AR Underwriting Summary

Search/Exam

• Minimum Search Requirements Arkansas Law requires a minimum 30 year search. Arkansas Code 23-103-408

Ark. Reg. Rule 87 § 15. With respect to reliance on a prior policy agents should be aware that it is not the prior policy that provides compliance with the regulation, rather it is the underlying evidence of a thirty year search. Thus agents always should be able to produce the thirty year search evidence and not just a prior policy.

Failure to conduct the minimum search may result in the imposition by the Commissioner of penalties contained in Ark. Code Ann § 23-64-216.

• 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.

Mortgage/Transfer Tax

No Mortgage Tax. the transfer tax is uniform and is $3.30 per thousand.

Spousal Joinder Requirements/Homestead

Spousal Joinder is required. Non-Community Property. Dower & Homestead recognized.

Who May Serve As Trustee On Deed Of Trust

Both Deeds of Trust and Mortgages are used. A trustee can be: A licensed Arkansas Attorney. A Bank or S & L authorized to do business in Arkansas. A duly licensed Trust Company. An agency or authority of the State of Arkansas. ACA § 118-50-102. An underwriter or title agent cannot be a trustee unless they qualify with the above.

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