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pif g FIDELITY Memo All Agents and Direct Operations David Clossin January 6, 2011 Uniform Minimum Search Standards for Indiana In an effort to establish consistency in search standards for the issuance of commitments, the attached Uniform Minimum Search Standards have been devised for commitments to insure plated and unplatted residential property, residential refinances and second mortgages, commercial property and properties to be foreclosed. The Company is requiring that you adhere to the minimum search standards which are attached to this memo. Abbreviated searches are optional for residential property but only in conjunction with certain generic exceptions that must be used. Otherwise, a Marketable Title Search, as defined in the search standards, must be conducted. Uniform Minimum Search Standards for Indiana Search Standards For Residential Land [One to Four Family Dwelling] Residential Sale (Platted Subdivision) You have the option of conducting an abbreviated search pursuant to the following guidelines: 1. Title must be searched from the date of recording of the most recent warranty deed (not a rerecorded deed) that is accompanied by a purchase money mortgage given by the grantee to an institutional lender. (“Point of Good Title”) 2. In the event that no such mortgage exists (e.g. land contracts, cash-out of free/clear property, etc.), search from the oldest date of two successive warranty deeds within a period of at least two years. 3. Show as special exceptions any encumbrances that have been recorded or filed ‘subsequent to the Point of Gaod Title. 4, Search the current owner's name for all parcels on the tax duplicates for current taxes and assessments, including any portion of the tax duplicate that would indicate a tax sale, If a new tax parcel has heen created within the previous two years, you must confirm that any prior delinquent taxes on the parent parcel have bbeen paid and were not apportioned to the new tax parcel affecting the land to be insured, 5. A. Perform a "general name index” search on the seller and/or titleholder as 10 the following matters: Federal tax liens, state tax liens, judgment liens, other liens, bankruptcy, and Patriot Act, (Search for ten years last past to the current date) B. Perform a search on the seller AND buyer for 20 years to include recorded federal non-tax liens and federal judgments. C. Perform a seareh on the buyer for 10 years last past to date to include bankruptcy, guardianship, federal judgments and Patriot Act, Note: A bankruptey search need only be conducted if there is a bankruptcy court in the county in which the land is located, Federal non-tax liens, federal tax liens and federal judgments must be recorded rather than entered in the clerk’s office. 6. The following generic exceptions must be used when conducting an abbreviated search: Easements or servitudes, if any, appearing in the public records. Building setback lines, if any, appearing in the public records. Covenants, conditions, and restrictions, if any, appearing in the public records. Assessments for homeowner's association, if any, appearing in the pul records. Leases, grants, exceptions, or reservations of minerals or mineral rights, if any, appearing in the public records. Municipal assessments, if any, assessed against the land. Note: If you show a specific encumbrance in Schedule B, you should still reflect the generic exceptions shown above but add the preface of “Any other” prior to the generic exception. If you do not review the plat, you should also adé the following exceptions: Rights of the public, the State of Indiana, the County of and the municipality in and to that part of the land taken or used for road purposes. Rights of way for drainage tiles, feeders and laterals, if any. Eull Search 1. If you do not conduct an abbreviated search and do not use generic exceptions, you must search far enough back to satisfy the Indiana Marketable Title Act which means finding the first deed in your chain of title that is at least 50 years old. ("Marketable Title Search”) The recording date of that deed would be your Paint of Good Title for a Marketable Title Search. If you have knowledge in your county that easements or leases could have been created prior to the Point of Goad title, you should search the requisite time period in which you will most likely discover the easements or leases. Do not simply search forward from the recording date of the plat. Of course, if you have in your possession a prior owner's policy from an existing underwriter, you may rely on that policy as a starter. If you have a prior ‘owner's policy, you should still search the owner as required above and not merely search the owner from the date of the prior policy. The normal Judgment and lien search is necessary because the prior underwriter may not have searched the current owner who was the buyer under its policy. 2. Examine the plat, and show all matters disclosed on the plat as exceptions on the commitment. 3. Show as exceptions any subsequent easements, restrictions, etc. of which you have knowledge since the Point of Good Title, Residential Property[One to Four Family Dwelling] Residential Sale (Unplatted Land) ‘You have the option of conducting an abbreviated search under the same guidelines previously set forth for platted property. Whether you are conducting an abbreviated search or @ Marketable Title Search, you should show as exceptions the following: 1, Rights of the public, State of Indiana, County of and the municipality In and to that part of the premises taken or used for road purposes, 2. Rights of way for drainage tiles, feeders and laterals, if any. If conducting an abbreviated search, you must show the following generic exceptions: Easements or servitudes, if any appearing in the public records. Covenants, conditions, and restrictions, if any, appearing in the public records. Leases, grants, exceptions, or reservations of minerals or mineral rights, if any, appearing in the public records. Residential (One-to-Four Family) Refinances and Second Mortgage ‘You may follow the same guidelines for an abbreviated search as recited previously. It is not necessary to search for, or recite, easements, restrictions, and outstanding oil, gas and mineral rights. Instead show the following generic exceptions: Easement or servitudes, if any, appearing in the public records. Building setback lines, if any, appearing in the public records. (for platted property only) Covenants, conditions, and restrictions, if any, appearing in the public records. ‘Assessments for homeowner's association, if any, appearing in the public records, (for platted property only) Leases, grants, exceptions, or reservations of mineral or mineral rights, if any, appearing In the public records. Foreclosure Commitment (Residential and Commercial Land) 1, Ifrequested to issue a commitment for foreclosure purposes, you should use the Indiana Foreclosure Commitment form which contains preprinted procedural requirements, 2. Title must be searched from the date of recording of the most recent warranty deed (not a rerecorded deed) that is accompanied by a purchase money mortgage «given by the grantee to an institutional lender, 3. Search the owner for the requisite 10-year period for federal tax liens, state tax warrants, judgment liens, other liens, bankruptey and the Patriot Act. 4, Search the owner for 20 years for recorded federal non-tax liens and federal judgments. 5. Use generic exceptions. (See examples under Search Standards for unplatted land.) Commercial Search Standards for Platted and Unplatted Land 1. Conduct a Marketable Title Search. An abbreviated search should not be performed, and generic exceptions should not be used. 2. Conduct the requisite searches against the owners in the chain of title as, outlined in the previous sections. (10-year and 20-year searches) 3. Fumish copies of requirement and exception documents to the parties to the transaction.