AL Underwriting Summary
From WFG Wiki
Contents
Search/Exam
- Minimum Search Requirements No statute
- 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
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.
