ZLDA, and any waivers are to be recorded. An easement of light and air and a negative covenant not to build must be granted by the ZLDA. Mortgages on the burdened parcel(s) are to be subordinated to the easement of light and air (Owner's and Loan Policies).

Premium: $25.00


Fairway

Assures that the post-policy transfer of an interest in an insured partnership will not terminate policy coverage.

Requirements: None (Owner's Policy).

Premium: 20% of the unreduced owners premium.


Fannie Mae Balloon Mortgage

Insures against loss of priority due to the exercise of the Conditional Right to Refinance and the extension of the loan term.

Requirements: Standard Fannie Mae mortgage form (Loan Policy).

Premium: $25.00


First Loss

For losses exceeding ten percent of the Amount of Insurance, the Company will not require, prior to making a claim, either acceleration of the indebtedness or the exercise of remedies against other collateral.

Requirements: Insured in connection with multi-site transactions (Loan Policy).

Premium: 10% of the unreduced mortgage premium.


Industrial Development Agency or Similar Public Benefit Corporation
Transfer to Insured Beneficial Owner

Affords the benefits of a policy issued to an IDA (or similar Public Benefit Corporation) as of its original date to its grantee provided that the grantee is the "Beneficial Owner" of the property conveyed to the IDA (or similar Public Benefit Corporation) or its nominee.

Requirements: None (Owner's Policy).

Premium: $25.00


Joint and Several Liability

Coinsuring title insurers jointly and severally assume up to a specified amount of loss.

Requirements: Coinsured transaction (Owner's and Loan Policies).

Premium: $1.00 per $1,000 of the joint and several coverage per coinsurer.


Junior Loan Policy Endorsement 1

Endorsement 1 updates a Residential Limited Coverage Junior Loan Policy/Short Form Residential Limited Coverage Junior Loan Policy to include recording information for the mortgage and provide limited gap coverage. Endorsement 2, intended to be issued with each Policy, affords variable rate and revolving credit insurance.

Requirements: Issued in conjunction with a Residential Limited Coverage Junior Loan Policy or Short Form Policy, which insures a second or other junior mortgage lien on a one-to-four family residence or condominium unit for an amount not to exceed $150,000.

Premium: $25.00 for Endorsement 1. No charge for Endorsement 2.


Junior Loan Policy Endorsement 2

Endorsement 1 updates a Residential Limited Coverage Junior Loan Policy/Short Form Residential Limited Coverage Junior Loan Policy to include recording information for the mortgage and provide limited gap coverage. Endorsement 2, intended to be issued with each Policy, affords variable rate and revolving credit insurance.

Requirements: Issued in conjunction with a Residential Limited Coverage Junior Loan Policy or Short Form Policy, which insures a second or other junior mortgage lien on a one-to-four family residence or condominium unit for an amount not to exceed $150,000.

Premium: $25.00 for Endorsement 1. No charge for Endorsement 2.


Land Same As Survey

Insures that the legal description of the insured land is the same as that delineated on a specified survey.

Requirements: An updated, certified survey (Owner's and Loan Policies).

Premium: $25.00


Last Dollar

Insured mortgage secures less than the full amount of a credit facility, payment made to reduce the amount of indebtedness are deemed applied for the first portion of the indebtedness that is in excess of the Amount of Insurance set forth in Schedule A of the policy.

Requirements: Mortgage must be reviewed to ensure that the secured amounts are to be repaid last and are not to be readvanced. (Loan Policy).

Premium: 10% of the unreduced mortgage premium.


Limited Liability Company (LLC)
Limited Liability Partnership (LLP)

Extends the benefits of the policy as of its original date to a LLC or LLP succeeding to the interest of the Insured by operation of law.

Requirements: Need proof of conversion to a LLC or a LLP (Owner's Policy)

Premium: $25.00


Manufactured Housing Unit

The term "land" as defined in the policy is amended to include a manufactured housing unit.

Requirements: Manufactured housing is to be located on the land at Date of Policy. (Owner's and Loan Policies).

Premium: $25.00



Market Value Rider (Owner's Extended Protection)

Policy insures against loss or damage not exceeding the market value of the premises at the time of loss.

Requirements: The insured must be a natural person in occupancy of residential property containing no more than four dwelling units, including a residential condominium or cooperative unit (Owner's Policy).

Premium: 10% of the ALTA Owner's policy premium or 5% of the policy premium for an Owner's Extended Protection Policy.


Mezzanine Financing

Provides for payment of a loss under an Owner's policy insuring a real property owning entity or lessee to be made to a Mezzanine Lender pledged partnership or membership interests in that entity. Affords the lender a form of "Fairway", "First Loss", and "Non-Imputation" endorsement coverage.

Requirements: Attach to the Owner's policy insuring the real property owner or lessee. The insured under the Owner's policy must countersign the endorsement.

Premium: 30% of the premium paid for the related Owner's policy.


Mortgage Tax

Insures against loss or damage sustained by the insured if all mortgage recording tax for the insured mortgage has not been paid.

Requirements: Mortgage and related documents must be reviewed (Loan Policy).

Premium: $25.00


Non-Imputation

Insures that the Company will not deny liability to the insured by reason of knowledge imputed to it through a partner, shareholder, or member by operation of law.

Requirements: Issued with an Owner's policy insuring the interest of a person or entity purchasing an interest in a corporation, partnership or other entity which owns real property. The amount of insurance may not be less than the value of the real property apportioned to the purchaser's percentage interest in the entity. Affidavits of the persons whose knowledge is in question and indemnities in support thereof are required (Owner's Policy).

Premium: 20% of the Owner's policy premium.


Option

Insures the validity and enforceability of an option to purchase.

Requirements: The option or memorandum of option must be recorded (Owner's policy).

Premium: The policy to be issued at regular fee policy premium rates must be in an amount not less than the down payment specified in the contract to an amount not exceeding the contract price and the cost of contemplated improvements and other development and construction costs.

The premium for the endorsement when issued with a policy without a TIRSA Leasehold or TIRSA Cooperative endorsement is computed at the regular Owner's policy rate. When the policy includes a TIRSA Leasehold or TIRSA Cooperative endorsement, the charge is 30% of the regular Owner's policy rate for the insurance not exceeding the amount of the Owner's policy. Continuation searches to downdate the policies are $200 each.


Partial Release of Mortgaged Premises

Affords assurances that a previously insured mortgage remains a valid and enforceable lien notwithstanding the release of part of the mortgaged premises and that the priority of the insured mortgage is not affected thereby.

Requirements: Review of Release and existing policy (Loan Policy) .

Premium: $150.00


Planned Unit Development

Affords assurances against outstanding common charges and assessments, rights of first refusal to purchase, and against the consequences of either an encroachment of a unit or a violation of restrictive covenants.

Requirements: Provide any required waiver of a right of first refusal and consent to mortgage. Confirm that there are no outstanding common charges or assessments. (Owner's and Loan Policies).

Premium: $25.00


Residential Mortgage

Affords assurances in connection with recorded covenants and restrictions, easements and rights of way.

Requirements: Mortgage must encumber one-to-four family residential property. An updated, certified survey is to be reviewed in conjunction with recorded easements and restrictive covenants (Loan Policy).

Premium: $25.00


Reverse Mortgage

Insures the priority and enforceability of the lien of a Reverse Mortgage as security for the payment of principal indebtedness, shared appreciation, and accrued but unpaid or compound interest. Provide a means to determine policy liability in the event of a loss.

Requirements: Compliance with Real Property Law Sections 280 or 280-a. Mortgage recording tax exemption affidavit must be provided (Loan Policy).

Premium: $25.00



Revolving Credit (RCE-1) - Residential Revolving Credit Endorsement

Assures that a credit line mortgage will not, except as to matters noted in each endorsement, lose lien priority as loan proceeds are advanced and readvanced, so long as the insured lender has no actual knowledge of the sale or transfer of the property and there has been no event of default.

RCE-1 and RCE-3 afford protection against mechanics liens. RCE-1, RCE-2 and RCE-3 insure against mortgage tax being imposed after the aggregate amount of advances exceeds the face amount of the mortgage.

Requirements: Compliance with Tax Law Section 253-b and Real Property Law Section 281. To issue RCE-1, and to comply with the Tax Law, the mortgage must encumber a one-to-six family, owner-occupied residential property. To issue RCE-3, the mortgage must be for a term of no more than three years and not be a building loan mortgage (Loan Policy).

Premiums: 10% of the unreduced mortgage premium to issue RCE-1, RCE-2 or RCE-4. 20% of the unreduced mortgage premium to issue RCE-3


Revolving Credit (RCE-2) - Commercial Revolving Credit Endorsement for Commercial Credit Line Mortgages Which Secure a Maximum Principal Indebtedness of Less Than $3,000,000

Assures that a credit line mortgage will not, except as to matters noted in each endorsement, lose lien priority as loan proceeds are advanced and readvanced, so long as the insured lender has no actual knowledge of the sale or transfer of the property and there has been no event of default.

RCE-1 and RCE-3 afford protection against mechanics liens. RCE-1, RCE-2 and RCE-3 insure against mortgage tax being imposed after the aggregate amount of advances exceeds the face amount of the mortgage.

Requirements: Compliance with Tax Law Section 253-b and Real Property Law Section 281. To issue RCE-1, and to comply with the Tax Law, the mortgage must encumber a one-to-six family, owner-occupied residential property. To issue RCE-3, the mortgage must be for a term of no more than three years and not be a building loan mortgage (Loan Policy).

Premiums: 10% of the unreduced mortgage premium to issue RCE-1, RCE-2 or RCE-4. 20% of the unreduced mortgage premium to issue RCE-3


Revolving Credit (RCE-3) - Commercial Revolving Credit Endorsement (Limited Term Special Coverage) for Commercial Credit Line Mortgages Which Secure a Maximum Principal Indebtedness of Less than $3,000,000

Assures that a credit line mortgage will not, except as to matters noted in each endorsement, lose lien priority as loan proceeds are advanced and readvanced, so long as the insured lender has no actual knowledge of the sale or transfer of the property and there has been no event of default.

RCE-1 and RCE-3 afford protection against mechanics liens. RCE-1, RCE-2 and RCE-3 insure against mortgage tax being imposed after the aggregate amount of advances exceeds the face amount of the mortgage.

Requirements: Compliance with Tax Law Section 253-b and Real Property Law Section 281. To issue RCE-1, and to comply with the Tax Law, the mortgage must encumber a one-to-six family, owner-occupied residential property. To issue RCE-3, the mortgage must be for a term of no more than three years and not be a building loan mortgage (Loan Policy).

Premiums: 10% of the unreduced mortgage premium to issue RCE-1, RCE-2 or RCE-4. 20% of the unreduced mortgage premium to issue RCE-3


Revolving Credit (RCE-4) - Commercial Revolving Credit Endorsement for Commercial Credit Line Mortgages Which Secure a Maximum Principal Indebtedness of $3,000,000 or More

Assures that a credit line mortgage will not, except as to matters noted in each endorsement, lose lien priority as loan proceeds are advanced and readvanced, so long as the insured lender has no actual knowledge of the sale or transfer of the property and there has been no event of default.

RCE-1 and RCE-3 afford protection against mechanics liens. RCE-1, RCE-2 and RCE-3 insure against mortgage tax being imposed after the aggregate amount of advances exceeds the face amount of the mortgage.

Requirements: Compliance with Tax Law Section 253-b and Real Property Law Section 281. To issue RCE-1, and to comply with the Tax Law, the mortgage must encumber a one-to-six family, owner-occupied residential property. To issue RCE-3, the mortgage must be for a term of no more than three years and not be a building loan mortgage (Loan Policy).

Premiums: 10% of the unreduced mortgage premium to issue RCE-1, RCE-2 or RCE-4. 20% of the unreduced mortgage premium to issue RCE-3


Successor in Ownership of Indebtedness

Affords the benefits of the policy as of its original date to the purported assignee of an insured mortgage.

Requirements: None (Loan Policy).

Premium: $25.00


Survey
Loan Policy
One To Four Family

Insures against loss or damage by any violation, variation, encroachment or adverse circumstance that would have been disclosed by an accurate survey.

Requirements: Land must be used as a one-to-four family residence. A survey affidavit is required (Loan Policy).

Premium: 10% of the unreduced mortgage premium


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