Difference between revisions of "CA Underwriting Summary"
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| + | *Title insurance companies can issue a Release of Obligation for paid mortgages. Civil Code [http://codes.lp.findlaw.com/cacode/CIV/5/d3/4/14/2/1/s2941.7 2941.7]. | ||
Revision as of 11:35, 14 December 2014
Contents
Search/Exam
- Minimum Search Requirements Recent records only
- Plant or other search restrictions Yes
- Additional Requirements for REO Searches N/A
- Foreclosure Checklist N/A
- Special Searches Required (Code, HOA, Utilities)?
- Survey Requirements
- Purchase – No
- Refinance – No
- UPL Hot Button Issues None
UPL
Only licensed underwritten title companies and licensed title insurance companies can issue title insurance. There is no state requirement for the involvement of an attorney, abstractor or other special professional. “Professionals” may be retained to provide information to underwritten title companies or title insurance companies but cannot issue title insurance.
Title and escrow companies are permitted to prepare “form” documents but otherwise legal documents must be prepared by an attorney.
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
- Mechanics Liens 90 days
- Financing Statements
- Mortgages
- HOA Liens
- Condominium assessments
- Child Support Liens
Odd Stuff
- Title insurance companies can issue a Release of Obligation for paid mortgages. Civil Code 2941.7.
