WFG Wiki - User contributions [en]

WI Underwriting References

2018-06-21T20:49:53Z

Allandick: /* Tenancies */

==Agency==
===Powers of Attorney===
===Corporate Authority===
==Agreement for Deed==
==Agreement Not to Transfer or Encumber==
==Agreements==
==Agricultural Lands==
==Alien Land Ownership==
==Aliens Ineligible To Citizenship==
==Alteration of Instruments==
==Bankruptcy==
===State Specific===
===General===
==Cemeteries==
==Chattel and Crop Mortgages==
==Churches==
==Common Law Syndicates or Trusts==
==Community and Separate Real Property==
==Condominiums, Homeowners’ Associations and Common Interest Developments==
==Construction Liens==
==Contracts for Sale==
==Conveyances ==
==Corporations==
==Courts==
===Actions affecting Title===
===Due Process===
===Lis Pendens===
===Documenting the Record===
===Enforcement of Judgments===
===Servicemembers Civil Relief Act (Soldiers & Sailors)===
==Covenants, Conditions and Restrictions==
==Creditors’ Rights & Fraudulent Transfers==
==Deeds==
==Descriptions==
==Dissolution of Marriage==
==Easements==
==Eminent Domain==
==Entities==
==Escrows==
==Estates of Decedents==
==Federal Estate Tax==
==Federal Housing Administration Loans==
==Federal Land Bank Loans==
==Federal Tax Liens==
==Fissionable Materials Reservations==
==Flexible Purpose Corporations==
==Foreclosure Of Mortgages==
==Forfeiture==
==General Partnerships==
==Generally==
==Guardianship, Conservatorships and Other Protective Proceedings==
==Homestead ==
==Identity of Persons==
==Incompetents & Minors==
==Indian Titles==
==Judgments and Liens==
==Land Trust==
==Leases ==
==Letters of Indemnity Between Title Companies, Reliance on Mutual Indemnification Agreement==
==Life Estates==
===Creation & Recognition===
===Lady Bird Deeds===

==Maps==
==Marital Homestead in Probate Proceedings==
==Marital Property ==
==Marketable Record Title Act & Curative Acts==

==Mechanics Liens==

[http://constructionliens.uslegal.com/state-laws/wisconsin-construction-lien-law/ source]
===What is a construction or mechanic’s lien?===

Every State permits a person who supplies labor or materials for a construction project to claim a lien against the improved property. While some states differ in their definition of improvements and some states limit lien claims to buildings or structures, most permit the filing of a document with the local court that puts parties interested in the property on notice that the party asserting the lien has a claim. States differ widely in the method and time within which a party may act on their lien. Also varying widely are the requirements of written notices between property owners, contractors, subcontractors and laborers, and in some cases lending institutions. As a general rule, these statutes serve to prevent unpleasant surprises by compelling parties who wish to assert their legal rights to put all parties who might be interested in the property on notice of a claim or the possibility of a claim. This by no means constitutes a complete discussion of construction lien law and should not be interpreted as such. Parties seeking to know more about construction laws in their State should always consult their State statutes directly.

===Who can claim a lien in this State?===

Every person who performs any work or procures its performance or furnishes any labor or materials or plans or specifications for the improvement of land, and who complies with s. 779.02, shall have a lien therefor on all interests in the land belonging to its owners.

===How long does a party have to claim a lien?===

No lien shall exist and no action to enforce a lien shall be maintained unless within 6 months from the date the lien claimant furnished the last labor or materials a claim for the lien is filed in the office of the clerk of circuit court of the county in which the lands affected by the lien lie, and unless within 2 years from the date of filing a claim for lien an action is brought and summons and complaint filed.

===Does this State require or provide for a notice from subcontractors and laborers to property owners?===

Yes. No lien claim may be filed or action brought thereon unless, at least 30 days before timely filing of the lien claim, the lien claimant serves on the owner, personally or by registered mail with return receipt requested, a written notice of intent to file a lien claim. The notice is required to be given whether or not the claimant has been required to and has given a previous notice pursuant to s. 779.02. Such notice shall briefly describe the nature of the claim, its amount and the land and improvement to which it relates.

Every prime contractor who enters into a contract with the owner for a work of improvement on the owner’s land and who has contracted or will contract with any subcontractors or materialmen to provide labor or materials for the work of improvement shall include in any written contract with the owner the notice required by this paragraph, and shall provide the owner with a copy of the written contract. If no written contract for the work of improvement is entered into, the notice shall be prepared separately and served personally or by registered mail on the owner or authorized agent within 10 days after the first labor or materials are furnished for the improvement by or pursuant to the authority of the prime contractor. The notice warns of the lien rights of furishers of labor and materials.

Every person other than a prime contractor who furnishes labor or materials for an improvement shall have the lien and remedy under this subchapter only if within 60 days after furnishing the first labor or materials the person gives notice in writing, in 2 signed copies, to the owner either by personal service on the owner or authorized agent or by registered mail with return receipt requested to the owner or authorized agent at the last-known post-office address.

===Does this State require a notice prior to starting work, or after work has been completed?===

No. Wisconsin law does not provide for a notice of commencement or notice of completion as in some other States.

===Does this State permit a person with an interest in property to deny responsibility for improvements?===

No. Wisconsin law does not have a provision allowing a property owner to deny responsibility for improvements.

===Is a notice attesting to the satisfaction of a lien provided for or required?===

Every lien claimant, or the attorney who executed and filed a claim for lien on the claimant’s behalf, who has received satisfaction or tender of the claim with the costs of any action brought on the claim shall, at the request of any person interested in the premises affected and on payment of the costs of satisfying the same, execute and deliver the necessary satisfaction to the interested person. On filing the satisfaction with the clerk of circuit court, the clerk of circuit court shall enter satisfaction of the claim on the judgment and lien docket. Failure to execute and deliver the satisfaction or to satisfy the lien on the judgment and lien docket shall render the person so refusing liable to pay to the person requiring the satisfaction a sum equal to one-half of the sum claimed in the claim for lien.

[http://constructionliens.uslegal.com/state-laws/wisconsin-construction-lien-law/#sthash.kchPzGRP.dpuf See more at:]

[http://www.wbb-law.com/wp-content/uploads/2014/11/WI_Construction_Lien_Chart_Landscape.pdf Mechanics Lien Flow Chart]

==Minerals==
==Missing Persons==
==Mobile homes, Manufactured Homes And Commercial Coaches==
==Mortgages & Deeds of Trust==
==Notary & Acknowledgments==
==Plats & Subdivisions==
==Plats And Streets==
==Pre-U.S. Land Grants (British, Spanish, Mexican, French, Russian)==
==Probate & Estates==
==Public Lands==
==Restrictions And Reverters==
==Servicemembers Civil Relief Act==
==Special Risks/Ultra-Hazardous Risks==
==Spousal Interests==
===Divorce===
===Joinder Requirements===

==State and Local Transfer Taxes==
==State Law Reservations==
==Streets==
===Vesting===
===Usage Rights===
===Abandonment & Vacation===
==Surveys And Title Insurance==
==Tax Liens==
===Federal Income and Other Taxes===
===Federal Estate Tax===
===State Income Tax===
===Property Tax===
=== Other State and Local Taxes===
==Taxation And Tax Titles==
==Taxes And Assessments==
==Tenancies==
For married couples:
When title to property is vested in a married couple with no additional designation of tenancy, it is presumed to be as tenants in common, UNLESS the property is the married couple's homestead. If it is their homestead, the title, similar to Tenants by the Entirety, will pass to the last survivor without the need for probate.

==Trusts And Trustees==
==Truth-In-Lending==
==Unauthorized Practice of Law==
==Uniform Commercial Code (UCC)==
==Uniform Federal Lien Registration Act==
==Usury==
==Utilities==
==Water And Water Rights==
==Waters And Watercourses==
==Zoning==

MI Underwriting Summary

2018-01-17T02:27:44Z

Allandick:

==Search/Exam==
*Minimum Search Requirements -- No Statute. Marketable Title Act – 40 years
*Search Standards
*Plant or other search restrictions -- No

*Foreclosure Checklist --
WARNING – property tax issues -
*Survey Requirements -- No

==UPL==
Attorney involvement is not required for title searches or issuance of policies. However, an attorney must draft “non-form” instruments if the seller is unwilling to act as drafter.
==Vesting==

The following tenancy types are recognized:
* Individual
* Tenancy by the entireties
* Joint tenancy
* Joint tenancy with right of survivorship
* Tenancy in common (default)
* Life estate
* Enhanced life estate (Lady Bird).

Acceptable instruments for transferring ownership on real property: Warranty Deed (either General or Special) however other forms of deeds exist, such as: Covenant Deeds, Quit Claim Deeds, Trustee’s Deeds, Personal Representative Deeds. (Limited Warranty Deeds are prohibited by statute.)

==Witness Requirements==
No longer required.

==Property Tax ==

==Mortgage/Transfer Tax==
No Mortgage Tax. Deed transfer taxes are provided by statute and uniform across the state. The taxes are based upon the total value of the property being conveyed.
The rates are:

$7.50 per thousand for State; plus
$1.10 per thousand for County

==Spousal Joinder Requirements/Homestead==

The non-owning spouse must join in a mortgage other than a purchase money mortgage. The non-owning spouse is not required to join in a purchase money mortgage. A non-owning wife must sign on a deed to sell property to release her Dower interest, but a non-owning husband does not need to join in on a conveyance by the wife.

==Power Of Attorney==

==Construction Liens==

==Foreclosure Review==

==Instrument Requirements ==

==Who May Serve As Trustee On Deed Of Trust==
Mortgages only. Deeds of Trust may not be recognized.

==Time Limitations==
*US Judgment Liens -- 20 years
*State Court Judgment Liens --
*Federal Tax Liens -- 10 years (+ 30 days)
*State Tax Liens --
*Estate Tax Lien -- 10 years
*State Inheritance Tax Liens --
*Mechanics Liens --
*Financing Statements --
*Mortgages --
*HOA Liens --
*Condominium assessments --
*Child Support Liens --

==Odd Stuff==
*Usury coverage through an endorsement is available. The usury statute is MCL § 438.31 et sec.

MI Underwriting Summary

2018-01-17T02:25:38Z

Allandick:

==Search/Exam==
*Minimum Search Requirements -- No Statute. Marketable Title Act – 40 years
*Search Standards
*Plant or other search restrictions -- No

*Foreclosure Checklist --
WARNING – property tax issues -
*Survey Requirements -- No

==UPL==
Attorney involvement is not required for title searches or issuance of policies. However, an attorney must draft “non-form” instruments if the seller is unwilling to act as drafter.
==Vesting==

The following tenancy types are recognized:
Individual
Tenancy by the entireties
Joint tenancy
Joint tenancy with right of survivorship
Tenancy in common (default)
Life estate
Enhanced life estate (Lady Bird).

Acceptable instruments for transferring ownership on real property: Warranty Deed (either General or Special) however other forms of deeds exist, such as: Covenant Deeds, Quit Claim Deeds, Trustee’s Deeds, Personal Representative Deeds. (Limited Warranty Deeds are prohibited by statute.)

==Witness Requirements==
No longer required.

==Property Tax ==

==Mortgage/Transfer Tax==
No Mortgage Tax. Deed transfer taxes are provided by statute and uniform across the state. The taxes are based upon the total value of the property being conveyed.
The rates are:

$7.50 per thousand for State; plus
$1.10 per thousand for County

==Spousal Joinder Requirements/Homestead==

The non-owning spouse must join in a mortgage other than a purchase money mortgage. The non-owning spouse is not required to join in a purchase money mortgage. A non-owning wife must sign on a deed to sell property to release her Dower interest, but a non-owning husband does not need to join in on a conveyance by the wife.

==Power Of Attorney==

==Construction Liens==

==Foreclosure Review==

==Instrument Requirements ==

==Who May Serve As Trustee On Deed Of Trust==
Mortgages only. Deeds of Trust may not be recognized.

==Time Limitations==
*US Judgment Liens -- 20 years
*State Court Judgment Liens --
*Federal Tax Liens -- 10 years (+ 30 days)
*State Tax Liens --
*Estate Tax Lien -- 10 years
*State Inheritance Tax Liens --
*Mechanics Liens --
*Financing Statements --
*Mortgages --
*HOA Liens --
*Condominium assessments --
*Child Support Liens --

==Odd Stuff==
*Usury coverage through an endorsement is available. The usury statute is MCL § 438.31 et sec.

MI Underwriting Summary

2018-01-17T02:22:52Z

Allandick:

==Search/Exam==
*Minimum Search Requirements -- No Statute. Marketable Title Act – 40 years
*Search Standards
*Plant or other search restrictions -- No

*Foreclosure Checklist --
WARNING – property tax issues -
*Survey Requirements -- No

==UPL==
Attorney involvement is not required for title searches or issuance of policies. However, an attorney must draft “non-form” instruments if the seller is unwilling to act as drafter.
==Vesting==
==Witness Requirements==
No longer required.

==Property Tax ==

==Mortgage/Transfer Tax==
No Mortgage Tax. Deed transfer taxes are provided by statute and uniform across the state. The taxes are based upon the total value of the property being conveyed.
The rates are:

$7.50 per thousand for State; plus
$1.10 per thousand for County

==Spousal Joinder Requirements/Homestead==

The non-owning spouse must join in a mortgage other than a purchase money mortgage. The non-owning spouse is not required to join in a purchase money mortgage. A non-owning wife must sign on a deed to sell property to release her Dower interest, but a non-owning husband does not need to join in on a conveyance by the wife.

==Power Of Attorney==

==Construction Liens==

==Foreclosure Review==

==Instrument Requirements ==

==Who May Serve As Trustee On Deed Of Trust==
Mortgages only. Deeds of Trust may not be recognized.

==Time Limitations==
*US Judgment Liens -- 20 years
*State Court Judgment Liens --
*Federal Tax Liens -- 10 years (+ 30 days)
*State Tax Liens --
*Estate Tax Lien -- 10 years
*State Inheritance Tax Liens --
*Mechanics Liens --
*Financing Statements --
*Mortgages --
*HOA Liens --
*Condominium assessments --
*Child Support Liens --

==Odd Stuff==
*Usury coverage through an endorsement is available. The usury statute is MCL § 438.31 et sec.