Clema began compiling the indexes by hand in 1938, and it took her two years of hard work to complete the task. The original offices were located in the Baxter County Courthouse. In 1969 the Alleys built a new building and moved to 707 South Baker in Mountain Home. The firm was purchased in January 1979 by Bea and Ron Lewis and later moved to its current location at 100 E. 7th Street. Bea was the the President and managing officer of the business until her retirement in 2004. Since January 1st, 2004 the business has been owned and operated by long time employees Mary Lochner (37 years), Sandra Lochner (34 years) and Sharon Taylor (24 years). Alley Abstract through the years, has served the community by providing full abstracting and title insurance services. Included in its services are title searches, preparation of abstracts, title insurances and real estate closings, for individuals as well as Realtors and financial institutions.
We recognize and respect the privacy expectations of today's consumers and the requirements of applicable federal and state privacy laws. We believe that making you aware of how we use your non-public personal information and to whom it is disclosed, will form the basis for a relationship of trust between us and the public that we serve. This Privacy Statement provides that explanation. We reserve the right to change this Privacy Statement from time to time consistent with applicable privacy laws.
In the course of our business, we may collect Personal Information about you from the following sources:
Our Policies regarding the Protection of Confidentiality and Security of your personal information:
We maintain physical, electronic and procedural safeguards to protect your Personal Information from unauthorized access or intrusion. We limit access to Personal Information only to those employees who need such access in connection with providing products and services to you or for other legitimate business purposes.
Our Policies and Practices Regarding the Sharing of Your Personal Information:
In addition, we will disclose your Personal Information when you direct or give us permission, when we are required by law to do so, or when we suspect fraudulent or criminal activities. We may also disclose your Personal Information when otherwise permitted by applicable privacy laws, when disclosure is needed to enforce our rights arising out of any agreement, transaction or relationship with you.
All requests must be made in writing to the following address:
Privacy Compliance Officer
100 East Seventh Street
Mountain Home, AR 72653
A title company makes sure that the title to a piece of real estate is legitimate and then issues title insurance for that property. Title insurance protects the lender and/or owner against lawsuits or claims against the property that result from disputes over the title.
Title companies also often maintain escrow accounts — these contain the funds needed to close on the home — to ensure that this money is used only for settlement and closing costs, and may conduct the formal closing on the home. At the closing, a settlement agent from the title company will bring all the necessary documentation, explain it to the parties, collect closing costs and distribute monies. Finally, the title company will ensure that the new titles, deeds and other documents are filed with the appropriate entities.
Title insurance exists to insure your ownership rights in a property; keeping that roof over your heads safe from threats due to errors in the passing of title from one owner to another.
There are many who view it as a bit of a rip-off because the research is done once in many cases and only updated from the last transfer through the new one. Even though this may be the case, a full premium is usually charged each time property ownership transfers.
So, what kind of problems could threaten your ownership?
• Liens against the property for work done. • Tax liens. • Claims of ownership of relatives or past spouses. • Errors in surveys which show different property lines. • Subdivision liens due to non-payment of HOA dues. • Rights of way or newly discovered easements. There are many other ways that your ownership can be threatened, or just the scope of your boundaries due to past errors or newly discovered claims. Title insurance cannot guarantee to squash claims, but you will be compensated if you are damaged due to covered situations. One example is a defective survey, and you find that you actually own ten feet less along one boundary. You may have to give it up, but you should be monetarily compensated.
Title Insurance Binder/Commitment Requirements
Buyers receive during the transaction a commitment from the insurer that they will issue a policy; also called a title binder. They do their due diligence and research to make sure there are no claims, liens or problems before issuing the binder. They always have some requirements for one or both parties, including: • Payoff of the existing mortgage with lien release. • New mortgage for buyer. • Possibly an updated survey, but almost definitely a limited survey, sometimes called an Improvement Location Report. This is a check of the property to be sure there aren’t any new encroachments, such as a neighbor putting a storage building over the line or a fence in the wrong place. • If the seller has been recently divorced, they may require a quitclaim deed from the ex-spouse. • There can be a number of requirements, but they’re usually routine and handled in the normal course of the transaction to closing.
Title Insurance Binder Exceptions
These are items/situations that will not be covered under the policy. There are always exceptions. This is because there are always things that are already documents of record that cannot be changed, thus you can’t claim to be damaged because of them. Examples are: • A legal road or easement on the property. • Any encroachment discovered and not corrected. • Old land grants, as they’re part of the ownership history. • Subdivision restrictions or covenants, as they are recorded and can’t be changed. So, be sure you’re OK with limitations on your use of the property, as you can’t claim damage later because of them. • Utility easements. • Limitations on water rights or mineral rights. There are others. The point is that buyers need to read the title binder and ask the title company questions about anything they don’t understand. The fact that the title insurer issues the binder means that you’re insured, but only for claims about issues not excepted.
Alley Abstract has 2 of the longest tenured AbstractErs in Baxter County. Their knowledge and dedication to providing the most accurate and complete title search of your property surpasses the competition and we are LOCAL, serving only Baxter County. All of our work is performed in our office.