CT Underwriting Summary

Search/Exam

• Minimum Search Requirements -- CT Attorney only The minimum period of time for a title search is forty years pursuant to the Marketable Record Title Act. By custom and underwriting practice, shorter search periods are generally used for refinance transactions.
• Plant or other search restrictions -- CT Attorney only
• Additional Requirements for REO Searches -- CT Attorney only
• Foreclosure Checklist -- CT Attorney only
• Special Searches Required (Code, HOA, Utilities)? -- CT Attorney only
• Survey Requirements -- Owners – affidavit required; Loan policy – no
• UPL Hot Button Issues -- CT Attorney only

UPL

By custom, settlements are conducted by attorneys. Conveyance instruments are drawn by attorneys. Only attorneys licensed to practice law in the State of Connecticut may be title agents.

Witness Requirements

2 required on deed & Mortgage. Also notary acknowledgment

Who May Serve As Trustee On Deed Of Trust

Mortgage only. Deeds of trust are not used in CT.

Time Limitations

• US Judgment Liens -- 20 years
• State Court Judgment Liens -- 20 years
• Federal Tax Liens -- 10 years (+ 30 days)
• State Tax Liens -- 20 years
• Estate Tax Lien -- 10 years
• State Inheritance Tax Liens --
• Mechanics Liens -- 1 year
• Financing Statements -- 5 years
• Mortgages --
• HOA Liens -- 3 years
• Condominium assessments --
• Child Support Liens –

Odd Stuff

• Under certain circumstances, Conn. Gen. Stat. § 49-8a permits the recording of an affidavit by an attorney or an officer of a title insurer, which affidavit constitutes a release of lien.

• Rates for policies and endorsements must be filed with the Connecticut Department of Insurance.
• Usury coverage is generally available. Conn. Gen. Stat. Section 37-4, -5, and -6 exempts from usury limits “….any bona fide mortgage of real estate for a sum in excess of five thousand dollars.” See Conn. Gen Stat. Section 37-9 (entitled “Loans to which prohibitions do not apply”).