Difference between revisions of "AR Underwriting Summary"

Revision as of 13:20, 12 December 2014

Search/Exam

Minimum Search Requirements Arkansas Law requires a minimum 30 year search. Arkansas Code 23-103-408
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

Spousal Joinder Requirements/Homestead

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

@@ Line 40: / Line 40: @@
 ==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==