Difference between revisions of "AL Underwriting Summary"
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==Search/Exam== | ==Search/Exam== | ||
| − | *Minimum Search Requirements No statute | + | *Minimum Search Requirements -- No statute However the long-standing customary search periods are: for loan policies, a minimum 30 year search, although circumstances can require a lengthier search; for owner’s policies, a minimum 60 year search, although circumstances may require a lengthier search. |
| − | *Plant or other search restrictions No | + | *Plant or other search restrictions -- No |
| − | *Additional Requirements for REO Searches No | + | *Additional Requirements for REO Searches -- No |
| − | *Foreclosure Checklist N/A | + | *Foreclosure Checklist -- N/A |
| − | *Special Searches Required (Code, HOA, Utilities)? None | + | *Special Searches Required (Code, HOA, Utilities)? -- None |
*Survey Requirements | *Survey Requirements | ||
**Purchase – not on platted residential | **Purchase – not on platted residential | ||
**Refinance – not required | **Refinance – not required | ||
| + | |||
==UPL== | ==UPL== | ||
Revision as of 15:54, 30 October 2014
Contents
Search/Exam
- Minimum Search Requirements -- No statute However the long-standing customary search periods are: for loan policies, a minimum 30 year search, although circumstances can require a lengthier search; for owner’s policies, a minimum 60 year search, although circumstances may require a lengthier search.
- 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
- joint tenants with rights of survivorship. Right of Survivorship must be express on face of deed.
- Tenants in common, presumed absent statement of survivorship
- Tenants by Entirety & Community Property not recognized.
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
Odd Stuff
- Cancellation/Commitment fee is not prohibited in this state. It is customary to charge this fee.
- Under Alabama’s Residential Mortgage Satisfaction Act (to be effective 3/1/2013) an affidavit of satisfaction may be signed by a title insurance company or by a licensed attorney acting as its agent. See SB 347; Alabama Code Section 35 – New (codification is pending). However, the authorization of the mortgagor(s) in the mortgage for which release is being sought must be first obtained.
