NM U.S. Policy Down Date Endorsement Guideline 27

Explanation:

This endorsement form is to be used to bring down to a subsequent date the coverage afforded under New Mexico Form 7, the ALTA U.S. Policy Form - 1963.

Rate: See Regulation 13 NMAC 14.10.16.

Underwriting Requirements:

(1) The title must be searched from the date of the policy through the date of this endorsement.

(2) Paragraph 1.(a) shows the estate or interest in the land acquired by the government. Care should be exercised to set out the interest acquired by the government exactly as set forth out in the acquisition instrument. Any questions about the estate or interest acquired should be referred to underwriting personnel.

(3) Paragraph 1.(b) is completed by describing in detail the instrument by which the government acquired the interest insured.

If the acquisition is by deed, there should be shown the name of the grantor or grantors, the date of the instrument, the recording date, the book and page or equivalent reference, and the office - including county and state - in which the instrument is recorded. The grantee must be the United States of America.

If the interest is acquired by condemnation, reference should be made to the condemnation proceedings and to the instrument (for example, Declaration of Taking) by which the government acquired its interest. A certified copy of the instrument should be filed in the official land records and a book and page reference noted here.

(4) Paragraph 1.(c) is completed by showing the county, state or the property's location as well as the exact description of the property as set out in the instrument referred to in Paragraph 1.(b).

(5) Paragraph 2.(a) provides for elimination of exception(s) as set out in the policy. Instructions from the government often request the deletion of certain exceptions. Standard underwriting guidelines should be followed to determine if deletion is appropriate.

(6) Paragraph 2.(b) allows for the addition of exceptions to the policy which may be necessary for matters filed of record since the date of the policy.

The exception numbers should be continued from the number of the last exception shown in the policy.

(7) Paragraph 4 is completed by inserting the new effective date. This date should be the date on which the instrument referred to at Paragraph 1.(b) above was recorded. Examination of title must be through said date.

(8) Paragraph 5 is completed by showing the amount paid by the U.S. for the acquisition of the property.