Difference between revisions of "AZ Underwriting Summary"
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| + | ==Search/Exam== | ||
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| + | *Minimum Search Requirements -- No state law sets minimum period of time for a title search but a title plant must typically have a minimum 40 year chain; | ||
| + | There is not a marketable record title act in Arizona. | ||
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| + | *Plant or other search restrictions -- Yes if over 100k population in county. [http://www.id.state.az.us/index.html Department of Insurance Link]. Title plant maintenance includes being a lessee or joint owner of a title plant. Alternatively, you may base your title policy on a title policy issued to you from a title insurer who does maintain such a title plant in the respective county or counties. | ||
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| + | *Additional Requirements for REO Searches -- No | ||
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| + | *Special Searches Required (Code, HOA, Utilities)? Included in normal search | ||
| + | |||
| + | *Survey Requirements | ||
| + | **Purchase – no | ||
| + | **Refinance - no | ||
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| + | ==UPL== | ||
| + | * Doc prep is UPL | ||
| + | *Arizona state law does not require attorney or abstractor involvement; however policies must be issued by a licensed issuing agent with Dept. of Insurance with an Arizona licensed title insurer. | ||
| + | **[http://wiki.wfgstaging.com/images/0/07/Arizona_Supreme_Ct_Rule_31_Practice_of_Law.docx Rule 31, Rules of the Supreme Court of Arizona] | ||
| + | **[http://wiki.wfgstaging.com/images/9/9e/State_Bar_of_Ariz_v_Arizona_Land_Title_And_Trust_Co_%282%29.pdf State Bar of Ariz. v. Arizona Land Title & Trust Co., 366 P.2d 1, 12 (Ariz. 1961)] | ||
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==Vesting== | ==Vesting== | ||
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==Odd Stuff== | ==Odd Stuff== | ||
*Title insurer has statutory authority to release subject to the requirements in A.R.S. 33-707. | *Title insurer has statutory authority to release subject to the requirements in A.R.S. 33-707. | ||
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| + | *Arizona Department of insurance is the governing body where both rates and forms are filed. [http://www.id.state.az.us/index.html.title. DOI Website] | ||
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| + | *Usury endorsement is available. The statutory maximum rate of interest is 10% per annum, unless a different rate is contracted for in writing, in which case any rate of interest may be agreed upon. ARS 44-1201. Usury also constitutes a misdemeanor crime. ARS 13-2208. | ||
Revision as of 10:24, 12 December 2014
Contents
Search/Exam
- Minimum Search Requirements -- No state law sets minimum period of time for a title search but a title plant must typically have a minimum 40 year chain;
There is not a marketable record title act in Arizona.
- Plant or other search restrictions -- Yes if over 100k population in county. Department of Insurance Link. Title plant maintenance includes being a lessee or joint owner of a title plant. Alternatively, you may base your title policy on a title policy issued to you from a title insurer who does maintain such a title plant in the respective county or counties.
- Additional Requirements for REO Searches -- No
- Special Searches Required (Code, HOA, Utilities)? Included in normal search
- Survey Requirements
- Purchase – no
- Refinance - no
UPL
- Doc prep is UPL
- Arizona state law does not require attorney or abstractor involvement; however policies must be issued by a licensed issuing agent with Dept. of Insurance with an Arizona licensed title insurer.
Vesting
Property Tax
Mortgage/Transfer Tax
Spousal Joinder Requirements/Homestead
Joinder by non-title spouse not required by law.
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 5 years
- Federal Tax Liens 10 years (+30 days); can be refiled
- State Tax Liens
- Estate Tax Lien Federal 10 years
- State Inheritance Tax Liens
- Mechanics Liens 6 months, if no law suit filed
- Financing Statements 5 years
- Mortgages
- HOA Liens 2 years
- Condominium assessments 2 years
Odd Stuff
- Title insurer has statutory authority to release subject to the requirements in A.R.S. 33-707.
- Arizona Department of insurance is the governing body where both rates and forms are filed. DOI Website
- Usury endorsement is available. The statutory maximum rate of interest is 10% per annum, unless a different rate is contracted for in writing, in which case any rate of interest may be agreed upon. ARS 44-1201. Usury also constitutes a misdemeanor crime. ARS 13-2208.
