Difference between revisions of "AR Underwriting Summary"
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*Minimum Search Requirements Arkansas Law requires a minimum 30 year search. [http://www.insurance.arkansas.gov/PandC/Insurance%20Code%20&%20related%20chapters/Chapter103.htm Arkansas Code 23-103-408] | *Minimum Search Requirements Arkansas Law requires a minimum 30 year search. [http://www.insurance.arkansas.gov/PandC/Insurance%20Code%20&%20related%20chapters/Chapter103.htm Arkansas Code 23-103-408] | ||
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| + | Ark. Reg. Rule 87 § 15. | ||
| + | With respect to reliance on a prior policy agents should be aware that it is not the | ||
| + | prior policy that provides compliance with the regulation, rather it is the underlying | ||
| + | evidence of a thirty year search. Thus agents always should be able to produce the | ||
| + | thirty year search evidence and not just a prior policy. | ||
| + | |||
| + | Failure to conduct the minimum search may result in the imposition by the | ||
| + | Commissioner of penalties contained in Ark. Code Ann § 23-64-216. | ||
| + | |||
*Plant or other search restrictions No but abstractors are licensed | *Plant or other search restrictions No but abstractors are licensed | ||
*Additional Requirements for REO Searches N/A | *Additional Requirements for REO Searches N/A | ||
Revision as of 16:58, 11 July 2017
Contents
Search/Exam
- Minimum Search Requirements Arkansas Law requires a minimum 30 year search. Arkansas Code 23-103-408
Ark. Reg. Rule 87 § 15. With respect to reliance on a prior policy agents should be aware that it is not the prior policy that provides compliance with the regulation, rather it is the underlying evidence of a thirty year search. Thus agents always should be able to produce the thirty year search evidence and not just a prior policy.
Failure to conduct the minimum search may result in the imposition by the Commissioner of penalties contained in Ark. Code Ann § 23-64-216.
- Plant or other search restrictions No but abstractors are licensed
- Additional Requirements for REO Searches N/A
- Foreclosure Checklist N/a
- Special Searches Required (Code, HOA, Utilities)? None
- Survey Requirements
- Purchase – No for platted residential
- Refinance – No
UPL
The commitment and final policy must be issued by a Licensed Title Insurance Agency and signed by a Licensed Title Insurance Agent. There is no requirement for attorney involvement in keeping with Act 684 of 2007 and its associated rules.
Vesting
Property Tax
Mortgage/Transfer Tax
No Mortgage Tax. the transfer tax is uniform and is $3.30 per thousand.
Spousal Joinder Requirements/Homestead
Spousal Joinder is required. Non-Community Property. Dower & Homestead recognized.
Power Of Attorney
Construction Liens
Foreclosure Review
Instrument Requirements
Who May Serve As Trustee On Deed Of Trust
Both Deeds of Trust and Mortgages are used. A trustee can be: A licensed Arkansas Attorney. A Bank or S & L authorized to do business in Arkansas. A duly licensed Trust Company. An agency or authority of the State of Arkansas. ACA § 118-50-102. An underwriter or title agent cannot be a trustee unless they qualify with the above.
Time Limitations
- US Judgment Liens 20 years
- State Court Judgment Liens 10 years
- Federal Tax Liens 10 years (+ 30 days)
- State Tax Liens 10 years
- Estate Tax Lien 10 years
- State Inheritance Tax Liens 20 years
- Mechanics Liens 120 days
- Financing Statements 5 years
- Mortgages
- HOA Liens
- Condominium assessments
- Child Support Liens
