GregHarris gregharris@watsontitle.

net

(904)4613220 http://www.watsontitle.net

WatsonTitleServicesofNFL,Inc.|11226SanJoseBlvd.,Suite2|Jacksonville,FL32223

Florida Form 9? What is so important about that?

Would I ever buy a singlefamily home or piece of land, cash or otherwise, without a survey? No; nope, nein, nee, ne, naw, and never. That is my personal preference, but if a buyer is going to need financing, they are going to need a survey, new or previous if OK with the underwriter. Why? Because they are going to need a Florida Form 9 endorsement to the Title Insurance. No survey, no Form 9. In almost all cases, no Form 9, no financing. What is the Form 9, sometimes called the Survey Endorsement? A Form 9 provides the affirmative coverage most commonly requested by originating lenders and the secondary lending market. It ensures coverage for: 1. No restrictive covenants that may divest or subordinate the insured mortgage. 2. Unless otherwise excepted in Schedule B. of the Title Policy, there are no; a. Building setback violations. b. Restrictions that create easements, assessments, or options to purchase. c. Encroachments of improvements onto the insured property or adjoining property. d. Encroachments of improvements onto easements. e. Notices of violation of recorded covenants on restriction related to environmental protection. 3. Compensates the lender if a future violation of an existing restriction results in loss of priority of the insured mortgage. 4. Compensates the lender for damage to existing improvements that encroach onto an easement or for damage to improvements in the event minerals are extracted from the land. 5. Compensates the lender for the removal of an encroachment onto adjoining land. 6. Compensates the lender for loss resulting from a court decision denying the right to maintain an existing improvement that violates restriction or building setback lines. Would you want to buy a property without that protection? I wouldnt and lenders dont want to lend without it either. Smart lenders. If you would like to read a more detailed explanation and other aspects of the Form 9, this is a great link: http://titleendorsements.com/alta906floridaform9endorsement/