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New Appraiser Lien Law

Discussion in 'Arkansas' started by Terrel L. Shields, Jul 21, 2009.

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  1. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    Top Poster Of the Month

    924
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    Arkansas has replaced the old lien law with a new one that covers more ground but will require a WRITTEN contract for services and will require the homeowner be made awares of the law with a disclaimer... Not a good thing. Will make it very difficult to collect - i am very disappointed.
     
    Last edited: Feb 27, 2010
  2. Mike Kennedy

    Mike Kennedy Elite Member

    452
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    "Will make it very difficult to collect"

    Pages 2 & 7. (edited to Appraiser relevant)

    Page 2

    10 18-44-105. ....Lien of .......,
    11 ........, appraiser, ........
    12 (a) Every .....
    13 appraiser, .............who shall do or
    14 perform any ......
    15 ........., appraisal, ..............
    ...........
    17 ., ........or by virtue of
    18 any contract or written agreement for the performance of the work with the
    19 owner thereof, or his or her agent, shall have a lien upon the land,
    20 building, erection, or improvement upon land to the extent of the agreed
    21 contract price or a reasonable price for those services.

    22 (b)(1) However, the lien does not attach to the land, building,
    23 erection, or improvement upon land unless and until the lien is duly filed of
    24 record with the circuit clerk and recorder in the county in which the land,
    25 building, erection, or improvement is located.

    Pg 7.
    1
    2 I UNDERSTAND THAT EACH ....... APPRAISER, ..........SUPPLYING SERVICES, ......IS ENTITLED
    5 TO A LIEN AGAINST THE PROPERTY IF NOT PAID IN FULL FOR THE SERVICES,

    8 .... I REALIZE THAT THIS LIEN CAN BE ENFORCED BY THE SALE OF THE
    9 PROPERTY IF NECESSARY.

    The above is a disappointing thing???
     
    Last edited: Jul 21, 2009
  3. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    Top Poster Of the Month

    924
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    Compared to the old law that didn't require that statement to be included in the engagement letter. Many lenders will balk at signing that. The old law did not require such a statement and did not require the pre-filing notices nor did it give them license to fine you $1000 if you screw up the filing.
     
  4. conwayblue

    conwayblue Sophomore Member

    1
    Nov 6, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Arkansas
    They should have just titled it "No liens for bank or lender related work". I've never met a bank or mortgage professional that would sign such a statement.
     
  5. Rice Brewer

    Rice Brewer Member

    0
    Dec 14, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Arkansas
    For all purposes, we have lost our lien law. No agent for an owner or mortgage "professional" would ever agree to sign such a document.
     
  6. EDWARD BERRY

    EDWARD BERRY Senior Member

    0
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    One Day I Had A Tire Fixed And Charged It.

    You Should See The Fine Print On The Back Of The Ticket. Real Lien Law.

    Appraisers Have No Voice In Anything But To Pay, Pay, And Pay To Play.


    Ed
     
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