A "recent" survey acceptable to the title insurer is required for deletion of the survey exception. A "recent" survey is defined by the Title Insurance Regulations. Generally, a "recent" survey is a survey certified within the last six (6) months. The general types of surveys used in New Mexico are: (1) ALTA/ASCM survey; (2) New Mexico boundary survey; and, (3) Improvement Location Report ("ILR"), used primarily for deletion of the survey exception on a loan policy. Usually, the survey exception is simply amended to read "Shortages in area".
Related Bulletins: None.