Difference between revisions of "AL Underwriting Summary"
From WFG Wiki
(Created page with "==Search/Exam== *Minimum Search Requirements No statute *Plant or other search restrictions No *Additional Requirements for REO Searches No *Foreclosure Checklist N/A *Specia...") |
(→UPL) |
||
| Line 10: | Line 10: | ||
**Refinance – not required | **Refinance – not required | ||
==UPL== | ==UPL== | ||
| − | + | ||
| + | *All legal documents must be drafted by an attorney licensed to practice in the State of Alabama. Parties to a transaction can draft their own documents if they are doing so on behalf of themselves. | ||
| + | |||
| + | *Title Opinions must be rendered by an attorney licensed to practice in the State of Alabama. | ||
| + | |||
| + | *Searching, examining title, closing, and disbursing do not have to be handled by an attorney. Commencing 1/1/13, agents issuing commitments, policies and endorsements must be licensed as agents and the signatory must be likewise licensed. | ||
==Vesting== | ==Vesting== | ||
Revision as of 16:36, 30 October 2014
Contents
Search/Exam
- Minimum Search Requirements No statute
- Plant or other search restrictions No
- Additional Requirements for REO Searches No
- Foreclosure Checklist N/A
- Special Searches Required (Code, HOA, Utilities)? None
- Survey Requirements
- Purchase – not on platted residential
- Refinance – not required
UPL
- All legal documents must be drafted by an attorney licensed to practice in the State of Alabama. Parties to a transaction can draft their own documents if they are doing so on behalf of themselves.
- Title Opinions must be rendered by an attorney licensed to practice in the State of Alabama.
- Searching, examining title, closing, and disbursing do not have to be handled by an attorney. Commencing 1/1/13, agents issuing commitments, policies and endorsements must be licensed as agents and the signatory must be likewise licensed.
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
Time Limitations
- US Judgment Liens 20 years, renewable for 20 years
- State Court Judgment Liens 10 years
- Federal Tax Liens 10 years (+30 days); can be refiled
- State Tax Liens 10 years
- Estate Tax Lien Federal 10 years
- State Inheritance Tax Liens 20 years
- Mechanics Liens 6 months
- Financing Statements 5 years
- Mortgages
- HOA Liens
- Condominium assessments
