Difference between revisions of "AR Underwriting Summary"

Revision as of 11:47, 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

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

Odd Stuff

@@ Line 1: / Line 1: @@
 ==Search/Exam==
-*Minimum Search Requirements	No statute
+*Minimum Search Requirements	Arkansas Law requires a minimum 30 year search.  [http://www.insurance.arkansas.gov/PandC/Insurance%20Code%20&%20related%20chapters/Chapter103.htm Arkansas Code 23-103-408]
 *Plant or other search restrictions	No but abstractors are licensed
 *Additional Requirements for REO Searches	N/A
@@ Line 9: / Line 9: @@
 **Purchase – No for platted residential
 **Refinance – No
 ==UPL==