https://uww.wfgnationaltitle.com/api.php?action=feedcontributions&feedformat=atom&user=Craigtrummel 2026-04-26T01:00:51Z User contributions MediaWiki 1.31.0 https://uww.wfgnationaltitle.com/index.php?title=UT_Underwriting_References&diff=6652 2023-05-09T22:25:04Z

<p>Craigtrummel: /* Community and Separate Real Property */</p> <hr /> <div>==Agency==<br /> ===Powers of Attorney===<br /> ===Corporate Authority===<br /> ==Agreement for Deed==<br /> ==Agreement Not to Transfer or Encumber==<br /> ==Agreements==<br /> ==Agricultural Lands==<br /> ==Alien Land Ownership==<br /> ==Aliens Ineligible To Citizenship==<br /> ==Alteration of Instruments==<br /> ==Bankruptcy==<br /> ===State Specific===<br /> ===General===<br /> ==Cemeteries==<br /> ==Chattel and Crop Mortgages==<br /> ==Churches==<br /> ==Common Law Syndicates or Trusts==<br /> ==Community and Separate Real Property==<br /> Utah is not a community property state<br /> <br /> ==Condominiums, Homeowners’ Associations and Common Interest Developments==<br /> ==Construction Liens==<br /> ==Contracts for Sale==<br /> ==Conveyances ==<br /> ==Corporations==<br /> ==Courts==<br /> ===Actions affecting Title===<br /> ===Due Process===<br /> ===Lis Pendens===<br /> ===Documenting the Record===<br /> ===Enforcement of Judgments===<br /> ===Servicemembers Civil Relief Act (Soldiers &amp; Sailors)===<br /> ==Covenants, Conditions and Restrictions==<br /> ==Creditors’ Rights &amp; Fraudulent Transfers==<br /> ==Deeds==<br /> ==Descriptions==<br /> ==Dissolution of Marriage==<br /> ==Easements==<br /> ==Eminent Domain==<br /> ==Entities==<br /> ==Escrows==<br /> ==Estates of Decedents==<br /> ==Federal Estate Tax==<br /> ==Federal Housing Administration Loans==<br /> ==Federal Land Bank Loans==<br /> ==Federal Tax Liens==<br /> ==Fissionable Materials Reservations==<br /> ==Flexible Purpose Corporations==<br /> ==Foreclosure Of Mortgages==<br /> ==Forfeiture==<br /> ==General Partnerships==<br /> ==Generally==<br /> ==Guardianship, Conservatorships and Other Protective Proceedings==<br /> ==Homestead ==<br /> ==Identity of Persons==<br /> ==Incompetents &amp; Minors==<br /> ==Indian Titles==<br /> ==Judgments and Liens==<br /> <br /> The Utah Supreme Court case that affirms a Purchase Money Deed of Trust has priority over prior judgments affecting a Buyer is Nelson v. Stoker, 1983. Below is a link to that decision.<br /> <br /> https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwiY26Hemen-AhU-JkQIHeVMBX0QFnoECA4QAQ&amp;url=https%3A%2F%2Flaw.justia.com%2Fcases%2Futah%2Fsupreme-court%2F1983%2F18244-0.html&amp;usg=AOvVaw0CsnwYULsHsTQ7K6exDemd <br /> <br /> Based on this Utah Supreme Court decision, the prior judgment, even a child support judgment is junior to the purchase money Deed of Trust. For title insurance purposes, I recommend the agent show the judgments of record in Schedule B, Part ll of the proposed Lender’s policy.<br /> <br /> ==Land Trust==<br /> ==Leases ==<br /> ==Letters of Indemnity Between Title Companies, Reliance on Mutual Indemnification Agreement==<br /> ==Life Estates==<br /> ===Creation &amp; Recognition===<br /> ===Lady Bird Deeds===<br /> <br /> <br /> ==Maps==<br /> ==Marital Homestead in Probate Proceedings==<br /> ==Marital Property ==<br /> ==Marketable Record Title Act &amp; Curative Acts==<br /> ==Minerals==<br /> ==Missing Persons==<br /> ==Mobile homes, Manufactured Homes And Commercial Coaches==<br /> ==Mortgages &amp; Deeds of Trust==<br /> <br /> The Utah Supreme Court case that affirms a Purchase Money Deed of Trust has priority over prior judgments affecting a Buyer is Nelson v. Stoker, 1983. Below is a link to that decision.<br /> <br /> https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwiY26Hemen-AhU-JkQIHeVMBX0QFnoECA4QAQ&amp;url=https%3A%2F%2Flaw.justia.com%2Fcases%2Futah%2Fsupreme-court%2F1983%2F18244-0.html&amp;usg=AOvVaw0CsnwYULsHsTQ7K6exDemd <br /> <br /> Based on this Utah Supreme Court decision, the prior judgment, even a child support judgment is junior to the purchase money Deed of Trust. For title insurance purposes, I recommend the agent show the judgments of record in Schedule B, Part ll of the proposed Lender’s policy.<br /> <br /> ==Notary &amp; Acknowledgments==<br /> ==Plats &amp; Subdivisions==<br /> ==Plats And Streets==<br /> ==Pre-U.S. Land Grants (British, Spanish, Mexican, French, Russian)==<br /> ==Probate &amp; Estates==<br /> ==Public Lands==<br /> ==Restrictions And Reverters==<br /> ==Servicemembers Civil Relief Act==<br /> ==Special Risks/Ultra-Hazardous Risks==<br /> ==Spousal Interests==<br /> ===Divorce===<br /> ===Joinder Requirements===<br /> <br /> ==State and Local Transfer Taxes==<br /> ==State Law Reservations==<br /> ==Streets==<br /> ===Vesting===<br /> ===Usage Rights===<br /> ===Abandonment &amp; Vacation===<br /> ==Surveys And Title Insurance==<br /> ==Tax Liens==<br /> ===Federal Income and Other Taxes===<br /> ===Federal Estate Tax===<br /> ===State Income Tax===<br /> ===Property Tax===<br /> === Other State and Local Taxes===<br /> ==Taxation And Tax Titles==<br /> ==Taxes And Assessments==<br /> ==Tenancies==<br /> ==Trusts And Trustees==<br /> ==Truth-In-Lending==<br /> ==Unauthorized Practice of Law==<br /> ==Uniform Commercial Code (UCC)==<br /> ==Uniform Federal Lien Registration Act==<br /> ==Usury==<br /> ==Utilities==<br /> ==Water And Water Rights==<br /> ==Waters And Watercourses==<br /> ==Zoning==</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=UT_Underwriting_References&diff=6651 2023-05-09T22:23:27Z

<p>Craigtrummel: /* Mortgages &amp; Deeds of Trust */</p> <hr /> <div>==Agency==<br /> ===Powers of Attorney===<br /> ===Corporate Authority===<br /> ==Agreement for Deed==<br /> ==Agreement Not to Transfer or Encumber==<br /> ==Agreements==<br /> ==Agricultural Lands==<br /> ==Alien Land Ownership==<br /> ==Aliens Ineligible To Citizenship==<br /> ==Alteration of Instruments==<br /> ==Bankruptcy==<br /> ===State Specific===<br /> ===General===<br /> ==Cemeteries==<br /> ==Chattel and Crop Mortgages==<br /> ==Churches==<br /> ==Common Law Syndicates or Trusts==<br /> ==Community and Separate Real Property==<br /> ==Condominiums, Homeowners’ Associations and Common Interest Developments==<br /> ==Construction Liens==<br /> ==Contracts for Sale==<br /> ==Conveyances ==<br /> ==Corporations==<br /> ==Courts==<br /> ===Actions affecting Title===<br /> ===Due Process===<br /> ===Lis Pendens===<br /> ===Documenting the Record===<br /> ===Enforcement of Judgments===<br /> ===Servicemembers Civil Relief Act (Soldiers &amp; Sailors)===<br /> ==Covenants, Conditions and Restrictions==<br /> ==Creditors’ Rights &amp; Fraudulent Transfers==<br /> ==Deeds==<br /> ==Descriptions==<br /> ==Dissolution of Marriage==<br /> ==Easements==<br /> ==Eminent Domain==<br /> ==Entities==<br /> ==Escrows==<br /> ==Estates of Decedents==<br /> ==Federal Estate Tax==<br /> ==Federal Housing Administration Loans==<br /> ==Federal Land Bank Loans==<br /> ==Federal Tax Liens==<br /> ==Fissionable Materials Reservations==<br /> ==Flexible Purpose Corporations==<br /> ==Foreclosure Of Mortgages==<br /> ==Forfeiture==<br /> ==General Partnerships==<br /> ==Generally==<br /> ==Guardianship, Conservatorships and Other Protective Proceedings==<br /> ==Homestead ==<br /> ==Identity of Persons==<br /> ==Incompetents &amp; Minors==<br /> ==Indian Titles==<br /> ==Judgments and Liens==<br /> <br /> The Utah Supreme Court case that affirms a Purchase Money Deed of Trust has priority over prior judgments affecting a Buyer is Nelson v. Stoker, 1983. Below is a link to that decision.<br /> <br /> https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwiY26Hemen-AhU-JkQIHeVMBX0QFnoECA4QAQ&amp;url=https%3A%2F%2Flaw.justia.com%2Fcases%2Futah%2Fsupreme-court%2F1983%2F18244-0.html&amp;usg=AOvVaw0CsnwYULsHsTQ7K6exDemd <br /> <br /> Based on this Utah Supreme Court decision, the prior judgment, even a child support judgment is junior to the purchase money Deed of Trust. For title insurance purposes, I recommend the agent show the judgments of record in Schedule B, Part ll of the proposed Lender’s policy.<br /> <br /> ==Land Trust==<br /> ==Leases ==<br /> ==Letters of Indemnity Between Title Companies, Reliance on Mutual Indemnification Agreement==<br /> ==Life Estates==<br /> ===Creation &amp; Recognition===<br /> ===Lady Bird Deeds===<br /> <br /> <br /> ==Maps==<br /> ==Marital Homestead in Probate Proceedings==<br /> ==Marital Property ==<br /> ==Marketable Record Title Act &amp; Curative Acts==<br /> ==Minerals==<br /> ==Missing Persons==<br /> ==Mobile homes, Manufactured Homes And Commercial Coaches==<br /> ==Mortgages &amp; Deeds of Trust==<br /> <br /> The Utah Supreme Court case that affirms a Purchase Money Deed of Trust has priority over prior judgments affecting a Buyer is Nelson v. Stoker, 1983. Below is a link to that decision.<br /> <br /> https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwiY26Hemen-AhU-JkQIHeVMBX0QFnoECA4QAQ&amp;url=https%3A%2F%2Flaw.justia.com%2Fcases%2Futah%2Fsupreme-court%2F1983%2F18244-0.html&amp;usg=AOvVaw0CsnwYULsHsTQ7K6exDemd <br /> <br /> Based on this Utah Supreme Court decision, the prior judgment, even a child support judgment is junior to the purchase money Deed of Trust. For title insurance purposes, I recommend the agent show the judgments of record in Schedule B, Part ll of the proposed Lender’s policy.<br /> <br /> ==Notary &amp; Acknowledgments==<br /> ==Plats &amp; Subdivisions==<br /> ==Plats And Streets==<br /> ==Pre-U.S. Land Grants (British, Spanish, Mexican, French, Russian)==<br /> ==Probate &amp; Estates==<br /> ==Public Lands==<br /> ==Restrictions And Reverters==<br /> ==Servicemembers Civil Relief Act==<br /> ==Special Risks/Ultra-Hazardous Risks==<br /> ==Spousal Interests==<br /> ===Divorce===<br /> ===Joinder Requirements===<br /> <br /> ==State and Local Transfer Taxes==<br /> ==State Law Reservations==<br /> ==Streets==<br /> ===Vesting===<br /> ===Usage Rights===<br /> ===Abandonment &amp; Vacation===<br /> ==Surveys And Title Insurance==<br /> ==Tax Liens==<br /> ===Federal Income and Other Taxes===<br /> ===Federal Estate Tax===<br /> ===State Income Tax===<br /> ===Property Tax===<br /> === Other State and Local Taxes===<br /> ==Taxation And Tax Titles==<br /> ==Taxes And Assessments==<br /> ==Tenancies==<br /> ==Trusts And Trustees==<br /> ==Truth-In-Lending==<br /> ==Unauthorized Practice of Law==<br /> ==Uniform Commercial Code (UCC)==<br /> ==Uniform Federal Lien Registration Act==<br /> ==Usury==<br /> ==Utilities==<br /> ==Water And Water Rights==<br /> ==Waters And Watercourses==<br /> ==Zoning==</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=UT_Underwriting_References&diff=6650 2023-05-09T22:21:22Z

<p>Craigtrummel: /* Judgments and Liens */</p> <hr /> <div>==Agency==<br /> ===Powers of Attorney===<br /> ===Corporate Authority===<br /> ==Agreement for Deed==<br /> ==Agreement Not to Transfer or Encumber==<br /> ==Agreements==<br /> ==Agricultural Lands==<br /> ==Alien Land Ownership==<br /> ==Aliens Ineligible To Citizenship==<br /> ==Alteration of Instruments==<br /> ==Bankruptcy==<br /> ===State Specific===<br /> ===General===<br /> ==Cemeteries==<br /> ==Chattel and Crop Mortgages==<br /> ==Churches==<br /> ==Common Law Syndicates or Trusts==<br /> ==Community and Separate Real Property==<br /> ==Condominiums, Homeowners’ Associations and Common Interest Developments==<br /> ==Construction Liens==<br /> ==Contracts for Sale==<br /> ==Conveyances ==<br /> ==Corporations==<br /> ==Courts==<br /> ===Actions affecting Title===<br /> ===Due Process===<br /> ===Lis Pendens===<br /> ===Documenting the Record===<br /> ===Enforcement of Judgments===<br /> ===Servicemembers Civil Relief Act (Soldiers &amp; Sailors)===<br /> ==Covenants, Conditions and Restrictions==<br /> ==Creditors’ Rights &amp; Fraudulent Transfers==<br /> ==Deeds==<br /> ==Descriptions==<br /> ==Dissolution of Marriage==<br /> ==Easements==<br /> ==Eminent Domain==<br /> ==Entities==<br /> ==Escrows==<br /> ==Estates of Decedents==<br /> ==Federal Estate Tax==<br /> ==Federal Housing Administration Loans==<br /> ==Federal Land Bank Loans==<br /> ==Federal Tax Liens==<br /> ==Fissionable Materials Reservations==<br /> ==Flexible Purpose Corporations==<br /> ==Foreclosure Of Mortgages==<br /> ==Forfeiture==<br /> ==General Partnerships==<br /> ==Generally==<br /> ==Guardianship, Conservatorships and Other Protective Proceedings==<br /> ==Homestead ==<br /> ==Identity of Persons==<br /> ==Incompetents &amp; Minors==<br /> ==Indian Titles==<br /> ==Judgments and Liens==<br /> <br /> The Utah Supreme Court case that affirms a Purchase Money Deed of Trust has priority over prior judgments affecting a Buyer is Nelson v. Stoker, 1983. Below is a link to that decision.<br /> <br /> https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwiY26Hemen-AhU-JkQIHeVMBX0QFnoECA4QAQ&amp;url=https%3A%2F%2Flaw.justia.com%2Fcases%2Futah%2Fsupreme-court%2F1983%2F18244-0.html&amp;usg=AOvVaw0CsnwYULsHsTQ7K6exDemd <br /> <br /> Based on this Utah Supreme Court decision, the prior judgment, even a child support judgment is junior to the purchase money Deed of Trust. For title insurance purposes, I recommend the agent show the judgments of record in Schedule B, Part ll of the proposed Lender’s policy.<br /> <br /> ==Land Trust==<br /> ==Leases ==<br /> ==Letters of Indemnity Between Title Companies, Reliance on Mutual Indemnification Agreement==<br /> ==Life Estates==<br /> ===Creation &amp; Recognition===<br /> ===Lady Bird Deeds===<br /> <br /> <br /> ==Maps==<br /> ==Marital Homestead in Probate Proceedings==<br /> ==Marital Property ==<br /> ==Marketable Record Title Act &amp; Curative Acts==<br /> ==Minerals==<br /> ==Missing Persons==<br /> ==Mobile homes, Manufactured Homes And Commercial Coaches==<br /> ==Mortgages &amp; Deeds of Trust==<br /> ==Notary &amp; Acknowledgments==<br /> ==Plats &amp; Subdivisions==<br /> ==Plats And Streets==<br /> ==Pre-U.S. Land Grants (British, Spanish, Mexican, French, Russian)==<br /> ==Probate &amp; Estates==<br /> ==Public Lands==<br /> ==Restrictions And Reverters==<br /> ==Servicemembers Civil Relief Act==<br /> ==Special Risks/Ultra-Hazardous Risks==<br /> ==Spousal Interests==<br /> ===Divorce===<br /> ===Joinder Requirements===<br /> <br /> ==State and Local Transfer Taxes==<br /> ==State Law Reservations==<br /> ==Streets==<br /> ===Vesting===<br /> ===Usage Rights===<br /> ===Abandonment &amp; Vacation===<br /> ==Surveys And Title Insurance==<br /> ==Tax Liens==<br /> ===Federal Income and Other Taxes===<br /> ===Federal Estate Tax===<br /> ===State Income Tax===<br /> ===Property Tax===<br /> === Other State and Local Taxes===<br /> ==Taxation And Tax Titles==<br /> ==Taxes And Assessments==<br /> ==Tenancies==<br /> ==Trusts And Trustees==<br /> ==Truth-In-Lending==<br /> ==Unauthorized Practice of Law==<br /> ==Uniform Commercial Code (UCC)==<br /> ==Uniform Federal Lien Registration Act==<br /> ==Usury==<br /> ==Utilities==<br /> ==Water And Water Rights==<br /> ==Waters And Watercourses==<br /> ==Zoning==</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=WY_Underwriting_References&diff=6366 2022-01-21T00:36:45Z

<p>Craigtrummel: /* Foreclosure Of Mortgages */</p> <hr /> <div>==Agency==<br /> ===Powers of Attorney===<br /> ===Corporate Authority===<br /> ==Agreement for Deed==<br /> ==Agreement Not to Transfer or Encumber==<br /> ==Agreements==<br /> ==Agricultural Lands==<br /> ==Alien Land Ownership==<br /> ==Aliens Ineligible To Citizenship==<br /> ==Alteration of Instruments==<br /> ==Bankruptcy==<br /> ===State Specific===<br /> ===General===<br /> ==Cemeteries==<br /> ==Chattel and Crop Mortgages==<br /> ==Churches==<br /> ==Common Law Syndicates or Trusts==<br /> ==Community and Separate Real Property==<br /> ==Condominiums, Homeowners’ Associations and Common Interest Developments==<br /> ==Construction Liens==<br /> ==Contracts for Sale==<br /> ==Conveyances ==<br /> ==Corporations==<br /> ==Courts==<br /> ===Actions affecting Title===<br /> ===Due Process===<br /> ===Lis Pendens===<br /> ===Documenting the Record===<br /> ===Enforcement of Judgments===<br /> ===Servicemembers Civil Relief Act (Soldiers &amp; Sailors)===<br /> ==Covenants, Conditions and Restrictions==<br /> ==Creditors’ Rights &amp; Fraudulent Transfers==<br /> ==Deeds==<br /> ==Descriptions==<br /> ==Dissolution of Marriage==<br /> ==Easements==<br /> ==Eminent Domain==<br /> ==Entities==<br /> ==Escrows==<br /> ==Estates of Decedents==<br /> ==Federal Estate Tax==<br /> ==Federal Housing Administration Loans==<br /> ==Federal Land Bank Loans==<br /> ==Federal Tax Liens==<br /> ==Fissionable Materials Reservations==<br /> ==Flexible Purpose Corporations==<br /> ==Foreclosure Of Mortgages==<br /> Insuring title after WY Non-Judicial Foreclosure (AKA Advertisement and Sale)<br /> Confirm the following:&lt;br&gt;<br /> <br /> 1. Mortgage with power of sale clause was properly executed, properly notarized*, and legal description is correct&lt;br&gt;<br /> <br /> a. Deeds of Trust may be used in WY, but in practice use is rare due to lack of reconveyance understanding&lt;br&gt;<br /> <br /> 2. All liens in existence at time of sale and their respective priority to each other;&lt;br&gt;<br /> <br /> a. Watch for priority agreements, subordinations, statutory priority&lt;br&gt;<br /> <br /> b. All junior liens receive notice of sale&lt;br&gt;<br /> <br /> c. NOTE junior liens, with notice, are wiped out upon issuance of Sheriff’s Deed&lt;br&gt;<br /> <br /> d. borrower has 3 months to redeem, noticed junior lien holders have 30 days<br /> <br /> 3. Recording number of DT in foreclosure documents are correct&lt;br&gt;<br /> <br /> 4. Affidavit of Compliance states the following:&lt;br&gt;<br /> <br /> a. Notice of Intent to Foreclose was served at least 10 days prior to first publication of Notice of Sale; &lt;br&gt;<br /> <br /> b. Service on debtor is indicated to be by certified mail with receipt signed by debtor; AND&lt;br&gt;<br /> <br /> c. Junior lienholders received Notice of Sale by certified mail and return receipt.&lt;br&gt;<br /> <br /> 5. Notice of Sale published in 4 consecutive weeks and not more than 20 days elapse from last date of publication&lt;br&gt;<br /> <br /> 6. If Notice of Federal Tax Lien is of record at least 30 days prior to sale date, that notice was sent to IRS office** at least 25 days prior to sale;&lt;br&gt;<br /> <br /> a. Review Affidavit for compliance;&lt;br&gt;<br /> <br /> 7. Sale date is between 10:00 am and 5:00 pm, any day of the week&lt;br&gt;<br /> <br /> 8. Postponement notice is published twice in consecutive weeks&lt;br&gt;<br /> <br /> If any of the above are not adhered to, do not issue Commitment without UW approval. Additionally, do not issue Commitment without UW approval if:&lt;br&gt;<br /> <br /> a) Lack of Power of Sale Clause&lt;br&gt;<br /> <br /> b) Junior lienholder was omitted&lt;br&gt;<br /> <br /> c) Lien being foreclosed was HOA/Condo assessment lien&lt;br&gt;<br /> <br /> d) Lien being foreclosed may not have first lien priority, see item 2 above&lt;br&gt;<br /> <br /> e) Borrower(s) deceased at time of default&lt;br&gt;<br /> <br /> f) Notice of Federal Tax Lien on title&lt;br&gt;<br /> <br /> g) Notary was a remote online notary licensed in Virginia&lt;br&gt;<br /> <br /> h) Borrower filed Bankruptcy case and case was pending before and/or during the trustee sale process&lt;br&gt;<br /> <br /> i) Foreclosure occurred during CARES Act moratorium (3/18/2020 – 7/31/2021)&lt;br&gt;<br /> <br /> j) Sheriff deed not issued<br /> <br /> &lt;*&gt; Follows WFG guidelines on notarization, including RON protocols and international notarization &lt;br&gt;<br /> <br /> &lt;**&gt;IRS foreclosure notice address for Washington is Internal Revenue Service Collection Advisory Group Manager, 915 2nd Ave, MS W245, Seattle, WA 98174 206.946.3080 (ph) 877.477.9227 (fax).<br /> <br /> ==Forfeiture==<br /> ==General Partnerships==<br /> ==Generally==<br /> ==Guardianship, Conservatorships and Other Protective Proceedings==<br /> ==Homestead ==<br /> ==Identity of Persons==<br /> ==Incompetents &amp; Minors==<br /> ==Indian Titles==<br /> ==Judgments and Liens==<br /> ==Land Trust==<br /> ==Leases ==<br /> ==Letters of Indemnity Between Title Companies, Reliance on Mutual Indemnification Agreement==<br /> ==Life Estates==<br /> ===Creation &amp; Recognition===<br /> ===Lady Bird Deeds===<br /> <br /> <br /> ==Maps==<br /> ==Marital Homestead in Probate Proceedings==<br /> ==Marital Property ==<br /> ==Marketable Record Title Act &amp; Curative Acts==<br /> ==Minerals==<br /> ==Missing Persons==<br /> ==Mobile homes, Manufactured Homes And Commercial Coaches==<br /> ==Mortgages &amp; Deeds of Trust==<br /> ==Notary &amp; Acknowledgments==<br /> ==Plats &amp; Subdivisions==<br /> ==Plats And Streets==<br /> ==Pre-U.S. Land Grants (British, Spanish, Mexican, French, Russian)==<br /> ==Probate &amp; Estates==<br /> ==Public Lands==<br /> ==Restrictions And Reverters==<br /> ==Servicemembers Civil Relief Act==<br /> ==Special Risks/Ultra-Hazardous Risks==<br /> ==Spousal Interests==<br /> ===Divorce===<br /> ===Joinder Requirements===<br /> <br /> ==State and Local Transfer Taxes==<br /> ==State Law Reservations==<br /> ==Streets==<br /> ===Vesting===<br /> ===Usage Rights===<br /> ===Abandonment &amp; Vacation===<br /> ==Surveys And Title Insurance==<br /> ==Tax Liens==<br /> ===Federal Income and Other Taxes===<br /> ===Federal Estate Tax===<br /> ===State Income Tax===<br /> ===Property Tax===<br /> === Other State and Local Taxes===<br /> ==Taxation And Tax Titles==<br /> ==Taxes And Assessments==<br /> ==Tenancies==<br /> ==Trusts And Trustees==<br /> ==Truth-In-Lending==<br /> ==Unauthorized Practice of Law==<br /> ==Uniform Commercial Code (UCC)==<br /> ==Uniform Federal Lien Registration Act==<br /> ==Usury==<br /> ==Utilities==<br /> ==Water And Water Rights==<br /> ==Waters And Watercourses==<br /> ==Zoning==</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=WY_Underwriting_References&diff=6365 2022-01-21T00:28:52Z

<p>Craigtrummel: /* Foreclosure Of Mortgages */</p> <hr /> <div>==Agency==<br /> ===Powers of Attorney===<br /> ===Corporate Authority===<br /> ==Agreement for Deed==<br /> ==Agreement Not to Transfer or Encumber==<br /> ==Agreements==<br /> ==Agricultural Lands==<br /> ==Alien Land Ownership==<br /> ==Aliens Ineligible To Citizenship==<br /> ==Alteration of Instruments==<br /> ==Bankruptcy==<br /> ===State Specific===<br /> ===General===<br /> ==Cemeteries==<br /> ==Chattel and Crop Mortgages==<br /> ==Churches==<br /> ==Common Law Syndicates or Trusts==<br /> ==Community and Separate Real Property==<br /> ==Condominiums, Homeowners’ Associations and Common Interest Developments==<br /> ==Construction Liens==<br /> ==Contracts for Sale==<br /> ==Conveyances ==<br /> ==Corporations==<br /> ==Courts==<br /> ===Actions affecting Title===<br /> ===Due Process===<br /> ===Lis Pendens===<br /> ===Documenting the Record===<br /> ===Enforcement of Judgments===<br /> ===Servicemembers Civil Relief Act (Soldiers &amp; Sailors)===<br /> ==Covenants, Conditions and Restrictions==<br /> ==Creditors’ Rights &amp; Fraudulent Transfers==<br /> ==Deeds==<br /> ==Descriptions==<br /> ==Dissolution of Marriage==<br /> ==Easements==<br /> ==Eminent Domain==<br /> ==Entities==<br /> ==Escrows==<br /> ==Estates of Decedents==<br /> ==Federal Estate Tax==<br /> ==Federal Housing Administration Loans==<br /> ==Federal Land Bank Loans==<br /> ==Federal Tax Liens==<br /> ==Fissionable Materials Reservations==<br /> ==Flexible Purpose Corporations==<br /> ==Foreclosure Of Mortgages==<br /> Insuring title after WY Non-Judicial Foreclosure (AKA Advertisement and Sale)<br /> Confirm the following:&lt;br&gt;<br /> <br /> 1. Mortgage with power of sale clause was properly executed, properly notarized*, and legal description is correct&lt;br&gt;<br /> <br /> a. Deeds of Trust may be used in WY, but in practice use is rare due to lack of reconveyance understanding&lt;br&gt;<br /> <br /> 2. All liens in existence at time of sale and their respective priority to each other;&lt;br&gt;<br /> <br /> a. Watch for priority agreements, subordinations, statutory priority&lt;br&gt;<br /> <br /> b. All junior liens receive notice of sale&lt;br&gt;<br /> <br /> c. NOTE junior liens, with notice, are wiped out upon issuance of Sheriff’s Deed&lt;br&gt;<br /> <br /> 3. Recording number of DT in foreclosure documents are correct&lt;br&gt;<br /> <br /> 4. Affidavit of Compliance states the following:&lt;br&gt;<br /> <br /> a. Notice of Intent to Foreclose was served at least 10 days prior to first publication of Notice of Sale; &lt;br&gt;<br /> <br /> b. Service on debtor is indicated to be by certified mail with receipt signed by debtor; AND&lt;br&gt;<br /> <br /> c. Junior lienholders received Notice of Sale by certified mail and return receipt.&lt;br&gt;<br /> <br /> 5. Notice of Sale published in 4 consecutive weeks and not more than 20 days elapse from last date of publication&lt;br&gt;<br /> <br /> 6. If Notice of Federal Tax Lien is of record at least 30 days prior to sale date, that notice was sent to IRS office** at least 25 days prior to sale;&lt;br&gt;<br /> <br /> a. Review Affidavit for compliance;&lt;br&gt;<br /> <br /> 7. Sale date is between 10:00 am and 5:00 pm, any day of the week&lt;br&gt;<br /> <br /> 8. Postponement notice is published twice in consecutive weeks&lt;br&gt;<br /> <br /> If any of the above are not adhered to, do not issue Commitment without UW approval. Additionally, do not issue Commitment without UW approval if:&lt;br&gt;<br /> <br /> a) Lack of Power of Sale Clause&lt;br&gt;<br /> <br /> b) Junior lienholder was omitted&lt;br&gt;<br /> <br /> c) Lien being foreclosed was HOA/Condo assessment lien&lt;br&gt;<br /> <br /> d) Lien being foreclosed may not have first lien priority, see item 2 above&lt;br&gt;<br /> <br /> e) Borrower(s) deceased at time of default&lt;br&gt;<br /> <br /> f) Notice of Federal Tax Lien on title&lt;br&gt;<br /> <br /> g) Notary was a remote online notary licensed in Virginia&lt;br&gt;<br /> <br /> h) Borrower filed Bankruptcy case and case was pending before and/or during the trustee sale process&lt;br&gt;<br /> <br /> i) Foreclosure occurred during CARES Act moratorium (3/18/2020 – 7/31/2021)&lt;br&gt;<br /> <br /> <br /> &lt;*&gt; Follows WFG guidelines on notarization, including RON protocols and international notarization &lt;br&gt;<br /> <br /> &lt;**&gt;IRS foreclosure notice address for Washington is Internal Revenue Service Collection Advisory Group Manager, 915 2nd Ave, MS W245, Seattle, WA 98174 206.946.3080 (ph) 877.477.9227 (fax).<br /> <br /> ==Forfeiture==<br /> ==General Partnerships==<br /> ==Generally==<br /> ==Guardianship, Conservatorships and Other Protective Proceedings==<br /> ==Homestead ==<br /> ==Identity of Persons==<br /> ==Incompetents &amp; Minors==<br /> ==Indian Titles==<br /> ==Judgments and Liens==<br /> ==Land Trust==<br /> ==Leases ==<br /> ==Letters of Indemnity Between Title Companies, Reliance on Mutual Indemnification Agreement==<br /> ==Life Estates==<br /> ===Creation &amp; Recognition===<br /> ===Lady Bird Deeds===<br /> <br /> <br /> ==Maps==<br /> ==Marital Homestead in Probate Proceedings==<br /> ==Marital Property ==<br /> ==Marketable Record Title Act &amp; Curative Acts==<br /> ==Minerals==<br /> ==Missing Persons==<br /> ==Mobile homes, Manufactured Homes And Commercial Coaches==<br /> ==Mortgages &amp; Deeds of Trust==<br /> ==Notary &amp; Acknowledgments==<br /> ==Plats &amp; Subdivisions==<br /> ==Plats And Streets==<br /> ==Pre-U.S. Land Grants (British, Spanish, Mexican, French, Russian)==<br /> ==Probate &amp; Estates==<br /> ==Public Lands==<br /> ==Restrictions And Reverters==<br /> ==Servicemembers Civil Relief Act==<br /> ==Special Risks/Ultra-Hazardous Risks==<br /> ==Spousal Interests==<br /> ===Divorce===<br /> ===Joinder Requirements===<br /> <br /> ==State and Local Transfer Taxes==<br /> ==State Law Reservations==<br /> ==Streets==<br /> ===Vesting===<br /> ===Usage Rights===<br /> ===Abandonment &amp; Vacation===<br /> ==Surveys And Title Insurance==<br /> ==Tax Liens==<br /> ===Federal Income and Other Taxes===<br /> ===Federal Estate Tax===<br /> ===State Income Tax===<br /> ===Property Tax===<br /> === Other State and Local Taxes===<br /> ==Taxation And Tax Titles==<br /> ==Taxes And Assessments==<br /> ==Tenancies==<br /> ==Trusts And Trustees==<br /> ==Truth-In-Lending==<br /> ==Unauthorized Practice of Law==<br /> ==Uniform Commercial Code (UCC)==<br /> ==Uniform Federal Lien Registration Act==<br /> ==Usury==<br /> ==Utilities==<br /> ==Water And Water Rights==<br /> ==Waters And Watercourses==<br /> ==Zoning==</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=Non-Judicial_Foreclosures_in_Washington&diff=6364 2022-01-19T17:48:05Z

<p>Craigtrummel: </p> <hr /> <div>Insuring title after WA Non-Judicial Foreclosure (AKA Trustee Sale)<br /> Confirm the following:&lt;br&gt;<br /> <br /> 1. DT was properly executed, properly notarized*, and legal description is correct&lt;br&gt;<br /> <br /> 2. All liens in existence at time of sale and their respective priority to each other&lt;br&gt;<br /> <br /> a. NOTE junior liens are wiped out upon completion of trustee sale<br /> b. Watch for priority agreements, subordinations, statutory priority&lt;br&gt;<br /> <br /> 3. Foreclosing Trustee was appointed pursuant to recorded Substitution of Trustee; if MERS is executing documents, MERS rider attached to DT&lt;br&gt;<br /> <br /> 4. Recording number of DT in trustee sale documents is correct&lt;br&gt;<br /> <br /> 5. Notice of Sale (NOS) is recorded at least 120 days prior to Trustee Sale date if Residential 1-4 family; 90 days if commercial or seller financed&lt;br&gt;<br /> <br /> 6. Publication of Notice of Sale in appropriate newspaper 28 to 35 days prior to sale and again 7 to 14 days prior to sale&lt;br&gt;<br /> <br /> 7. If Notice of Federal Tax Lien is of record at least 30 days prior to sale date, that notice was sent to IRS office** at least 25 days prior to sale (obtain proof from trustee);<br /> a. Be sure to run date down and make sure addressing plant date time lag&lt;br&gt;<br /> <br /> 8. Sale date is at least 190 days after declared date of default&lt;br&gt;<br /> <br /> 9. Sale date is on a Friday between 9:00 am and 4:00 p, unless Friday was legal holiday and then Monday&lt;br&gt;<br /> <br /> 10. Trustee Deed recorded 15 days after sale&lt;br&gt;<br /> <br /> 11. Postponements, if any, do not exceed 120 days from original date of sale and new NOS must be issued and published once at least 7 days before the new sale date&lt;br&gt;<br /> <br /> If any of the above are not adhered to, do not issue Commitment without UW approval. Additionally, do not issue Commitment without UW approval if:&lt;br&gt;<br /> <br /> a) Lien being foreclosed was HOA/Condo assessment/lien&lt;br&gt;<br /> <br /> b) Lien being foreclosed may not have first lien priority, see item 2 above&lt;br&gt;<br /> <br /> c) Borrower(s) deceased at time of default&lt;br&gt;<br /> <br /> d) Notary was a remote online notary licensed in Virginia&lt;br&gt;<br /> <br /> e) Borrower filed Bankruptcy case and case was pending before and/or during the trustee sale process&lt;br&gt;<br /> <br /> f) Foreclosure occurred during CARES Act moratorium (3/18/2020 – 7/31/2021)&lt;br&gt;<br /> <br /> <br /> &lt;*&gt; Follows WFG guidelines on notarization, including RON protocols and international notarization &lt;br&gt; <br /> &lt;**&gt;IRS foreclosure notice address for Washington state is: Internal Revenue Service Collection Advisory Group Manager, 915 2nd Ave, MS W245, Seattle, WA 98174 206.946.3080 (ph) 877.477.9227 (fax).</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=Non-Judicial_Foreclosures_in_Washington&diff=6363 2022-01-19T17:46:44Z

<p>Craigtrummel: </p> <hr /> <div>Insuring title after WA Non-Judicial Foreclosure (AKA Trustee Sale)<br /> Confirm the following:&lt;br&gt;<br /> <br /> 1. DT was properly executed, properly notarized*, and legal description is correct&lt;br&gt;<br /> <br /> 2. All liens in existence at time of sale and their respective priority to each other&lt;br&gt;<br /> <br /> a. NOTE junior liens are wiped out upon completion of trustee sale<br /> b. Watch for priority agreements, subordinations, statutory priority&lt;br&gt;<br /> <br /> 3. Foreclosing Trustee was appointed pursuant to recorded Substitution of Trustee; if MERS is executing documents, MERS rider attached to DT&lt;br&gt;<br /> <br /> 4. Recording number of DT in trustee sale documents is correct&lt;br&gt;<br /> <br /> 5. Notice of Sale (NOS) is recorded at least 120 days prior to Trustee Sale date if Residential 1-4 family; 90 days if commercial or seller financed&lt;br&gt;<br /> <br /> 6. Publication of Notice of Sale in appropriate newspaper 28 to 35 days prior to sale and again 7 to 14 days prior to sale&lt;br&gt;<br /> <br /> 7. If Notice of Federal Tax Lien is of record at least 30 days prior to sale date, that notice was sent to IRS office** at least 25 days prior to sale (obtain proof from trustee);<br /> a. Be sure to run date down and make sure addressing plant date time lag&lt;br&gt;<br /> <br /> 8. Sale date is at least 190 days after declared date of default&lt;br&gt;<br /> <br /> 9. Sale date is on a Friday between 9:00 am and 4:00 p, unless Friday was legal holiday and then Monday&lt;br&gt;<br /> <br /> 10. Trustee Deed recorded 15 days after sale&lt;br&gt;<br /> <br /> 11. Postponements, if any, do not exceed 120 days from original date of sale and new NOS must be issued and published once at least 7 days before the new sale date&lt;br&gt;<br /> <br /> If any of the above are not adhered to, do not issue Commitment without UW approval. Additionally, do not issue Commitment without UW approval if:&lt;br&gt;<br /> <br /> a) Lien being foreclosed was HOA/Condo assessment/lien&lt;br&gt;<br /> <br /> b) Lien being foreclosed may not have first lien priority, see item 2 above&lt;br&gt;<br /> <br /> c) Borrower(s) deceased at time of default&lt;br&gt;<br /> <br /> d) Notary was a remote online notary licensed in Virginia&lt;br&gt;<br /> <br /> e) Borrower filed Bankruptcy case and case was pending before and/or during the trustee sale process&lt;br&gt;<br /> <br /> f) Foreclosure occurred during CARES Act moratorium (3/18/2020 – 7/31/2021)&lt;br&gt;<br /> <br /> <br /> &quot;*&quot; Follows WFG guidelines on notarization, including RON protocols and international notarization <br /> &quot;**&quot;IRS foreclosure notice address for Washington state is: Internal Revenue Service Collection Advisory Group Manager, 915 2nd Ave, MS W245, Seattle, WA 98174 206.946.3080 (ph) 877.477.9227 (fax).</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=Non-Judicial_Foreclosures_in_Washington&diff=6354 2022-01-12T00:59:37Z

<p>Craigtrummel: </p> <hr /> <div>Insuring title after WA Non-Judicial Foreclosure (AKA Trustee Sale)<br /> Confirm the following:&lt;br&gt;<br /> <br /> 1. DT was properly executed, properly notarized*, and legal description is correct&lt;br&gt;<br /> <br /> 2. All liens in existence at time of sale and their respective priority to each other&lt;br&gt;<br /> <br /> a. NOTE junior liens are wiped out upon completion of trustee sale<br /> b. Watch for priority agreements, subordinations, statutory priority&lt;br&gt;<br /> <br /> 3. Foreclosing Trustee was appointed pursuant to recorded Substitution of Trustee; if MERS is executing documents, MERS rider attached to DT&lt;br&gt;<br /> <br /> 4. Recording number of DT in trustee sale documents are correct&lt;br&gt;<br /> <br /> 5. Notice of Sale (NOS) is recorded at least 120 days prior to Trustee Sale date if Residential 1-4 family; 90 days if commercial or seller financed&lt;br&gt;<br /> <br /> 6. Publication of Notice of Sale in appropriate newspaper 28 to 35 days prior to sale and again 7 to 14 days prior to sale&lt;br&gt;<br /> <br /> 7. If Notice of Federal Tax Lien is of record at least 30 days prior to sale date, that notice was sent to IRS office** at least 25 days prior to sale;<br /> a. Be sure to run date down and make sure addressing plant date time lag&lt;br&gt;<br /> <br /> 8. Sale date is at least 190 days after declared date of default&lt;br&gt;<br /> <br /> 9. Sale date is on a Friday between 9:00 am and 4:00 p, unless Friday was legal holiday and then Monday&lt;br&gt;<br /> <br /> 10. Trustee Deed recorded 15 days after sale&lt;br&gt;<br /> <br /> 11. Postponements, if any, do not exceed 120 days from original date of sale and new NOS must be issued and published once at least 7 days before the new sale date&lt;br&gt;<br /> <br /> If any of the above are not adhered to, do not issue Commitment without UW approval. Additionally, do not issue Commitment without UW approval if:&lt;br&gt;<br /> <br /> a) Lien being foreclosed was HOA/Condo assessment/lien&lt;br&gt;<br /> <br /> b) Lien being foreclosed may not have first lien priority, see item 2 above&lt;br&gt;<br /> <br /> c) Borrower(s) deceased at time of default&lt;br&gt;<br /> <br /> d) Notary was a remote online notary licensed in Virginia&lt;br&gt;<br /> <br /> e) Borrower filed Bankruptcy case and case was pending before and/or during the trustee sale process&lt;br&gt;<br /> <br /> f) Foreclosure occurred during CARES Act moratorium (3/18/2020 – 7/31/2021)&lt;br&gt;<br /> <br /> <br /> * Follows WFG guidelines on notarization, including RON protocols and international notarization <br /> **IRS foreclosure notice address for Washington is Internal Revenue Service Collection Advisory Group Manager, 915 2nd Ave, MS W245, Seattle, WA 98174 206.946.3080 (ph) 877.477.9227 (fax).</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=Non-Judicial_Foreclosures_in_Washington&diff=6353 2022-01-12T00:56:14Z

<p>Craigtrummel: Non-Judicial Foreclosure</p> <hr /> <div>Insuring title after WA Non-Judicial Foreclosure (AKA Trustee Sale)<br /> Confirm the following:<br /> 1. DT was properly executed, properly notarized*, and legal description is correct<br /> 2. All liens in existence at time of sale and their respective priority to each other; <br /> a. NOTE junior liens are wiped out upon completion of trustee sale<br /> b. Watch for priority agreements, subordinations, statutory priority<br /> 3. Foreclosing Trustee was appointed pursuant to recorded Substitution of Trustee; if MERS is executing documents, MERS rider attached to DT<br /> 4. Recording number of DT in trustee sale documents are correct<br /> 5. Notice of Sale (NOS) is recorded at least 120 days prior to Trustee Sale date if Residential 1-4 family; 90 days if commercial or seller financed<br /> 6. Publication of Notice of Sale in appropriate newspaper 28 to 35 days prior to sale and again 7 to 14 days prior to sale<br /> 7. If Notice of Federal Tax Lien is of record at least 30 days prior to sale date, that notice was sent to IRS office** at least 25 days prior to sale;<br /> a. Be sure to run date down and make sure addressing plant date time lag <br /> 8. Sale date is at least 190 days after declared date of default<br /> 9. Sale date is on a Friday between 9:00 am and 4:00 p, unless Friday was legal holiday and then Monday<br /> 10. Trustee Deed recorded 15 days after sale<br /> 11. Postponements, if any, do not exceed 120 days from original date of sale and new NOS must be issued and published once at least 7 days before the new sale date<br /> If any of the above are not adhered to, do not issue Commitment without UW approval. Additionally, do not issue Commitment without UW approval if:<br /> a) Lien being foreclosed was HOA/Condo assessment/lien<br /> b) Lien being foreclosed may not have first lien priority, see item 2 above<br /> c) Borrower(s) deceased at time of default<br /> d) Notary was a remote online notary licensed in Virginia<br /> e) Borrower filed Bankruptcy case and case was pending before and/or during the trustee sale process<br /> f) Foreclosure occurred during CARES Act moratorium (3/18/2020 – 7/31/2021)<br /> <br /> * Follows WFG guidelines on notarization, including RON protocols and international notarization <br /> **IRS foreclosure notice address for Washington is Internal Revenue Service Collection Advisory Group Manager, 915 2nd Ave, MS W245, Seattle, WA 98174 206.946.3080 (ph) 877.477.9227 (fax).</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=Mortgage_Lending_on_Tribal_Land_HUD_publication&diff=6277 2021-10-05T23:17:50Z

<p>Craigtrummel: Mortgage lending on Tribal lands</p> <hr /> <div>[[File:Nahsg-lending.pdf]]</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=Indian_Lands&diff=6276 2021-10-05T23:12:56Z

<p>Craigtrummel: /* Indian Lands Materials */</p> <hr /> <div><br /> <br /> ==Indian Lands Materials==<br /> <br /> [[File:Indian Lands Stewart Indian Bulletin.pdf]]<br /> <br /> [[File:Native American Land Hellewell.pdf]]<br /> <br /> [[File:Sls2014012.pdf]] Leasing in Indian County Hearth Act Stewart Bulletin<br /> <br /> [[Indian Affairs Manual Section]]<br /> <br /> [[Mortgage Lending on Tribal Land HUD publication]]<br /> <br /> [https://uww.wfgnationaltitle.com/images/2/20/COMMUNITY_PROPERTY_RULES_OR_AMERICAN_INDIAN_TRIBAL_LAW_--_WHICH_PREVAILS.docx Community Property Rules or American Indian Tribal Which Prevails? Impact of Public Law 280 Law Rev Article]</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=Mortgage_Lending_Process_in_Indian_Country_Huddoc&diff=6275 2021-10-05T23:11:58Z

<p>Craigtrummel: Created page with &quot;[Mortgage Lending on Tribal Land January 2017 [File:Nahsg-lending.pdf]]&quot;</p> <hr /> <div>[Mortgage Lending on Tribal Land January 2017 [File:Nahsg-lending.pdf]]</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=File:Nahsg-lending.pdf&diff=6274 2021-10-05T23:10:32Z

<p>Craigtrummel: Mortgage Lending on Tribal Land January 2017</p> <hr /> <div>== Summary ==<br /> Mortgage Lending on Tribal Land January 2017</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=Indian_Lands&diff=6266 2021-10-01T21:36:43Z

<p>Craigtrummel: /* Indian Lands Material */</p> <hr /> <div><br /> <br /> ==Indian Lands Materials==<br /> <br /> [[File:Indian Lands Stewart Indian Bulletin.pdf]]<br /> <br /> [[File:Native American Land Hellewell.pdf]]<br /> <br /> [[File:Sls2014012.pdf]] Leasing in Indian County Hearth Act Stewart Bulletin<br /> <br /> [[Indian Affairs Manual Section]]<br /> <br /> [[Mortgage Lending Process in Indian Country Huddoc]]<br /> <br /> [https://uww.wfgnationaltitle.com/images/2/20/COMMUNITY_PROPERTY_RULES_OR_AMERICAN_INDIAN_TRIBAL_LAW_--_WHICH_PREVAILS.docx Community Property Rules or American Indian Tribal Which Prevails? Impact of Public Law 280 Law Rev Article]</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=File:Sls2014012.pdf&diff=6265 2021-10-01T21:30:55Z

<p>Craigtrummel: Stewart Bulletin on Hearth Act and insuring leaseholds in Indian Country</p> <hr /> <div>== Summary ==<br /> Stewart Bulletin on Hearth Act and insuring leaseholds in Indian Country</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=Indian_Lands&diff=6264 2021-10-01T21:27:02Z

<p>Craigtrummel: /* Indian Lands Material */</p> <hr /> <div><br /> <br /> ==Indian Lands Material==<br /> <br /> [[File:Indian Lands Stewart Indian Bulletin.pdf]]<br /> <br /> [[File:Native American Land Hellewell.pdf]]<br /> <br /> [[Indian Affairs Manual Section]]<br /> <br /> [[Mortgage Lending Process in Indian Country Huddoc]]<br /> <br /> [https://uww.wfgnationaltitle.com/images/2/20/COMMUNITY_PROPERTY_RULES_OR_AMERICAN_INDIAN_TRIBAL_LAW_--_WHICH_PREVAILS.docx Community Property Rules or American Indian Tribal Which Prevails? Impact of Public Law 280 Law Rev Article]</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=Indian_Lands&diff=6263 2021-10-01T21:25:58Z

<p>Craigtrummel: /* Indian Lands Material */</p> <hr /> <div><br /> <br /> ==Indian Lands Material==<br /> <br /> [[File:Indian Lands Stewart Indian Bulletin.pdf]]<br /> <br /> [[File:Native American Land Hellewell.pdf]]<br /> <br /> [[Indian Lands Stewart Hearth Act Bulletin]]<br /> <br /> [[Indian Affairs Manual Section]]<br /> <br /> [[Mortgage Lending Process in Indian Country Huddoc]]<br /> <br /> [https://uww.wfgnationaltitle.com/images/2/20/COMMUNITY_PROPERTY_RULES_OR_AMERICAN_INDIAN_TRIBAL_LAW_--_WHICH_PREVAILS.docx Community Property Rules or American Indian Tribal Which Prevails? Impact of Public Law 280 Law Rev Article]</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=ID_Underwriting_Summary&diff=6078 2021-07-13T16:19:52Z

<p>Craigtrummel: /* Probate */</p> <hr /> <div>==Search/Exam==<br /> * Minimum Search Requirements -- Search and examination of the title and a determination of insurability of title in accordance with sound title underwriting principles. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708.] <br /> * Plant or other search restrictions -- Plant required for every county [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code 41-2708]<br /> *Plant owner must counter-sign each policy. No countersignature required for direct issuance, IF insurer owns plant in that county – or for a county where no plant exists. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2702/ ID Code § 41-2702.]<br /> * Additional Requirements for REO Searches -- contact state underwriting<br /> * Foreclosure Checklist -- contact state underwriting<br /> * Survey Requirements -- ALTA/NSPS survey required for Extended Owner policy. Extended Loan policy for residential finance does not require ALTA/NSPS survey. For commercial transactions, contact state underwriting.<br /> <br /> ==UPL==<br /> *Escrow may fill out prepared forms, AKA Scrivener function. See In re Matthews, 79 P.2d 535 (Idaho 1938).<br /> <br /> ==Vesting==<br /> *Tenancy in Common is created with several persons (See. [https://law.justia.com/codes/idaho/2019/title-55/chapter-1/section-55-104/ ID Code § 55-104] )unless: <br /> **acquired in a partnership for partnership purposes, <br /> **unless declared joint interest (joint tenants with right of survivorship requires an express statement), or<br /> **unless acquired as community property. <br /> *Per [https://law.justia.com/codes/idaho/2019/title-15/chapter-6/part-4/section-15-6-401/ ID Code 15-6-401], when title acquired Husband and Wife, or other evidence of a marital estate, by adding&quot; with right of survivorship&quot; a survivorship estate is created.<br /> <br /> ==Judgment Lien==<br /> *The timing of a judgment lien attaching to a property depends on the type of judgment entered. Generally, a judgment may attach from the earlier of the Date and time of recording the judgment in the real property records of the county or the Date of filing of the lis pendens as to the specific property identified. <br /> **The duration of a judgment lien from a judgment other than for restitution owed to a crime victim (see [https://law.justia.com/codes/idaho/2019/title-19/chapter-53/section-19-5305/ ID Code 19-5305]) or child support continues ten (10) years from the date of judgment unless previously satisfied or stayed by an appeal. [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code 10-1110.] <br /> **The duration of a judgment lien from failure to pay child support continues ten (10) years after the death or emancipation of the last child. [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code 10-1110.] <br /> * [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code 10-1110] requires a certified copy of judgement transcript or abstract for the judgement to become a lien. <br /> ***A lien rising from the delinquency of a payment due under a recorded judgment for child support after July 1, 1995, continues 23 years from the date of judgment unless the judgment was previously satisfied or stayed upon an appeal. However, child support liens will not continue for more than 5 years after the child reaches the age of majority or the child's death whichever first. If more than one child, no more than 5 years after the age of majority or death of the youngest or last remaining child. <br /> *SECTION 6. This act was amended in 2015 and became effective on July 1, 2015, and shall apply only to judgments issued on and after July 1, 2015, by a court of competent jurisdiction. Meaning any judgment prior to July 1, 2015 is valid for only 5 years unless renewed while any judgement July 1, 2015 is valid for 10. (Session laws vol 2, 2015)<br /> <br /> ==Real Property Tax Exemptions==<br /> <br /> Title 63, Chapter 6, of the Idaho Code provides for those uses of real property entitled to exemptions from property taxes. Hospitals, religion, charitable entities and schools can qualify.<br /> <br /> ==Mortgage/Transfer Tax==<br /> *No Mortgage/transfer tax in Idaho.<br /> <br /> ==Spousal Joinder Requirements==<br /> * Idaho is a community property state meaning if they divorce, each spouse gets 1/2 of all assets acquired during the marriage. A non-title spouse must join in the execution of deeds/security instruments on all community property. <br /> *Even if not community property, Idaho requires the homestead of a married couple be conveyed or encumbered by both spouses executing the deed of trust or mortgage, even if fee title is vested in only one spouse. [https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1007/ ID Code § 55-1007].<br /> <br /> ==Homestead==<br /> *ID Code 55-1001. <br /> ====Abandoned Homestead====<br /> *A homestead is presumed abandoned if the owner vacates the property for a continuous period of at least six (6) months. However, if an owner is going to be absent from the homestead for more than six (6) months but does not intend to abandon the homestead, and has no other principal residence, the owner may execute and acknowledge, in the same manner as a grant of real property is acknowledged, a declaration of nonabandonment of homestead and file the declaration for record in the office of the recorder of the county in which the property is situated.<br /> *[https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1006/ Id. Code 55-1006].<br /> <br /> ==Power Of Attorney==<br /> *Adopted a Statutory Form Power of Attorney as of July 1, 2008. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-3/section-15-12-301/ ID Code § 15-12-301]. Statute applies to POA's created before, on or after July 1, 2008. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-4/section-15-12-403/ ID Code 15-12-403.]<br /> *Act presumes durability unless it expressly provides that it is terminated by the incapacity of the principal. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-1/section-15-12-104/ ID Code 15-12-140.] <br /> **If the POA was executed in ID before July 1, 2008, it is valid if its execution complied with the law of this state as it existed at the time of execution. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-1/section-15-12-106/ ID Code 15-12-106.] <br /> **POA dated prior to July 1, 2008 is not presumed Durable. <br /> *POA require a signature. The signature is presumed to be genuine if the principal acknowledges the signature before a notary public or other individual authorized to take acknowledgments. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-1/section-15-12-105/ ID Code 15-12-105.]<br /> *Presumed effective unless expressly stated to have effect upon a certain act or condition. <br /> *If POA does not specify a person to determine Incapacity, by statute a physician, psychologist, attorney, judge or appropriate government official (no definition) may provide written opinion. 15-12-109.<br /> *Termination of POA triggers found [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code 15-12-110.]<br /> <br /> ==Construction Liens==<br /> *A construction lien shall be perfected not later than ninety (90) days after the completion of the labor or services, or furnishing of materials.<br /> *No lien binds for longer than six (6) months after the claim has been filed unless proceedings are commenced or an extension is given. The lien of a final judgement shall cease ten (10) years from the date the judgement becomes final. [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-510/ ID Code 45-510.]<br /> *The priority of construction liens is defined in [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-512/ ID Code 45-512.]<br /> *Claims must be recorded within 90 days of the completion of the labor or services, or furnishing of materials. [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-507/ ID Code 45-507.] <br /> *A mechanic’s lien of record upon real property may be released upon the posting of a surety bond in the manner provided in these sections. [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/ ID Code 45-519 through 45-524.]<br /> <br /> ==Instrument Requirements ==<br /> *None.<br /> <br /> ==Who May Serve As Trustee On Deed Of Trust==<br /> *Per [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1504/ ID Code §45-1504], trustee of a trust deed can be a licensed title insurance agent or company authorized under ID law as well as a member of the Idaho state bar, trust institution, or bank association.<br /> *Deeds of trust are limited to properties (1) located within an incorporated city or village, (2) on property not exceeding 80 acres, regardless of its location if that the property is not principally used for the agricultural production of crops, livestock, diary or aquatic goods, or (3) on property not exceeding 40 acres regardless of its location or its use. [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1502/ ID Code § 45-1502(5).]<br /> *Where transfer in trust to secure performance of an obligation from the grantor to a beneficiary, a power of sale is hereby conferred upon the trustee to be exercised after breach of obligation to foreclose by advertisement and sale or foreclosure by laws for foreclosure of mortgage properties. [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1503/ ID Code 45-1503.]<br /> <br /> ==Time Limitations==<br /> <br /> * US Judgment Liens -- 20 years, renewable for 20 years<br /> * State Court Judgment Liens -- 10 years from recording-may be renewed. If from failure to pay child support continues ten (10) years after the death or emancipation of the last child. [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code § 10-1110] <br /> * Federal Tax Liens -- 10 years (+30 days); can be refiled<br /> * State Tax Liens -- 5 years (may be continued) [https://law.justia.com/codes/idaho/2019/title-45/chapter-19/section-45-1906/ ID Code § 45-1906]<br /> * Estate Tax Lien -- Federal 10 years<br /> * State Inheritance Tax Liens -- <br /> * Mechanics Liens -- Lien must be filed w/i 90 days following completion of improvements-lien good for 6 months unless enforcement proceedings commenced [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-507/ ID Code § 45-507] [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-510/ ID Code § 45-510]<br /> * Financing Statements -- 5 years [https://law.justia.com/codes/idaho/2019/title-28/chapter-9/part-5/section-28-9-515/ ID Code § 28-9-515]<br /> * Mortgages -- 5 years from maturity date. If no date is discernible, the date of the accrual of the cause of action giving rise to the right to foreclose is the maturity date [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-214a/ ID Code § 5-214A]<br /> * HOA Liens -- 1 year (can be extended 1 additional year) [https://law.justia.com/codes/idaho/2019/title-45/chapter-8/section-45-810/ ID Code § 45-810]<br /> * Condominium assessments -- <br /> * Child Support Liens -- No lien shall continue more than 5 years after date of majority or death of child. If more than one child, lien continues until 5 years after the date of majority of youngest child. [https://www.virtualunderwriter.com/en/underwriting-manuals/2005-8/UM00000223.html Explained here.]<br /> * Irrigation Liens<br /> * Property Tax Liens<br /> * Adverse Possession -- <br /> **3 years [https://law.justia.com/codes/idaho/2019/title-43/chapter-22/section-43-2205/ ID Code § 43-2205]<br /> **Continues until Paid [https://law.justia.com/codes/idaho/2019/title-63/chapter-2/section-63-206/ ID Code § 63-206]<br /> **20 years continuous use [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-210/ ID Code § 5-210]<br /> <br /> ==Odd Stuff==<br /> *Idaho is a Race-Notice state<br /> * Determination of Insurability: Prohibited Risks – Rebates<br /> *[https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708(4)] – Forwarding Fees – No person forwarding or directing title insurance business to a title insurer or title insurance agent in Idaho, nor such insurer or agent receiving such business, shall give or receive anything of value, or a portion of the premium, therefor. <br /> *Minerals: Should include a mineral exception as a standard exception.<br /> * The Idaho Rate Manual establishes a charge for the cancellation of a commitment at 20% of the basic schedule of charges if cancelled prior to closing and at 80% of the basic schedule of charges if cancelled after closing.<br /> * A title insurer or agent may reconvey a deed of trust if the obligation secured by the deed of trust has been fully paid by the title insurer or agent or if the title insurer or agent has satisfactory evidence of the full payment of the obligation secured by the deed of trust. See [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1202/ ID Code § 45-1202]. Process requires notice of intent to release or reconvey with copy of reconveyance. Idaho Stat. 45-1203. 60 day objection period after mailing. [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1204/ ID Code § 45-1204.] <br /> *Usury coverage and Truth in Lending coverages are prohibited in Idaho. Idaho Admin. Code r. [https://casetext.com/regulation/idaho-administrative-code/title-idapa-18-department-of-insurance/rule-180501-rules-for-title-insurance-regulation/section-180501012-procedural-rules 18.05.01.012]<br /> <br /> ==Probate==<br /> *Idaho does not have a separate estate tax or inheritance or gift tax.<br /> *WFG will consider accepting an Affidavit of Heirships in lieu of a formal probate proceeding for a conveyance of heirs under the following considerations: <br /> **where there are no creditors or a minimal number of creditors<br /> **where heirs are readily ascertainable<br /> *Summary Administration<br /> **available probate alternative<br /> **Pursuant to [https://law.justia.com/codes/idaho/2019/title-15/chapter-3/part-12/section-15-3-1205/ ID Code 15-3-1205(c)] when a surviving spouse is the sole beneficiary, Summary Administration is available to vest in surviving spouse<br /> ***must assume and be liable for any and all indebtedness<br /> ***must review court documentation to ensure followed statutory process<br /> ****<br /> *Intestate succession <br /> **Spousal rule: if no surviving issue or parent, spouse gets entire estate. If no surviving issue but a parent, spouse gets 1/2 of the intestate proceeding estate (50%). If surviving issue, spouse gets 1/2 of the intestate proceeding estate. But if community property, the community property passes to the surviving spouse. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-102/ ID Code § 15-2-102].<br /> **Requirement that the heir survive the decedent by 120 hours. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-104/ ID Code §15-2-104].<br /> <br /> ==Escrow==<br /> *[https://legislature.idaho.gov/statutesrules/idstat/Title30/T30CH9/ Idaho Escrow Act] makes it illegal to conduct any escrows from within the state of Idaho or any escrow transaction effecting the sale, transfer, encumbrance or lease to another person of any real or personal property located in Idaho. [https://law.justia.com/codes/idaho/2019/title-30/chapter-9/section-30-903/ ID Code 30-903]<br /> <br /> ==Property Tax ==<br /> *Taxes for the first and second half of the year are due on November 20. Taxes for the first half year are delinquent if not paid by December 20. Taxes for the second half of the year remain due until paid and are delinquent if not paid by June 20 of the following year. [https://law.justia.com/codes/idaho/2019/title-63/chapter-9/section-63-903/ ID Code § 63-903].<br /> <br /> ==Closing Protection letters==<br /> *See ID Underwriting References.<br /> <br /> ==Witness Requirements==<br /> *A witness is not required on a deed or security instrument, but a document must be properly acknowledged for recording. [https://law.justia.com/codes/idaho/2019/title-55/chapter-8/section-55-805/ ID Code § 55-805].<br /> <br /> *[https://uww.wfgnationaltitle.com/images/7/7a/Idaho_Recorder%27s_Manual.pdf Idaho Recorder's Manual]<br /> <br /> ==Purchase Money Deeds of Trust==<br /> *[https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112] – Priority of Purchase Money Mortgage – Mortgage given for the price of real property at time of conveyance has priority over all other liens against the purchaser.</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=ID_Underwriting_Summary&diff=6053 2021-06-30T16:12:27Z

<p>Craigtrummel: /* Judgment Lien */</p> <hr /> <div>==Search/Exam==<br /> * Minimum Search Requirements -- Search and examination of the title and a determination of insurability of title in accordance with sound title underwriting principles. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708.] <br /> * Plant or other search restrictions -- Plant required for every county [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code 41-2708]<br /> *Plant owner must counter-sign each policy. No countersignature required for direct issuance, IF insurer owns plant in that county – or for a county where no plant exists. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2702/ ID Code § 41-2702.]<br /> * Additional Requirements for REO Searches -- contact state underwriting<br /> * Foreclosure Checklist -- contact state underwriting<br /> * Survey Requirements -- ALTA/NSPS survey required for Extended Owner policy. Extended Loan policy for residential finance does not require ALTA/NSPS survey. For commercial transactions, contact state underwriting.<br /> <br /> ==UPL==<br /> *Escrow may fill out prepared forms, AKA Scrivener function. See In re Matthews, 79 P.2d 535 (Idaho 1938) <br /> *Additional information may be found here- [https://www.flcourts.org/content/download/218046/file/Summary-UPL-Cases.pdf summary found here]<br /> <br /> ==Vesting==<br /> *Tenancy in Common is created with several persons (See. [https://law.justia.com/codes/idaho/2019/title-55/chapter-1/section-55-104/ ID Code § 55-104] )unless: <br /> **acquired in a partnership for partnership purposes, <br /> **unless declared joint interest (joint tenants with right of survivorship requires an express statement), or<br /> **unless acquired as community property. <br /> *Per [https://law.justia.com/codes/idaho/2019/title-15/chapter-6/part-4/section-15-6-401/ ID Code 15-6-401], when title acquired Husband and Wife, or other evidence of a marital estate, by adding&quot; with right of survivorship&quot; a survivorship estate is created.<br /> <br /> ==Judgment Lien==<br /> *The timing of a judgment lien attaching to a property depends on the type of judgment entered. Generally, a judgment may attach from the earlier of the Date and time of recording the judgment in the real property records of the county or the Date of filing of the lis pendens as to the specific property identified. <br /> **The duration of a judgment lien from a judgment other than for restitution owed to a crime victim (see [https://law.justia.com/codes/idaho/2019/title-19/chapter-53/section-19-5305/ ID Code 19-5305]) or child support continues ten (10) years from the date of judgment unless previously satisfied or stayed by an appeal. [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code 10-1110.] <br /> **The duration of a judgment lien from failure to pay child support continues ten (10) years after the death or emancipation of the last child. [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code 10-1110.] <br /> * [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code 10-1110] requires a certified copy of judgement transcript or abstract for the judgement to become a lien. <br /> ***A lien rising from the delinquency of a payment due under a recorded judgment for child support after July 1, 1995, continues 23 years from the date of judgment unless the judgment was previously satisfied or stayed upon an appeal. However, child support liens will not continue for more than 5 years after the child reaches the age of majority or the child's death whichever first. If more than one child, no more than 5 years after the age of majority or death of the youngest or last remaining child.<br /> <br /> SECTION 6. This act was amended in 2015 and became effective on July 1, 2015, and shall apply only to judgments issued on and after July 1, 2015,<br /> by a court of competent jurisdiction. Any judgment prior to July 1, 2015 is valid for only 5 years unless renewed. (Session laws vol 2, 2015)<br /> <br /> ==Real Property Tax Exemptions==<br /> <br /> Title 63, Chapter 6, of the Idaho Code provides for those uses of real property entitled to exemptions from property taxes. Hospitals, religion, charitable entities and schools can qualify.<br /> <br /> ==Mortgage/Transfer Tax==<br /> *No Mortgage/transfer tax in Idaho.<br /> <br /> ==Spousal Joinder Requirements==<br /> * Idaho is a community property state meaning if they divorce, each spouse gets 1/2 of all assets acquired during the marriage. A non-title spouse must join in the execution of deeds/security instruments on all community property. <br /> *Even if not community property, Idaho requires the homestead of a married couple be conveyed or encumbered by both spouses executing the deed of trust or mortgage, even if fee title is vested in only one spouse. [https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1007/ ID Code § 55-1007].<br /> <br /> ==Homestead==<br /> *ID Code 55-1001. <br /> ====Abandoned Homestead====<br /> *A homestead is presumed abandoned if the owner vacates the property for a continuous period of at least six (6) months. However, if an owner is going to be absent from the homestead for more than six (6) months but does not intend to abandon the homestead, and has no other principal residence, the owner may execute and acknowledge, in the same manner as a grant of real property is acknowledged, a declaration of nonabandonment of homestead and file the declaration for record in the office of the recorder of the county in which the property is situated.<br /> *[https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1006/ Id. Code 55-1006].<br /> <br /> ==Power Of Attorney==<br /> *Adopted a Statutory Form Power of Attorney as of July 1, 2008. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-3/section-15-12-301/ ID Code § 15-12-301]. Statute applies to POA's created before, on or after July 1, 2008. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-4/section-15-12-403/ ID Code 15-12-403.]<br /> *Act presumes durability unless it expressly provides that it is terminated by the incapacity of the principal. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-1/section-15-12-104/ ID Code 15-12-140.] <br /> **If the POA was executed in ID before July 1, 2008, it is valid if its execution complied with the law of this state as it existed at the time of execution. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-1/section-15-12-106/ ID Code 15-12-106.] <br /> **POA dated prior to July 1, 2008 is not presumed Durable. <br /> *POA require a signature. The signature is presumed to be genuine if the principal acknowledges the signature before a notary public or other individual authorized to take acknowledgments. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-1/section-15-12-105/ ID Code 15-12-105.]<br /> *Presumed effective unless expressly stated to have effect upon a certain act or condition. <br /> *If POA does not specify a person to determine Incapacity, by statute a physician, psychologist, attorney, judge or appropriate government official (no definition) may provide written opinion. 15-12-109.<br /> *Termination of POA triggers found [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code 15-12-110.]<br /> <br /> ==Construction Liens==<br /> *A construction lien shall be perfected not later than ninety (90) days after the completion of the labor or services, or furnishing of materials.<br /> *No lien binds for longer than six (6) months after the claim has been filed unless proceedings are commenced or an extension is given. The lien of a final judgement shall cease ten (10) years from the date the judgement becomes final. [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-510/ ID Code 45-510.]<br /> *A construction lien first attaches...<br /> *Claims must be recorded ID Code 45-509.<br /> *tools to shorten claims period or gain certainty...<br /> <br /> ==Instrument Requirements ==<br /> *None.<br /> <br /> ==Who May Serve As Trustee On Deed Of Trust==<br /> *Per [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1504/ ID Code §45-1504], trustee of a trust deed can be a licensed title insurance agent or company authorized under ID law as well as a member of the Idaho state bar, trust institution, or bank association.<br /> *Deeds of trust are limited to properties (1) located within an incorporated city or village, (2) on property not exceeding 80 acres, regardless of its location if that the property is not principally used for the agricultural production of crops, livestock, diary or aquatic goods, or (3) on property not exceeding 40 acres regardless of its location or its use. [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1502/ ID Code § 45-1502(5).]<br /> *Where transfer in trust to secure performance of an obligation from the grantor to a beneficiary, a power of sale is hereby conferred upon the trustee to be exercised after breach of obligation to foreclose by advertisement and sale or foreclosure by laws for foreclosure of mortgage properties. [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1503/ ID Code 45-1503.]<br /> <br /> ==Time Limitations==<br /> <br /> * US Judgment Liens -- 20 years, renewable for 20 years<br /> * State Court Judgment Liens -- 10 years from recording-may be renewed. If from failure to pay child support continues ten (10) years after the death or emancipation of the last child. [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code § 10-1110] <br /> * Federal Tax Liens -- 10 years (+30 days); can be refiled<br /> * State Tax Liens -- 5 years (may be continued) [https://law.justia.com/codes/idaho/2019/title-45/chapter-19/section-45-1906/ ID Code § 45-1906]<br /> * Estate Tax Lien -- Federal 10 years<br /> * State Inheritance Tax Liens -- <br /> * Mechanics Liens -- Lien must be filed w/i 90 days following completion of improvements-lien good for 6 months unless enforcement proceedings commenced [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-507/ ID Code § 45-507] [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-510/ ID Code § 45-510]<br /> * Financing Statements -- 5 years [https://law.justia.com/codes/idaho/2019/title-28/chapter-9/part-5/section-28-9-515/ ID Code § 28-9-515]<br /> * Mortgages -- 5 years from maturity date. If no date is discernible, the date of the accrual of the cause of action giving rise to the right to foreclose is the maturity date [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-214a/ ID Code § 5-214A]<br /> * HOA Liens -- 1 year (can be extended 1 additional year) [https://law.justia.com/codes/idaho/2019/title-45/chapter-8/section-45-810/ ID Code § 45-810]<br /> * Condominium assessments -- <br /> * Child Support Liens -- No lien shall continue more than 5 years after date of majority or death of child. If more than one child, lien continues until 5 years after the date of majority of youngest child. [https://www.virtualunderwriter.com/en/underwriting-manuals/2005-8/UM00000223.html Explained here.]<br /> * Irrigation Liens<br /> * Property Tax Liens<br /> * Adverse Possession -- <br /> **3 years [https://law.justia.com/codes/idaho/2019/title-43/chapter-22/section-43-2205/ ID Code § 43-2205]<br /> **Continues until Paid [https://law.justia.com/codes/idaho/2019/title-63/chapter-2/section-63-206/ ID Code § 63-206]<br /> **20 years continuous use [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-210/ ID Code § 5-210]<br /> <br /> ==Odd Stuff==<br /> *Idaho is a Race-Notice state<br /> * Determination of Insurability: Prohibited Risks – Rebates<br /> *[https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708(4)] – Forwarding Fees – No person forwarding or directing title insurance business to a title insurer or title insurance agent in Idaho, nor such insurer or agent receiving such business, shall give or receive anything of value, or a portion of the premium, therefor. <br /> *Minerals: Should include a mineral exception as a standard exception.<br /> * The Idaho Rate Manual establishes a charge for the cancellation of a commitment at 20% of the basic schedule of charges if cancelled prior to closing and at 80% of the basic schedule of charges if cancelled after closing.<br /> * A title insurer or agent may reconvey a deed of trust if the obligation secured by the deed of trust has been fully paid by the title insurer or agent or if the title insurer or agent has satisfactory evidence of the full payment of the obligation secured by the deed of trust. See [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1202/ ID Code § 45-1202]. Process requires notice of intent to release or reconvey with copy of reconveyance. Idaho Stat. 45-1203. 60 day objection period after mailing. [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1204/ ID Code § 45-1204.] <br /> *Usury coverage and Truth in Lending coverages are prohibited in Idaho. Idaho Admin. Code r. [https://casetext.com/regulation/idaho-administrative-code/title-idapa-18-department-of-insurance/rule-180501-rules-for-title-insurance-regulation/section-180501012-procedural-rules 18.05.01.012]<br /> <br /> ==Probate==<br /> * Idaho does not have a separate estate tax or inheritance or gift tax.<br /> *Intestate succession <br /> **Spousal rule: if no surviving issue or parent, spouse gets entire estate. If no surviving issue but a parent, spouse gets 1/2 of the estate. If surviving issue, spouse gets 1/2 of the estate. But if community property, 1/2 of community property belonging to the decedent passes to the surviving spouse. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-102/ ID Code § 15-2-102].<br /> **Requirement that the heir survive the decedent by 120 hours. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-104/ ID Code §15-2-104].<br /> <br /> ==Escrow==<br /> *[https://legislature.idaho.gov/statutesrules/idstat/Title30/T30CH9/ Idaho Escrow Act] makes it illegal to conduct any escrows from within the state of Idaho or any escrow transaction effecting the sale, transfer, encumbrance or lease to another person of any real or personal property located in Idaho. [https://law.justia.com/codes/idaho/2019/title-30/chapter-9/section-30-903/ ID Code 30-903]<br /> <br /> ==Property Tax ==<br /> Taxes for the first and second half of the year are due on November 20. Taxes for the first half year are delinquent if not paid by December 20. Taxes for the second half of the year remain due until paid and are delinquent if not paid by June 20 of the following year. [https://law.justia.com/codes/idaho/2019/title-63/chapter-9/section-63-903/ ID Code § 63-903].<br /> <br /> ==Closing Protection letters==<br /> *See ID Underwriting References.<br /> <br /> ==Witness Requirements==<br /> A witness is not required on a deed or security instrument, but a document must be properly acknowledged for recording. [https://law.justia.com/codes/idaho/2019/title-55/chapter-8/section-55-805/ ID Code § 55-805].<br /> <br /> [https://uww.wfgnationaltitle.com/images/7/7a/Idaho_Recorder%27s_Manual.pdf Idaho Recorder's Manual]<br /> <br /> ==Purchase Money Deeds of Trust==<br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112] – Priority of Purchase Money Mortgage – Mortgage given for the price of real property at time of conveyance has priority over all other liens against the purchaser.</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=ID_Underwriting_Summary&diff=6052 2021-06-30T15:48:04Z

<p>Craigtrummel: /* Search/Exam */</p> <hr /> <div>==Search/Exam==<br /> * Minimum Search Requirements -- Search and examination of the title and a determination of insurability of title in accordance with sound title underwriting principles. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708.] <br /> * Plant or other search restrictions -- Plant required for every county [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code 41-2708]<br /> *Plant owner must counter-sign each policy. No countersignature required for direct issuance, IF insurer owns plant in that county – or for a county where no plant exists. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2702/ ID Code § 41-2702.]<br /> * Additional Requirements for REO Searches -- contact state underwriting<br /> * Foreclosure Checklist -- contact state underwriting<br /> * Survey Requirements -- ALTA/NSPS survey required for Extended Owner policy. Extended Loan policy for residential finance does not require ALTA/NSPS survey. For commercial transactions, contact state underwriting.<br /> <br /> ==UPL==<br /> *Escrow may fill out prepared forms, AKA Scrivener function. See In re Matthews, 79 P.2d 535 (Idaho 1938) <br /> *Additional information may be found here- [https://www.flcourts.org/content/download/218046/file/Summary-UPL-Cases.pdf summary found here]<br /> <br /> ==Vesting==<br /> *Tenancy in Common is created with several persons (See. [https://law.justia.com/codes/idaho/2019/title-55/chapter-1/section-55-104/ ID Code § 55-104] )unless: <br /> **acquired in a partnership for partnership purposes, <br /> **unless declared joint interest (joint tenants with right of survivorship requires an express statement), or<br /> **unless acquired as community property. <br /> *Per [https://law.justia.com/codes/idaho/2019/title-15/chapter-6/part-4/section-15-6-401/ ID Code 15-6-401], when title acquired Husband and Wife, or other evidence of a marital estate, by adding&quot; with right of survivorship&quot; a survivorship estate is created.<br /> <br /> ==Judgment Lien==<br /> *The timing of a judgment lien attaching to a property depends on the type of judgment entered. Generally, a judgment may attach from the earlier of the Date and time of recording the judgment in the real property records of the county or the Date of filing of the lis pendens as to the specific property identified. <br /> **The duration of a judgment lien from a judgment other than for restitution owed to a crime victim (see [https://law.justia.com/codes/idaho/2019/title-19/chapter-53/section-19-5305/ ID Code 19-5305]) or child support continues ten (10) years from the date of judgment unless previously satisfied or stayed by an appeal. [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code 10-1110.] <br /> **The duration of a judgment lien from failure to pay child support continues ten (10) years after the death or emancipation of the last child. [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code 10-1110.] <br /> * [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code 10-1110] requires a certified copy of judgement transcript or abstract for the judgement to become a lien. <br /> ***A lien rising from the delinquency of a payment due under a recorded judgment for child support after July 1, 1995, continues 23 years from the date of judgment unless the judgment was previously satisfied or stayed upon an appeal. However, child support liens will not continue for more than 5 years after the child reaches the age of majority or the child's death whichever first. If more than one child, no more than 5 years after the age of majority or death of the youngest or last remaining child.<br /> <br /> ==Real Property Tax Exemptions==<br /> <br /> Title 63, Chapter 6, of the Idaho Code provides for those uses of real property entitled to exemptions from property taxes. Hospitals, religion, charitable entities and schools can qualify.<br /> <br /> ==Mortgage/Transfer Tax==<br /> *No Mortgage/transfer tax in Idaho.<br /> <br /> ==Spousal Joinder Requirements==<br /> * Idaho is a community property state meaning if they divorce, each spouse gets 1/2 of all assets acquired during the marriage. A non-title spouse must join in the execution of deeds/security instruments on all community property. <br /> *Even if not community property, Idaho requires the homestead of a married couple be conveyed or encumbered by both spouses executing the deed of trust or mortgage, even if fee title is vested in only one spouse. [https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1007/ ID Code § 55-1007].<br /> <br /> ==Homestead==<br /> *ID Code 55-1001. <br /> ====Abandoned Homestead====<br /> *A homestead is presumed abandoned if the owner vacates the property for a continuous period of at least six (6) months. However, if an owner is going to be absent from the homestead for more than six (6) months but does not intend to abandon the homestead, and has no other principal residence, the owner may execute and acknowledge, in the same manner as a grant of real property is acknowledged, a declaration of nonabandonment of homestead and file the declaration for record in the office of the recorder of the county in which the property is situated.<br /> *[https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1006/ Id. Code 55-1006].<br /> <br /> ==Power Of Attorney==<br /> *Adopted a Statutory Form Power of Attorney as of July 1, 2008. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-3/section-15-12-301/ ID Code § 15-12-301]. Statute applies to POA's created before, on or after July 1, 2008. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-4/section-15-12-403/ ID Code 15-12-403.]<br /> *Act presumes durability unless it expressly provides that it is terminated by the incapacity of the principal. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-1/section-15-12-104/ ID Code 15-12-140.] <br /> **If the POA was executed in ID before July 1, 2008, it is valid if its execution complied with the law of this state as it existed at the time of execution. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-1/section-15-12-106/ ID Code 15-12-106.] <br /> **POA dated prior to July 1, 2008 is not presumed Durable. <br /> *POA require a signature. The signature is presumed to be genuine if the principal acknowledges the signature before a notary public or other individual authorized to take acknowledgments. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-1/section-15-12-105/ ID Code 15-12-105.]<br /> *Presumed effective unless expressly stated to have effect upon a certain act or condition. <br /> *If POA does not specify a person to determine Incapacity, by statute a physician, psychologist, attorney, judge or appropriate government official (no definition) may provide written opinion. 15-12-109.<br /> *Termination of POA triggers found [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code 15-12-110.]<br /> <br /> ==Construction Liens==<br /> *A construction lien shall be perfected not later than ninety (90) days after the completion of the labor or services, or furnishing of materials.<br /> *No lien binds for longer than six (6) months after the claim has been filed unless proceedings are commenced or an extension is given. The lien of a final judgement shall cease ten (10) years from the date the judgement becomes final. [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-510/ ID Code 45-510.]<br /> *A construction lien first attaches...<br /> *Claims must be recorded ID Code 45-509.<br /> *tools to shorten claims period or gain certainty...<br /> <br /> ==Instrument Requirements ==<br /> *None.<br /> <br /> ==Who May Serve As Trustee On Deed Of Trust==<br /> *Per [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1504/ ID Code §45-1504], trustee of a trust deed can be a licensed title insurance agent or company authorized under ID law as well as a member of the Idaho state bar, trust institution, or bank association.<br /> *Deeds of trust are limited to properties (1) located within an incorporated city or village, (2) on property not exceeding 80 acres, regardless of its location if that the property is not principally used for the agricultural production of crops, livestock, diary or aquatic goods, or (3) on property not exceeding 40 acres regardless of its location or its use. [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1502/ ID Code § 45-1502(5).]<br /> *Where transfer in trust to secure performance of an obligation from the grantor to a beneficiary, a power of sale is hereby conferred upon the trustee to be exercised after breach of obligation to foreclose by advertisement and sale or foreclosure by laws for foreclosure of mortgage properties. [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1503/ ID Code 45-1503.]<br /> <br /> ==Time Limitations==<br /> <br /> * US Judgment Liens -- 20 years, renewable for 20 years<br /> * State Court Judgment Liens -- 10 years from recording-may be renewed. If from failure to pay child support continues ten (10) years after the death or emancipation of the last child. [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code § 10-1110] <br /> * Federal Tax Liens -- 10 years (+30 days); can be refiled<br /> * State Tax Liens -- 5 years (may be continued) [https://law.justia.com/codes/idaho/2019/title-45/chapter-19/section-45-1906/ ID Code § 45-1906]<br /> * Estate Tax Lien -- Federal 10 years<br /> * State Inheritance Tax Liens -- <br /> * Mechanics Liens -- Lien must be filed w/i 90 days following completion of improvements-lien good for 6 months unless enforcement proceedings commenced [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-507/ ID Code § 45-507] [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-510/ ID Code § 45-510]<br /> * Financing Statements -- 5 years [https://law.justia.com/codes/idaho/2019/title-28/chapter-9/part-5/section-28-9-515/ ID Code § 28-9-515]<br /> * Mortgages -- 5 years from maturity date. If no date is discernible, the date of the accrual of the cause of action giving rise to the right to foreclose is the maturity date [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-214a/ ID Code § 5-214A]<br /> * HOA Liens -- 1 year (can be extended 1 additional year) [https://law.justia.com/codes/idaho/2019/title-45/chapter-8/section-45-810/ ID Code § 45-810]<br /> * Condominium assessments -- <br /> * Child Support Liens -- No lien shall continue more than 5 years after date of majority or death of child. If more than one child, lien continues until 5 years after the date of majority of youngest child. [https://www.virtualunderwriter.com/en/underwriting-manuals/2005-8/UM00000223.html Explained here.]<br /> * Irrigation Liens<br /> * Property Tax Liens<br /> * Adverse Possession -- <br /> **3 years [https://law.justia.com/codes/idaho/2019/title-43/chapter-22/section-43-2205/ ID Code § 43-2205]<br /> **Continues until Paid [https://law.justia.com/codes/idaho/2019/title-63/chapter-2/section-63-206/ ID Code § 63-206]<br /> **20 years continuous use [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-210/ ID Code § 5-210]<br /> <br /> ==Odd Stuff==<br /> *Idaho is a Race-Notice state<br /> * Determination of Insurability: Prohibited Risks – Rebates<br /> *[https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708(4)] – Forwarding Fees – No person forwarding or directing title insurance business to a title insurer or title insurance agent in Idaho, nor such insurer or agent receiving such business, shall give or receive anything of value, or a portion of the premium, therefor. <br /> *Minerals: Should include a mineral exception as a standard exception.<br /> * The Idaho Rate Manual establishes a charge for the cancellation of a commitment at 20% of the basic schedule of charges if cancelled prior to closing and at 80% of the basic schedule of charges if cancelled after closing.<br /> * A title insurer or agent may reconvey a deed of trust if the obligation secured by the deed of trust has been fully paid by the title insurer or agent or if the title insurer or agent has satisfactory evidence of the full payment of the obligation secured by the deed of trust. See [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1202/ ID Code § 45-1202]. Process requires notice of intent to release or reconvey with copy of reconveyance. Idaho Stat. 45-1203. 60 day objection period after mailing. [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1204/ ID Code § 45-1204.] <br /> *Usury coverage and Truth in Lending coverages are prohibited in Idaho. Idaho Admin. Code r. [https://casetext.com/regulation/idaho-administrative-code/title-idapa-18-department-of-insurance/rule-180501-rules-for-title-insurance-regulation/section-180501012-procedural-rules 18.05.01.012]<br /> <br /> ==Probate==<br /> * Idaho does not have a separate estate tax or inheritance or gift tax.<br /> *Intestate succession <br /> **Spousal rule: if no surviving issue or parent, spouse gets entire estate. If no surviving issue but a parent, spouse gets 1/2 of the estate. If surviving issue, spouse gets 1/2 of the estate. But if community property, 1/2 of community property belonging to the decedent passes to the surviving spouse. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-102/ ID Code § 15-2-102].<br /> **Requirement that the heir survive the decedent by 120 hours. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-104/ ID Code §15-2-104].<br /> <br /> ==Escrow==<br /> *[https://legislature.idaho.gov/statutesrules/idstat/Title30/T30CH9/ Idaho Escrow Act] makes it illegal to conduct any escrows from within the state of Idaho or any escrow transaction effecting the sale, transfer, encumbrance or lease to another person of any real or personal property located in Idaho. [https://law.justia.com/codes/idaho/2019/title-30/chapter-9/section-30-903/ ID Code 30-903]<br /> <br /> ==Property Tax ==<br /> Taxes for the first and second half of the year are due on November 20. Taxes for the first half year are delinquent if not paid by December 20. Taxes for the second half of the year remain due until paid and are delinquent if not paid by June 20 of the following year. [https://law.justia.com/codes/idaho/2019/title-63/chapter-9/section-63-903/ ID Code § 63-903].<br /> <br /> ==Closing Protection letters==<br /> *See ID Underwriting References.<br /> <br /> ==Witness Requirements==<br /> A witness is not required on a deed or security instrument, but a document must be properly acknowledged for recording. [https://law.justia.com/codes/idaho/2019/title-55/chapter-8/section-55-805/ ID Code § 55-805].<br /> <br /> [https://uww.wfgnationaltitle.com/images/7/7a/Idaho_Recorder%27s_Manual.pdf Idaho Recorder's Manual]<br /> <br /> ==Purchase Money Deeds of Trust==<br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112] – Priority of Purchase Money Mortgage – Mortgage given for the price of real property at time of conveyance has priority over all other liens against the purchaser.</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=ID_Underwriting_Summary&diff=6006 2021-06-18T18:30:05Z

<p>Craigtrummel: /* Odd Stuff */</p> <hr /> <div>==Search/Exam==<br /> * Minimum Search Requirements -- No act; search and examination of the title and a determination of insurability of title in accordance with sound title underwriting principles. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708.]. DOI – 60 years or as necessary<br /> * Plant or other search restrictions -- Plant required for every county [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code 41-2708]<br /> *Plant owner must counter-sign each policy. No countersignature required for direct issuance, IF insurer owners plant in that county – or for a county where no plant exists. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2702/ ID Code § 41-2702.]<br /> * Additional Requirements for REO Searches -- contact state underwriting<br /> * Foreclosure Checklist -- contact state underwriting<br /> <br /> <br /> * Survey Requirements -- ALTA/NSPS survey required for Extended Owner policy. Extended Loan policy for residential finance does not require ALTA/NSPS survey. For commercial transactions, contact state underwriting.<br /> <br /> ==UPL==<br /> *Escrow may fill out prepared forms, AKA Scrivener function. See In re Matthews, 79 P.2d 535 (Idaho 1938) Additional informaiton may be found here- [https://www.flcourts.org/content/download/218046/file/Summary-UPL-Cases.pdf summary found here]<br /> <br /> ==Vesting==<br /> *Tenancy in Common is created with several persons (See. [https://law.justia.com/codes/idaho/2019/title-55/chapter-1/section-55-104/ ID Code § 55-104] )unless: <br /> **acquired in a partnership for partnership purposes, <br /> **unless declared joint interest (joint tenants with right of survivorship), or<br /> **unless acquired as community property. <br /> Per ID Code 15-6-401, when title acquired Husband and Wife, or other evidence of a marital estate, by adding&quot; with right of survivorship&quot; a survivorship estate is created.<br /> <br /> <br /> *The timing of a judgment lien attaching to a property depends on the type of judgment entered. Generally, a judgment may attach from the Date of filing of the lis pendens or the Date and time of recording the judgment in the real property records of the county. <br /> **The duration of a judgment lien from a judgment other than for child support continues five (5) years from the date of judgment unless previously satisfied or stayed by an appeal.<br /> <br /> ***A lien rising from the delinquency of a payment due under a recorded judgment for child support after July 1, 1995, continues 23 years from the date of judgment unless the judgment was previously satisfied or stayed upon an appeal. However, child support liens will not continue for more than 5 years after the child reaches the age of majority or the child's death whichever first. If more than one child, no more than 5 years after the age of majority or death of the youngest or last remaining child.<br /> <br /> ==Real Property Tax Exemptions==<br /> <br /> Title 63, Chapter 6, of the Idaho Code provides for those uses of real property entitled to exemptions from property taxes. Hospitals, religion, charitable entities and schools can qualify.<br /> <br /> ==Mortgage/Transfer Tax==<br /> *No Mortgage/transfer tax in Idaho.<br /> <br /> ==Spousal Joinder Requirements/Homestead==<br /> * Idaho is a community property state. A non-title spouse must join in the execution of deeds/security instruments on all community property. <br /> <br /> *Idaho requires the homestead of a married couple be encumbered by both spouses executing the deed of trust or mortgage, even if fee title is vested in only one spouse. [https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1007/ ID Code § 55-1007].<br /> <br /> ====Abandoned Homestead====<br /> <br /> :A homestead is presumed abandoned if the owner vacates the property for a continuous period of at least six (6) months. However, if an owner is going to be absent from the homestead for more than six (6) months but does not intend to abandon the homestead, and has no other principal residence, the owner may execute and acknowledge, in the same manner as a grant of real property is acknowledged, a declaration of nonabandonment of homestead and file the declaration for record in the office of the recorder of the county in which the property is situated.<br /> <br /> :[https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1006/ Id. Code 55-1006].<br /> <br /> ==Power Of Attorney==<br /> *Adopted a Statutory Form Power of Attorney as of July 1, 2008. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-3/section-15-12-301/ ID Code § 15-12-301]. Act presumes durability unless expressly stated otherwise. POA dated prior to July 1, 2008 is not presumed Durable. Presumed effective unless expressly stated to have effect upon a certain act or condition. If POA does not specify a person to determine Incapacity, by statute a physician, psychologist, attorney, judge or appropriate government official (no definition) may provide written opinion. 15-12-109.<br /> <br /> ==Construction Liens==<br /> *A construction lien shall be perfected not later than ninety (90) days after the completion of the labor or services, or furnishing of materials.<br /> <br /> ==Instrument Requirements ==<br /> *None.<br /> <br /> ==Deed of Trust Particulars==<br /> <br /> Who May Serve As Trustee On Deed Of Trust==<br /> * Per [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1504/ ID Code §45-1504], trustee of a trust deed can be a licensed title insurance agent or company authorized under ID law as well as a member of the Idaho state bar, trust institution, or bank association.<br /> <br /> *Deeds of trust are limited to properties (1) located within an incorporated city or village, (2) on property not exceeding 80 acres, regardless of its location if that the property is not principally used for the agricultural production of crops, livestock, diary or aquatic goods, or (3) on property not exceeding 40 acres regardless of its location or its use. [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1502/ ID Code § 45-1502(5).]<br /> <br /> ==Time Limitations==<br /> <br /> * US Judgment Liens -- 20 years, renewable for 20 years<br /> * State Court Judgment Liens -- 10 years from recording-may be renewed. [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code § 10-1110] <br /> * Federal Tax Liens -- 10 years (+30 days); can be refiled<br /> * State Tax Liens -- 5 years (may be continued) [https://law.justia.com/codes/idaho/2019/title-45/chapter-19/section-45-1906/ ID Code § 45-1906]<br /> * Estate Tax Lien -- Federal 10 years<br /> * State Inheritance Tax Liens -- <br /> * Mechanics Liens -- Lien must be filed w/i 90 days following completion of improvements-lien good for 6 months unless enforcement proceedings commenced [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-507/ ID Code § 45-507] [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-510/ ID Code § 45-510]<br /> * Financing Statements -- 5 years [https://law.justia.com/codes/idaho/2019/title-28/chapter-9/part-5/section-28-9-515/ ID Code § 28-9-515]<br /> * Mortgages -- 5 years from maturity date [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-214a/ ID Code § 5-214A]<br /> * HOA Liens -- 1 year (can be extended 1 additional year) [https://law.justia.com/codes/idaho/2019/title-45/chapter-8/section-45-810/ ID Code § 45-810]<br /> * Condominium assessments -- <br /> * Child Support Liens -- See (a) below<br /> * Irrigation Liens<br /> * Property Tax Liens<br /> * Adverse Possession -- <br /> **3 years [https://law.justia.com/codes/idaho/2019/title-43/chapter-22/section-43-2205/ ID Code § 43-2205]<br /> **Continues until Paid [https://law.justia.com/codes/idaho/2019/title-63/chapter-2/section-63-206/ ID Code § 63-206]<br /> **20 years continuous use [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-210/ ID Code § 5-210]<br /> <br /> ==Odd Stuff==<br /> *Idaho is Race-Notice state<br /> * Child Support Liens - No lien shall continue more than 5 years after date of majority or death of child. If more than one child, lien continues until date of majority of youngest child. <br /> * Determination of Insurability: Prohibited Risks – Rebates<br /> *[https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708(4)] – Forwarding Fees – No person forwarding or directing title insurance business to a title insurer or title insurance agent in Idaho, nor such insurer or agent receiving such business, shall give or receive anything of value, or a portion of the premium, therefor. <br /> *Minerals: Should include a mineral exception as a standard exception.<br /> * The Idaho Rate Manual establishes a charge for the cancellation of a commitment at 20% of the basic schedule of charges if cancelled prior to closing and at 80% of the basic schedule of charges if cancelled after closing.<br /> * A title insurer or agent may reconvey a deed of trust if the obligation secured by the deed of trust has been fully paid by the title insurer or agent or if the title insurer or agent has satisfactory evidence of the full payment of the obligation secured by the deed of trust. See [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1202/ ID Code § 45-1202]. Process requires notice of intent to release or reconvey with copy of reconveyance. Idaho Stat. 45-1203. 60 day objection period after mailing. [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1204/ ID Code § 45-1204.] <br /> *Usury coverage is not available in Idaho.<br /> <br /> ==Probate==<br /> * Idaho does not have a separate estate tax or inheritance or gift tax.<br /> *Intestate succession <br /> **Spousal rule: if no surviving issue or parent, spouse gets entire estate. If no surviving issue but a parent, spouse gets 1/2 of the estate. If surviving issue, spouse gets 1/2 of the estate. But if community property, 1/2 of community property belonging to the decedent passes to the surviving spouse. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-102/ ID Code § 15-2-102].<br /> **Requirement that the heir survive the decedent by 120 hours. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-104/ ID Code §15-2-104].<br /> <br /> ==Escrow==<br /> *[https://legislature.idaho.gov/statutesrules/idstat/Title30/T30CH9/ Idaho Escrow Act]<br /> <br /> ==Property Tax ==<br /> Taxes for the first and second half of the year are due on November 20. Taxes for the first half year are delinquent if not paid by December 20. Taxes for the second half of the year remain due until paid and are delinquent if not paid by June 20 of the following year.<br /> <br /> [https://law.justia.com/codes/idaho/2019/title-63/chapter-9/section-63-903/ ID Code § 63-903].<br /> <br /> ==Closing Protection letters==<br /> *See ID Underwriting References.<br /> <br /> ==Witness Requirements==<br /> A witness is not required on a deed or security instrument, but a document must be properly acknowledged for recording. [https://law.justia.com/codes/idaho/2019/title-55/chapter-8/section-55-805/ ID Code § 55-805].<br /> <br /> [https://uww.wfgnationaltitle.com/images/7/7a/Idaho_Recorder%27s_Manual.pdf Idaho Recorder's Manual]<br /> <br /> ==Purchase Money Deeds of Trust==<br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112] – Priority of Purchase Money Mortgage – Mortgage given for the price of real property at time of conveyance has priority over all other liens against the purchaser.<br /> <br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112]<br /> Mortgage: The written agreement pledging property to a creditor as collateral for a loan.<br /> Property: includes both real and personal property. See [https://law.justia.com/codes/idaho/2019/title-73/chapter-1/section-73-114/ ID Code § 73-114]<br /> Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.<br /> A mortgage given for the price of real property, at the time of its conveyance, has priority over all other liens created against the purchaser, subject to the operation of the recording laws.</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=ID_Underwriting_Summary&diff=6005 2021-06-18T18:13:41Z

<p>Craigtrummel: /* Witness Requirements */</p> <hr /> <div>==Search/Exam==<br /> * Minimum Search Requirements -- No act; search and examination of the title and a determination of insurability of title in accordance with sound title underwriting principles. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708.]. DOI – 60 years or as necessary<br /> * Plant or other search restrictions -- Plant required for every county [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code 41-2708]<br /> *Plant owner must counter-sign each policy. No countersignature required for direct issuance, IF insurer owners plant in that county – or for a county where no plant exists. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2702/ ID Code § 41-2702.]<br /> * Additional Requirements for REO Searches -- contact state underwriting<br /> * Foreclosure Checklist -- contact state underwriting<br /> <br /> <br /> * Survey Requirements -- ALTA/NSPS survey required for Extended Owner policy. Extended Loan policy for residential finance does not require ALTA/NSPS survey. For commercial transactions, contact state underwriting.<br /> <br /> ==UPL==<br /> *Escrow may fill out prepared forms, AKA Scrivener function. See In re Matthews, 79 P.2d 535 (Idaho 1938) Additional informaiton may be found here- [https://www.flcourts.org/content/download/218046/file/Summary-UPL-Cases.pdf summary found here]<br /> <br /> ==Vesting==<br /> *Tenancy in Common is created with several persons (See. [https://law.justia.com/codes/idaho/2019/title-55/chapter-1/section-55-104/ ID Code § 55-104] )unless: <br /> **acquired in a partnership for partnership purposes, <br /> **unless declared joint interest (joint tenants with right of survivorship), or<br /> **unless acquired as community property. <br /> Per ID Code 15-6-401, when title acquired Husband and Wife, or other evidence of a marital estate, by adding&quot; with right of survivorship&quot; a survivorship estate is created.<br /> <br /> <br /> *The timing of a judgment lien attaching to a property depends on the type of judgment entered. Generally, a judgment may attach from the Date of filing of the lis pendens or the Date and time of recording the judgment in the real property records of the county. <br /> **The duration of a judgment lien from a judgment other than for child support continues five (5) years from the date of judgment unless previously satisfied or stayed by an appeal.<br /> <br /> ***A lien rising from the delinquency of a payment due under a recorded judgment for child support after July 1, 1995, continues 23 years from the date of judgment unless the judgment was previously satisfied or stayed upon an appeal. However, child support liens will not continue for more than 5 years after the child reaches the age of majority or the child's death whichever first. If more than one child, no more than 5 years after the age of majority or death of the youngest or last remaining child.<br /> <br /> ==Real Property Tax Exemptions==<br /> <br /> Title 63, Chapter 6, of the Idaho Code provides for those uses of real property entitled to exemptions from property taxes. Hospitals, religion, charitable entities and schools can qualify.<br /> <br /> ==Mortgage/Transfer Tax==<br /> *No Mortgage/transfer tax in Idaho.<br /> <br /> ==Spousal Joinder Requirements/Homestead==<br /> * Idaho is a community property state. A non-title spouse must join in the execution of deeds/security instruments on all community property. <br /> <br /> *Idaho requires the homestead of a married couple be encumbered by both spouses executing the deed of trust or mortgage, even if fee title is vested in only one spouse. [https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1007/ ID Code § 55-1007].<br /> <br /> ====Abandoned Homestead====<br /> <br /> :A homestead is presumed abandoned if the owner vacates the property for a continuous period of at least six (6) months. However, if an owner is going to be absent from the homestead for more than six (6) months but does not intend to abandon the homestead, and has no other principal residence, the owner may execute and acknowledge, in the same manner as a grant of real property is acknowledged, a declaration of nonabandonment of homestead and file the declaration for record in the office of the recorder of the county in which the property is situated.<br /> <br /> :[https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1006/ Id. Code 55-1006].<br /> <br /> ==Power Of Attorney==<br /> *Adopted a Statutory Form Power of Attorney as of July 1, 2008. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-3/section-15-12-301/ ID Code § 15-12-301]. Act presumes durability unless expressly stated otherwise. POA dated prior to July 1, 2008 is not presumed Durable. Presumed effective unless expressly stated to have effect upon a certain act or condition. If POA does not specify a person to determine Incapacity, by statute a physician, psychologist, attorney, judge or appropriate government official (no definition) may provide written opinion. 15-12-109.<br /> <br /> ==Construction Liens==<br /> *A construction lien shall be perfected not later than ninety (90) days after the completion of the labor or services, or furnishing of materials.<br /> <br /> ==Instrument Requirements ==<br /> *None.<br /> <br /> ==Deed of Trust Particulars==<br /> <br /> Who May Serve As Trustee On Deed Of Trust==<br /> * Per [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1504/ ID Code §45-1504], trustee of a trust deed can be a licensed title insurance agent or company authorized under ID law as well as a member of the Idaho state bar, trust institution, or bank association.<br /> <br /> *Deeds of trust are limited to properties (1) located within an incorporated city or village, (2) on property not exceeding 80 acres, regardless of its location if that the property is not principally used for the agricultural production of crops, livestock, diary or aquatic goods, or (3) on property not exceeding 40 acres regardless of its location or its use. [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1502/ ID Code § 45-1502(5).]<br /> <br /> ==Time Limitations==<br /> <br /> * US Judgment Liens -- 20 years, renewable for 20 years<br /> * State Court Judgment Liens -- 10 years from recording-may be renewed. [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code § 10-1110] <br /> * Federal Tax Liens -- 10 years (+30 days); can be refiled<br /> * State Tax Liens -- 5 years (may be continued) [https://law.justia.com/codes/idaho/2019/title-45/chapter-19/section-45-1906/ ID Code § 45-1906]<br /> * Estate Tax Lien -- Federal 10 years<br /> * State Inheritance Tax Liens -- <br /> * Mechanics Liens -- Lien must be filed w/i 90 days following completion of improvements-lien good for 6 months unless enforcement proceedings commenced [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-507/ ID Code § 45-507] [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-510/ ID Code § 45-510]<br /> * Financing Statements -- 5 years [https://law.justia.com/codes/idaho/2019/title-28/chapter-9/part-5/section-28-9-515/ ID Code § 28-9-515]<br /> * Mortgages -- 5 years from maturity date [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-214a/ ID Code § 5-214A]<br /> * HOA Liens -- 1 year (can be extended 1 additional year) [https://law.justia.com/codes/idaho/2019/title-45/chapter-8/section-45-810/ ID Code § 45-810]<br /> * Condominium assessments -- <br /> * Child Support Liens -- See (a) below<br /> * Irrigation Liens<br /> * Property Tax Liens<br /> * Adverse Possession -- <br /> **3 years [https://law.justia.com/codes/idaho/2019/title-43/chapter-22/section-43-2205/ ID Code § 43-2205]<br /> **Continues until Paid [https://law.justia.com/codes/idaho/2019/title-63/chapter-2/section-63-206/ ID Code § 63-206]<br /> **20 years continuous use [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-210/ ID Code § 5-210]<br /> <br /> ==Odd Stuff==<br /> * Child Support Liens - Filed in Boise at the State level – have to search Boise State Records. No lien shall continue more than 5 years after date of majority or death of child. Valid reason NOT to show: Decree (Clerk will not certify) from the Clerk of the Court showing paid. Child Support payments are collected by the Clerk of the Court. If more than one child, lien continues until date of majority of youngest child. See &quot;Vesting&quot; above.<br /> * Determination of Insurability: Prohibited Risks – Rebates<br /> *[https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708(4)] – Forwarding Fees – No person forwarding or directing title insurance business to a title insurer or title insurance agent in Idaho, nor such insurer or agent receiving such business, shall give or receive anything of value, or a portion of the premium, therefor. <br /> *Minerals: Should include a mineral exception as a standard exception.<br /> * The Idaho Rate Manual establishes a charge for the cancellation of a commitment at 20% of the basic schedule of charges if cancelled prior to closing and at 80% of the basic schedule of charges if cancelled after closing.<br /> * A title insurer or agent may reconvey a deed of trust if the obligation secured by the deed of trust has been fully paid by the title insurer or agent or if the title insurer or agent has satisfactory evidence of the full payment of the obligation secured by the deed of trust. See [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1202/ ID Code § 45-1202]. Process requires notice of intent to release or reconvey with copy of reconveyance. Idaho Stat. 45-1203. 60 day objection period after mailing. [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1204/ ID Code § 45-1204.] <br /> *Usury coverage is not available in Idaho.<br /> <br /> ==Probate==<br /> * Idaho does not have a separate estate tax or inheritance or gift tax.<br /> *Intestate succession <br /> **Spousal rule: if no surviving issue or parent, spouse gets entire estate. If no surviving issue but a parent, spouse gets 1/2 of the estate. If surviving issue, spouse gets 1/2 of the estate. But if community property, 1/2 of community property belonging to the decedent passes to the surviving spouse. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-102/ ID Code § 15-2-102].<br /> **Requirement that the heir survive the decedent by 120 hours. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-104/ ID Code §15-2-104].<br /> <br /> ==Escrow==<br /> *[https://legislature.idaho.gov/statutesrules/idstat/Title30/T30CH9/ Idaho Escrow Act]<br /> <br /> ==Property Tax ==<br /> Taxes for the first and second half of the year are due on November 20. Taxes for the first half year are delinquent if not paid by December 20. Taxes for the second half of the year remain due until paid and are delinquent if not paid by June 20 of the following year.<br /> <br /> [https://law.justia.com/codes/idaho/2019/title-63/chapter-9/section-63-903/ ID Code § 63-903].<br /> <br /> ==Closing Protection letters==<br /> *See ID Underwriting References.<br /> <br /> ==Witness Requirements==<br /> A witness is not required on a deed or security instrument, but a document must be properly acknowledged for recording. [https://law.justia.com/codes/idaho/2019/title-55/chapter-8/section-55-805/ ID Code § 55-805].<br /> <br /> [https://uww.wfgnationaltitle.com/images/7/7a/Idaho_Recorder%27s_Manual.pdf Idaho Recorder's Manual]<br /> <br /> ==Purchase Money Deeds of Trust==<br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112] – Priority of Purchase Money Mortgage – Mortgage given for the price of real property at time of conveyance has priority over all other liens against the purchaser.<br /> <br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112]<br /> Mortgage: The written agreement pledging property to a creditor as collateral for a loan.<br /> Property: includes both real and personal property. See [https://law.justia.com/codes/idaho/2019/title-73/chapter-1/section-73-114/ ID Code § 73-114]<br /> Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.<br /> A mortgage given for the price of real property, at the time of its conveyance, has priority over all other liens created against the purchaser, subject to the operation of the recording laws.</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=ID_Underwriting_Summary&diff=6004 2021-06-18T16:21:40Z

<p>Craigtrummel: /* Power Of Attorney */</p> <hr /> <div>==Search/Exam==<br /> * Minimum Search Requirements -- No act; search and examination of the title and a determination of insurability of title in accordance with sound title underwriting principles. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708.]. DOI – 60 years or as necessary<br /> * Plant or other search restrictions -- Plant required for every county [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code 41-2708]<br /> *Plant owner must counter-sign each policy. No countersignature required for direct issuance, IF insurer owners plant in that county – or for a county where no plant exists. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2702/ ID Code § 41-2702.]<br /> * Additional Requirements for REO Searches -- contact state underwriting<br /> * Foreclosure Checklist -- contact state underwriting<br /> <br /> <br /> * Survey Requirements -- ALTA/NSPS survey required for Extended Owner policy. Extended Loan policy for residential finance does not require ALTA/NSPS survey. For commercial transactions, contact state underwriting.<br /> <br /> ==UPL==<br /> *Escrow may fill out prepared forms, AKA Scrivener function. See In re Matthews, 79 P.2d 535 (Idaho 1938) Additional informaiton may be found here- [https://www.flcourts.org/content/download/218046/file/Summary-UPL-Cases.pdf summary found here]<br /> <br /> ==Vesting==<br /> *Tenancy in Common is created with several persons (See. [https://law.justia.com/codes/idaho/2019/title-55/chapter-1/section-55-104/ ID Code § 55-104] )unless: <br /> **acquired in a partnership for partnership purposes, <br /> **unless declared joint interest (joint tenants with right of survivorship), or<br /> **unless acquired as community property. <br /> Per ID Code 15-6-401, when title acquired Husband and Wife, or other evidence of a marital estate, by adding&quot; with right of survivorship&quot; a survivorship estate is created.<br /> <br /> <br /> *The timing of a judgment lien attaching to a property depends on the type of judgment entered. Generally, a judgment may attach from the Date of filing of the lis pendens or the Date and time of recording the judgment in the real property records of the county. <br /> **The duration of a judgment lien from a judgment other than for child support continues five (5) years from the date of judgment unless previously satisfied or stayed by an appeal.<br /> <br /> ***A lien rising from the delinquency of a payment due under a recorded judgment for child support after July 1, 1995, continues 23 years from the date of judgment unless the judgment was previously satisfied or stayed upon an appeal. However, child support liens will not continue for more than 5 years after the child reaches the age of majority or the child's death whichever first. If more than one child, no more than 5 years after the age of majority or death of the youngest or last remaining child.<br /> <br /> ==Real Property Tax Exemptions==<br /> <br /> Title 63, Chapter 6, of the Idaho Code provides for those uses of real property entitled to exemptions from property taxes. Hospitals, religion, charitable entities and schools can qualify.<br /> <br /> ==Mortgage/Transfer Tax==<br /> *No Mortgage/transfer tax in Idaho.<br /> <br /> ==Spousal Joinder Requirements/Homestead==<br /> * Idaho is a community property state. A non-title spouse must join in the execution of deeds/security instruments on all community property. <br /> <br /> *Idaho requires the homestead of a married couple be encumbered by both spouses executing the deed of trust or mortgage, even if fee title is vested in only one spouse. [https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1007/ ID Code § 55-1007].<br /> <br /> ====Abandoned Homestead====<br /> <br /> :A homestead is presumed abandoned if the owner vacates the property for a continuous period of at least six (6) months. However, if an owner is going to be absent from the homestead for more than six (6) months but does not intend to abandon the homestead, and has no other principal residence, the owner may execute and acknowledge, in the same manner as a grant of real property is acknowledged, a declaration of nonabandonment of homestead and file the declaration for record in the office of the recorder of the county in which the property is situated.<br /> <br /> :[https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1006/ Id. Code 55-1006].<br /> <br /> ==Power Of Attorney==<br /> *Adopted a Statutory Form Power of Attorney as of July 1, 2008. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-3/section-15-12-301/ ID Code § 15-12-301]. Act presumes durability unless expressly stated otherwise. POA dated prior to July 1, 2008 is not presumed Durable. Presumed effective unless expressly stated to have effect upon a certain act or condition. If POA does not specify a person to determine Incapacity, by statute a physician, psychologist, attorney, judge or appropriate government official (no definition) may provide written opinion. 15-12-109.<br /> <br /> ==Construction Liens==<br /> *A construction lien shall be perfected not later than ninety (90) days after the completion of the labor or services, or furnishing of materials.<br /> <br /> ==Instrument Requirements ==<br /> *None.<br /> <br /> ==Deed of Trust Particulars==<br /> <br /> Who May Serve As Trustee On Deed Of Trust==<br /> * Per [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1504/ ID Code §45-1504], trustee of a trust deed can be a licensed title insurance agent or company authorized under ID law as well as a member of the Idaho state bar, trust institution, or bank association.<br /> <br /> *Deeds of trust are limited to properties (1) located within an incorporated city or village, (2) on property not exceeding 80 acres, regardless of its location if that the property is not principally used for the agricultural production of crops, livestock, diary or aquatic goods, or (3) on property not exceeding 40 acres regardless of its location or its use. [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1502/ ID Code § 45-1502(5).]<br /> <br /> ==Time Limitations==<br /> <br /> * US Judgment Liens -- 20 years, renewable for 20 years<br /> * State Court Judgment Liens -- 10 years from recording-may be renewed. [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code § 10-1110] <br /> * Federal Tax Liens -- 10 years (+30 days); can be refiled<br /> * State Tax Liens -- 5 years (may be continued) [https://law.justia.com/codes/idaho/2019/title-45/chapter-19/section-45-1906/ ID Code § 45-1906]<br /> * Estate Tax Lien -- Federal 10 years<br /> * State Inheritance Tax Liens -- <br /> * Mechanics Liens -- Lien must be filed w/i 90 days following completion of improvements-lien good for 6 months unless enforcement proceedings commenced [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-507/ ID Code § 45-507] [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-510/ ID Code § 45-510]<br /> * Financing Statements -- 5 years [https://law.justia.com/codes/idaho/2019/title-28/chapter-9/part-5/section-28-9-515/ ID Code § 28-9-515]<br /> * Mortgages -- 5 years from maturity date [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-214a/ ID Code § 5-214A]<br /> * HOA Liens -- 1 year (can be extended 1 additional year) [https://law.justia.com/codes/idaho/2019/title-45/chapter-8/section-45-810/ ID Code § 45-810]<br /> * Condominium assessments -- <br /> * Child Support Liens -- See (a) below<br /> * Irrigation Liens<br /> * Property Tax Liens<br /> * Adverse Possession -- <br /> **3 years [https://law.justia.com/codes/idaho/2019/title-43/chapter-22/section-43-2205/ ID Code § 43-2205]<br /> **Continues until Paid [https://law.justia.com/codes/idaho/2019/title-63/chapter-2/section-63-206/ ID Code § 63-206]<br /> **20 years continuous use [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-210/ ID Code § 5-210]<br /> <br /> ==Odd Stuff==<br /> * Child Support Liens - Filed in Boise at the State level – have to search Boise State Records. No lien shall continue more than 5 years after date of majority or death of child. Valid reason NOT to show: Decree (Clerk will not certify) from the Clerk of the Court showing paid. Child Support payments are collected by the Clerk of the Court. If more than one child, lien continues until date of majority of youngest child. See &quot;Vesting&quot; above.<br /> * Determination of Insurability: Prohibited Risks – Rebates<br /> *[https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708(4)] – Forwarding Fees – No person forwarding or directing title insurance business to a title insurer or title insurance agent in Idaho, nor such insurer or agent receiving such business, shall give or receive anything of value, or a portion of the premium, therefor. <br /> *Minerals: Should include a mineral exception as a standard exception.<br /> * The Idaho Rate Manual establishes a charge for the cancellation of a commitment at 20% of the basic schedule of charges if cancelled prior to closing and at 80% of the basic schedule of charges if cancelled after closing.<br /> * A title insurer or agent may reconvey a deed of trust if the obligation secured by the deed of trust has been fully paid by the title insurer or agent or if the title insurer or agent has satisfactory evidence of the full payment of the obligation secured by the deed of trust. See [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1202/ ID Code § 45-1202]. Process requires notice of intent to release or reconvey with copy of reconveyance. Idaho Stat. 45-1203. 60 day objection period after mailing. [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1204/ ID Code § 45-1204.] <br /> *Usury coverage is not available in Idaho.<br /> <br /> ==Probate==<br /> * Idaho does not have a separate estate tax or inheritance or gift tax.<br /> *Intestate succession <br /> **Spousal rule: if no surviving issue or parent, spouse gets entire estate. If no surviving issue but a parent, spouse gets 1/2 of the estate. If surviving issue, spouse gets 1/2 of the estate. But if community property, 1/2 of community property belonging to the decedent passes to the surviving spouse. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-102/ ID Code § 15-2-102].<br /> **Requirement that the heir survive the decedent by 120 hours. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-104/ ID Code §15-2-104].<br /> <br /> ==Escrow==<br /> *[https://legislature.idaho.gov/statutesrules/idstat/Title30/T30CH9/ Idaho Escrow Act]<br /> <br /> ==Property Tax ==<br /> Taxes for the first and second half of the year are due on November 20. Taxes for the first half year are delinquent if not paid by December 20. Taxes for the second half of the year remain due until paid and are delinquent if not paid by June 20 of the following year.<br /> <br /> [https://law.justia.com/codes/idaho/2019/title-63/chapter-9/section-63-903/ ID Code § 63-903].<br /> <br /> ==Closing Protection letters==<br /> *See ID Underwriting References.<br /> <br /> ==Witness Requirements==<br /> A witness is not required on a deed or security instrument. document must be properly acknowledged for recording. [https://law.justia.com/codes/idaho/2019/title-55/chapter-8/section-55-805/ ID Code § 55-805].<br /> <br /> [https://uww.wfgnationaltitle.com/images/7/7a/Idaho_Recorder%27s_Manual.pdf Idaho Recorder's Manual]<br /> <br /> ==Purchase Money Deeds of Trust==<br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112] – Priority of Purchase Money Mortgage – Mortgage given for the price of real property at time of conveyance has priority over all other liens against the purchaser.<br /> <br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112]<br /> Mortgage: The written agreement pledging property to a creditor as collateral for a loan.<br /> Property: includes both real and personal property. See [https://law.justia.com/codes/idaho/2019/title-73/chapter-1/section-73-114/ ID Code § 73-114]<br /> Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.<br /> A mortgage given for the price of real property, at the time of its conveyance, has priority over all other liens created against the purchaser, subject to the operation of the recording laws.</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=ID_Underwriting_Summary&diff=6003 2021-06-18T16:11:47Z

<p>Craigtrummel: /* Who May Serve As Trustee On Deed Of Trust */</p> <hr /> <div>==Search/Exam==<br /> * Minimum Search Requirements -- No act; search and examination of the title and a determination of insurability of title in accordance with sound title underwriting principles. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708.]. DOI – 60 years or as necessary<br /> * Plant or other search restrictions -- Plant required for every county [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code 41-2708]<br /> *Plant owner must counter-sign each policy. No countersignature required for direct issuance, IF insurer owners plant in that county – or for a county where no plant exists. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2702/ ID Code § 41-2702.]<br /> * Additional Requirements for REO Searches -- contact state underwriting<br /> * Foreclosure Checklist -- contact state underwriting<br /> <br /> <br /> * Survey Requirements -- ALTA/NSPS survey required for Extended Owner policy. Extended Loan policy for residential finance does not require ALTA/NSPS survey. For commercial transactions, contact state underwriting.<br /> <br /> ==UPL==<br /> *Escrow may fill out prepared forms, AKA Scrivener function. See In re Matthews, 79 P.2d 535 (Idaho 1938) Additional informaiton may be found here- [https://www.flcourts.org/content/download/218046/file/Summary-UPL-Cases.pdf summary found here]<br /> <br /> ==Vesting==<br /> *Tenancy in Common is created with several persons (See. [https://law.justia.com/codes/idaho/2019/title-55/chapter-1/section-55-104/ ID Code § 55-104] )unless: <br /> **acquired in a partnership for partnership purposes, <br /> **unless declared joint interest (joint tenants with right of survivorship), or<br /> **unless acquired as community property. <br /> Per ID Code 15-6-401, when title acquired Husband and Wife, or other evidence of a marital estate, by adding&quot; with right of survivorship&quot; a survivorship estate is created.<br /> <br /> <br /> *The timing of a judgment lien attaching to a property depends on the type of judgment entered. Generally, a judgment may attach from the Date of filing of the lis pendens or the Date and time of recording the judgment in the real property records of the county. <br /> **The duration of a judgment lien from a judgment other than for child support continues five (5) years from the date of judgment unless previously satisfied or stayed by an appeal.<br /> <br /> ***A lien rising from the delinquency of a payment due under a recorded judgment for child support after July 1, 1995, continues 23 years from the date of judgment unless the judgment was previously satisfied or stayed upon an appeal. However, child support liens will not continue for more than 5 years after the child reaches the age of majority or the child's death whichever first. If more than one child, no more than 5 years after the age of majority or death of the youngest or last remaining child.<br /> <br /> ==Real Property Tax Exemptions==<br /> <br /> Title 63, Chapter 6, of the Idaho Code provides for those uses of real property entitled to exemptions from property taxes. Hospitals, religion, charitable entities and schools can qualify.<br /> <br /> ==Mortgage/Transfer Tax==<br /> *No Mortgage/transfer tax in Idaho.<br /> <br /> ==Spousal Joinder Requirements/Homestead==<br /> * Idaho is a community property state. A non-title spouse must join in the execution of deeds/security instruments on all community property. <br /> <br /> *Idaho requires the homestead of a married couple be encumbered by both spouses executing the deed of trust or mortgage, even if fee title is vested in only one spouse. [https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1007/ ID Code § 55-1007].<br /> <br /> ====Abandoned Homestead====<br /> <br /> :A homestead is presumed abandoned if the owner vacates the property for a continuous period of at least six (6) months. However, if an owner is going to be absent from the homestead for more than six (6) months but does not intend to abandon the homestead, and has no other principal residence, the owner may execute and acknowledge, in the same manner as a grant of real property is acknowledged, a declaration of nonabandonment of homestead and file the declaration for record in the office of the recorder of the county in which the property is situated.<br /> <br /> :[https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1006/ Id. Code 55-1006].<br /> <br /> ==Power Of Attorney==<br /> *Adopted a Statutory Form Power of Attorney. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-3/section-15-12-301/ ID Code § 15-12-301].<br /> <br /> ==Construction Liens==<br /> *A construction lien shall be perfected not later than ninety (90) days after the completion of the labor or services, or furnishing of materials.<br /> <br /> ==Instrument Requirements ==<br /> *None.<br /> <br /> ==Deed of Trust Particulars==<br /> <br /> Who May Serve As Trustee On Deed Of Trust==<br /> * Per [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1504/ ID Code §45-1504], trustee of a trust deed can be a licensed title insurance agent or company authorized under ID law as well as a member of the Idaho state bar, trust institution, or bank association.<br /> <br /> *Deeds of trust are limited to properties (1) located within an incorporated city or village, (2) on property not exceeding 80 acres, regardless of its location if that the property is not principally used for the agricultural production of crops, livestock, diary or aquatic goods, or (3) on property not exceeding 40 acres regardless of its location or its use. [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1502/ ID Code § 45-1502(5).]<br /> <br /> ==Time Limitations==<br /> <br /> * US Judgment Liens -- 20 years, renewable for 20 years<br /> * State Court Judgment Liens -- 10 years from recording-may be renewed. [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code § 10-1110] <br /> * Federal Tax Liens -- 10 years (+30 days); can be refiled<br /> * State Tax Liens -- 5 years (may be continued) [https://law.justia.com/codes/idaho/2019/title-45/chapter-19/section-45-1906/ ID Code § 45-1906]<br /> * Estate Tax Lien -- Federal 10 years<br /> * State Inheritance Tax Liens -- <br /> * Mechanics Liens -- Lien must be filed w/i 90 days following completion of improvements-lien good for 6 months unless enforcement proceedings commenced [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-507/ ID Code § 45-507] [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-510/ ID Code § 45-510]<br /> * Financing Statements -- 5 years [https://law.justia.com/codes/idaho/2019/title-28/chapter-9/part-5/section-28-9-515/ ID Code § 28-9-515]<br /> * Mortgages -- 5 years from maturity date [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-214a/ ID Code § 5-214A]<br /> * HOA Liens -- 1 year (can be extended 1 additional year) [https://law.justia.com/codes/idaho/2019/title-45/chapter-8/section-45-810/ ID Code § 45-810]<br /> * Condominium assessments -- <br /> * Child Support Liens -- See (a) below<br /> * Irrigation Liens<br /> * Property Tax Liens<br /> * Adverse Possession -- <br /> **3 years [https://law.justia.com/codes/idaho/2019/title-43/chapter-22/section-43-2205/ ID Code § 43-2205]<br /> **Continues until Paid [https://law.justia.com/codes/idaho/2019/title-63/chapter-2/section-63-206/ ID Code § 63-206]<br /> **20 years continuous use [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-210/ ID Code § 5-210]<br /> <br /> ==Odd Stuff==<br /> * Child Support Liens - Filed in Boise at the State level – have to search Boise State Records. No lien shall continue more than 5 years after date of majority or death of child. Valid reason NOT to show: Decree (Clerk will not certify) from the Clerk of the Court showing paid. Child Support payments are collected by the Clerk of the Court. If more than one child, lien continues until date of majority of youngest child. See &quot;Vesting&quot; above.<br /> * Determination of Insurability: Prohibited Risks – Rebates<br /> *[https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708(4)] – Forwarding Fees – No person forwarding or directing title insurance business to a title insurer or title insurance agent in Idaho, nor such insurer or agent receiving such business, shall give or receive anything of value, or a portion of the premium, therefor. <br /> *Minerals: Should include a mineral exception as a standard exception.<br /> * The Idaho Rate Manual establishes a charge for the cancellation of a commitment at 20% of the basic schedule of charges if cancelled prior to closing and at 80% of the basic schedule of charges if cancelled after closing.<br /> * A title insurer or agent may reconvey a deed of trust if the obligation secured by the deed of trust has been fully paid by the title insurer or agent or if the title insurer or agent has satisfactory evidence of the full payment of the obligation secured by the deed of trust. See [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1202/ ID Code § 45-1202]. Process requires notice of intent to release or reconvey with copy of reconveyance. Idaho Stat. 45-1203. 60 day objection period after mailing. [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1204/ ID Code § 45-1204.] <br /> *Usury coverage is not available in Idaho.<br /> <br /> ==Probate==<br /> * Idaho does not have a separate estate tax or inheritance or gift tax.<br /> *Intestate succession <br /> **Spousal rule: if no surviving issue or parent, spouse gets entire estate. If no surviving issue but a parent, spouse gets 1/2 of the estate. If surviving issue, spouse gets 1/2 of the estate. But if community property, 1/2 of community property belonging to the decedent passes to the surviving spouse. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-102/ ID Code § 15-2-102].<br /> **Requirement that the heir survive the decedent by 120 hours. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-104/ ID Code §15-2-104].<br /> <br /> ==Escrow==<br /> *[https://legislature.idaho.gov/statutesrules/idstat/Title30/T30CH9/ Idaho Escrow Act]<br /> <br /> ==Property Tax ==<br /> Taxes for the first and second half of the year are due on November 20. Taxes for the first half year are delinquent if not paid by December 20. Taxes for the second half of the year remain due until paid and are delinquent if not paid by June 20 of the following year.<br /> <br /> [https://law.justia.com/codes/idaho/2019/title-63/chapter-9/section-63-903/ ID Code § 63-903].<br /> <br /> ==Closing Protection letters==<br /> *See ID Underwriting References.<br /> <br /> ==Witness Requirements==<br /> A witness is not required on a deed or security instrument. document must be properly acknowledged for recording. [https://law.justia.com/codes/idaho/2019/title-55/chapter-8/section-55-805/ ID Code § 55-805].<br /> <br /> [https://uww.wfgnationaltitle.com/images/7/7a/Idaho_Recorder%27s_Manual.pdf Idaho Recorder's Manual]<br /> <br /> ==Purchase Money Deeds of Trust==<br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112] – Priority of Purchase Money Mortgage – Mortgage given for the price of real property at time of conveyance has priority over all other liens against the purchaser.<br /> <br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112]<br /> Mortgage: The written agreement pledging property to a creditor as collateral for a loan.<br /> Property: includes both real and personal property. See [https://law.justia.com/codes/idaho/2019/title-73/chapter-1/section-73-114/ ID Code § 73-114]<br /> Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.<br /> A mortgage given for the price of real property, at the time of its conveyance, has priority over all other liens created against the purchaser, subject to the operation of the recording laws.</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=ID_Underwriting_Summary&diff=6002 2021-06-18T16:10:25Z

<p>Craigtrummel: /* Spousal Joinder Requirements/Homestead */</p> <hr /> <div>==Search/Exam==<br /> * Minimum Search Requirements -- No act; search and examination of the title and a determination of insurability of title in accordance with sound title underwriting principles. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708.]. DOI – 60 years or as necessary<br /> * Plant or other search restrictions -- Plant required for every county [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code 41-2708]<br /> *Plant owner must counter-sign each policy. No countersignature required for direct issuance, IF insurer owners plant in that county – or for a county where no plant exists. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2702/ ID Code § 41-2702.]<br /> * Additional Requirements for REO Searches -- contact state underwriting<br /> * Foreclosure Checklist -- contact state underwriting<br /> <br /> <br /> * Survey Requirements -- ALTA/NSPS survey required for Extended Owner policy. Extended Loan policy for residential finance does not require ALTA/NSPS survey. For commercial transactions, contact state underwriting.<br /> <br /> ==UPL==<br /> *Escrow may fill out prepared forms, AKA Scrivener function. See In re Matthews, 79 P.2d 535 (Idaho 1938) Additional informaiton may be found here- [https://www.flcourts.org/content/download/218046/file/Summary-UPL-Cases.pdf summary found here]<br /> <br /> ==Vesting==<br /> *Tenancy in Common is created with several persons (See. [https://law.justia.com/codes/idaho/2019/title-55/chapter-1/section-55-104/ ID Code § 55-104] )unless: <br /> **acquired in a partnership for partnership purposes, <br /> **unless declared joint interest (joint tenants with right of survivorship), or<br /> **unless acquired as community property. <br /> Per ID Code 15-6-401, when title acquired Husband and Wife, or other evidence of a marital estate, by adding&quot; with right of survivorship&quot; a survivorship estate is created.<br /> <br /> <br /> *The timing of a judgment lien attaching to a property depends on the type of judgment entered. Generally, a judgment may attach from the Date of filing of the lis pendens or the Date and time of recording the judgment in the real property records of the county. <br /> **The duration of a judgment lien from a judgment other than for child support continues five (5) years from the date of judgment unless previously satisfied or stayed by an appeal.<br /> <br /> ***A lien rising from the delinquency of a payment due under a recorded judgment for child support after July 1, 1995, continues 23 years from the date of judgment unless the judgment was previously satisfied or stayed upon an appeal. However, child support liens will not continue for more than 5 years after the child reaches the age of majority or the child's death whichever first. If more than one child, no more than 5 years after the age of majority or death of the youngest or last remaining child.<br /> <br /> ==Real Property Tax Exemptions==<br /> <br /> Title 63, Chapter 6, of the Idaho Code provides for those uses of real property entitled to exemptions from property taxes. Hospitals, religion, charitable entities and schools can qualify.<br /> <br /> ==Mortgage/Transfer Tax==<br /> *No Mortgage/transfer tax in Idaho.<br /> <br /> ==Spousal Joinder Requirements/Homestead==<br /> * Idaho is a community property state. A non-title spouse must join in the execution of deeds/security instruments on all community property. <br /> <br /> *Idaho requires the homestead of a married couple be encumbered by both spouses executing the deed of trust or mortgage, even if fee title is vested in only one spouse. [https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1007/ ID Code § 55-1007].<br /> <br /> ====Abandoned Homestead====<br /> <br /> :A homestead is presumed abandoned if the owner vacates the property for a continuous period of at least six (6) months. However, if an owner is going to be absent from the homestead for more than six (6) months but does not intend to abandon the homestead, and has no other principal residence, the owner may execute and acknowledge, in the same manner as a grant of real property is acknowledged, a declaration of nonabandonment of homestead and file the declaration for record in the office of the recorder of the county in which the property is situated.<br /> <br /> :[https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1006/ Id. Code 55-1006].<br /> <br /> ==Power Of Attorney==<br /> *Adopted a Statutory Form Power of Attorney. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-3/section-15-12-301/ ID Code § 15-12-301].<br /> <br /> ==Construction Liens==<br /> *A construction lien shall be perfected not later than ninety (90) days after the completion of the labor or services, or furnishing of materials.<br /> <br /> ==Instrument Requirements ==<br /> *None.<br /> <br /> ==Who May Serve As Trustee On Deed Of Trust==<br /> * Per [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1504/ ID Code §45-1504], trustee of a trust deed can be a licensed title insurance agent or company authorized under ID law as well as a member of the Idaho state bar, trust institution, or bank association.<br /> *Deeds of trust are limited to properties (1) located within an incorporated city or village, (2) on property not exceeding 80 acres, regardless of its location if that the property is not principally used for the agricultural production of crops, livestock, diary or aquatic goods, or (3) on property not exceeding 40 acres regardless of its location or its use. [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1502/ ID Code § 45-1502(5).]<br /> <br /> ==Time Limitations==<br /> <br /> * US Judgment Liens -- 20 years, renewable for 20 years<br /> * State Court Judgment Liens -- 10 years from recording-may be renewed. [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code § 10-1110] <br /> * Federal Tax Liens -- 10 years (+30 days); can be refiled<br /> * State Tax Liens -- 5 years (may be continued) [https://law.justia.com/codes/idaho/2019/title-45/chapter-19/section-45-1906/ ID Code § 45-1906]<br /> * Estate Tax Lien -- Federal 10 years<br /> * State Inheritance Tax Liens -- <br /> * Mechanics Liens -- Lien must be filed w/i 90 days following completion of improvements-lien good for 6 months unless enforcement proceedings commenced [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-507/ ID Code § 45-507] [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-510/ ID Code § 45-510]<br /> * Financing Statements -- 5 years [https://law.justia.com/codes/idaho/2019/title-28/chapter-9/part-5/section-28-9-515/ ID Code § 28-9-515]<br /> * Mortgages -- 5 years from maturity date [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-214a/ ID Code § 5-214A]<br /> * HOA Liens -- 1 year (can be extended 1 additional year) [https://law.justia.com/codes/idaho/2019/title-45/chapter-8/section-45-810/ ID Code § 45-810]<br /> * Condominium assessments -- <br /> * Child Support Liens -- See (a) below<br /> * Irrigation Liens<br /> * Property Tax Liens<br /> * Adverse Possession -- <br /> **3 years [https://law.justia.com/codes/idaho/2019/title-43/chapter-22/section-43-2205/ ID Code § 43-2205]<br /> **Continues until Paid [https://law.justia.com/codes/idaho/2019/title-63/chapter-2/section-63-206/ ID Code § 63-206]<br /> **20 years continuous use [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-210/ ID Code § 5-210]<br /> <br /> ==Odd Stuff==<br /> * Child Support Liens - Filed in Boise at the State level – have to search Boise State Records. No lien shall continue more than 5 years after date of majority or death of child. Valid reason NOT to show: Decree (Clerk will not certify) from the Clerk of the Court showing paid. Child Support payments are collected by the Clerk of the Court. If more than one child, lien continues until date of majority of youngest child. See &quot;Vesting&quot; above.<br /> * Determination of Insurability: Prohibited Risks – Rebates<br /> *[https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708(4)] – Forwarding Fees – No person forwarding or directing title insurance business to a title insurer or title insurance agent in Idaho, nor such insurer or agent receiving such business, shall give or receive anything of value, or a portion of the premium, therefor. <br /> *Minerals: Should include a mineral exception as a standard exception.<br /> * The Idaho Rate Manual establishes a charge for the cancellation of a commitment at 20% of the basic schedule of charges if cancelled prior to closing and at 80% of the basic schedule of charges if cancelled after closing.<br /> * A title insurer or agent may reconvey a deed of trust if the obligation secured by the deed of trust has been fully paid by the title insurer or agent or if the title insurer or agent has satisfactory evidence of the full payment of the obligation secured by the deed of trust. See [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1202/ ID Code § 45-1202]. Process requires notice of intent to release or reconvey with copy of reconveyance. Idaho Stat. 45-1203. 60 day objection period after mailing. [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1204/ ID Code § 45-1204.] <br /> *Usury coverage is not available in Idaho.<br /> <br /> ==Probate==<br /> * Idaho does not have a separate estate tax or inheritance or gift tax.<br /> *Intestate succession <br /> **Spousal rule: if no surviving issue or parent, spouse gets entire estate. If no surviving issue but a parent, spouse gets 1/2 of the estate. If surviving issue, spouse gets 1/2 of the estate. But if community property, 1/2 of community property belonging to the decedent passes to the surviving spouse. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-102/ ID Code § 15-2-102].<br /> **Requirement that the heir survive the decedent by 120 hours. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-104/ ID Code §15-2-104].<br /> <br /> ==Escrow==<br /> *[https://legislature.idaho.gov/statutesrules/idstat/Title30/T30CH9/ Idaho Escrow Act]<br /> <br /> ==Property Tax ==<br /> Taxes for the first and second half of the year are due on November 20. Taxes for the first half year are delinquent if not paid by December 20. Taxes for the second half of the year remain due until paid and are delinquent if not paid by June 20 of the following year.<br /> <br /> [https://law.justia.com/codes/idaho/2019/title-63/chapter-9/section-63-903/ ID Code § 63-903].<br /> <br /> ==Closing Protection letters==<br /> *See ID Underwriting References.<br /> <br /> ==Witness Requirements==<br /> A witness is not required on a deed or security instrument. document must be properly acknowledged for recording. [https://law.justia.com/codes/idaho/2019/title-55/chapter-8/section-55-805/ ID Code § 55-805].<br /> <br /> [https://uww.wfgnationaltitle.com/images/7/7a/Idaho_Recorder%27s_Manual.pdf Idaho Recorder's Manual]<br /> <br /> ==Purchase Money Deeds of Trust==<br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112] – Priority of Purchase Money Mortgage – Mortgage given for the price of real property at time of conveyance has priority over all other liens against the purchaser.<br /> <br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112]<br /> Mortgage: The written agreement pledging property to a creditor as collateral for a loan.<br /> Property: includes both real and personal property. See [https://law.justia.com/codes/idaho/2019/title-73/chapter-1/section-73-114/ ID Code § 73-114]<br /> Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.<br /> A mortgage given for the price of real property, at the time of its conveyance, has priority over all other liens created against the purchaser, subject to the operation of the recording laws.</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=ID_Underwriting_Summary&diff=6001 2021-06-18T16:07:53Z

<p>Craigtrummel: /* Tax Exemptions */</p> <hr /> <div>==Search/Exam==<br /> * Minimum Search Requirements -- No act; search and examination of the title and a determination of insurability of title in accordance with sound title underwriting principles. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708.]. DOI – 60 years or as necessary<br /> * Plant or other search restrictions -- Plant required for every county [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code 41-2708]<br /> *Plant owner must counter-sign each policy. No countersignature required for direct issuance, IF insurer owners plant in that county – or for a county where no plant exists. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2702/ ID Code § 41-2702.]<br /> * Additional Requirements for REO Searches -- contact state underwriting<br /> * Foreclosure Checklist -- contact state underwriting<br /> <br /> <br /> * Survey Requirements -- ALTA/NSPS survey required for Extended Owner policy. Extended Loan policy for residential finance does not require ALTA/NSPS survey. For commercial transactions, contact state underwriting.<br /> <br /> ==UPL==<br /> *Escrow may fill out prepared forms, AKA Scrivener function. See In re Matthews, 79 P.2d 535 (Idaho 1938) Additional informaiton may be found here- [https://www.flcourts.org/content/download/218046/file/Summary-UPL-Cases.pdf summary found here]<br /> <br /> ==Vesting==<br /> *Tenancy in Common is created with several persons (See. [https://law.justia.com/codes/idaho/2019/title-55/chapter-1/section-55-104/ ID Code § 55-104] )unless: <br /> **acquired in a partnership for partnership purposes, <br /> **unless declared joint interest (joint tenants with right of survivorship), or<br /> **unless acquired as community property. <br /> Per ID Code 15-6-401, when title acquired Husband and Wife, or other evidence of a marital estate, by adding&quot; with right of survivorship&quot; a survivorship estate is created.<br /> <br /> <br /> *The timing of a judgment lien attaching to a property depends on the type of judgment entered. Generally, a judgment may attach from the Date of filing of the lis pendens or the Date and time of recording the judgment in the real property records of the county. <br /> **The duration of a judgment lien from a judgment other than for child support continues five (5) years from the date of judgment unless previously satisfied or stayed by an appeal.<br /> <br /> ***A lien rising from the delinquency of a payment due under a recorded judgment for child support after July 1, 1995, continues 23 years from the date of judgment unless the judgment was previously satisfied or stayed upon an appeal. However, child support liens will not continue for more than 5 years after the child reaches the age of majority or the child's death whichever first. If more than one child, no more than 5 years after the age of majority or death of the youngest or last remaining child.<br /> <br /> ==Real Property Tax Exemptions==<br /> <br /> Title 63, Chapter 6, of the Idaho Code provides for those uses of real property entitled to exemptions from property taxes. Hospitals, religion, charitable entities and schools can qualify.<br /> <br /> ==Mortgage/Transfer Tax==<br /> *No Mortgage/transfer tax in Idaho.<br /> <br /> ==Spousal Joinder Requirements/Homestead==<br /> * Idaho is a community property state. A non-title spouse must join in the execution of deeds/security instruments on all community property. Custom is to have a non-title spouse to join in deed execution or separately convey his/her interest.<br /> *Idaho requires the homestead of a married couple be encumbered by both spouses executing the deed of trust or mortgage, even if fee title is vested in only one spouse. [https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1007/ ID Code § 55-1007].<br /> <br /> ====Abandoned Homestead====<br /> <br /> :A homestead is presumed abandoned if the owner vacates the property for a continuous period of at least six (6) months. However, if an owner is going to be absent from the homestead for more than six (6) months but does not intend to abandon the homestead, and has no other principal residence, the owner may execute and acknowledge, in the same manner as a grant of real property is acknowledged, a declaration of nonabandonment of homestead and file the declaration for record in the office of the recorder of the county in which the property is situated.<br /> <br /> :[https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1006/ Id. Code 55-1006].<br /> <br /> ==Power Of Attorney==<br /> *Adopted a Statutory Form Power of Attorney. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-3/section-15-12-301/ ID Code § 15-12-301].<br /> <br /> ==Construction Liens==<br /> *A construction lien shall be perfected not later than ninety (90) days after the completion of the labor or services, or furnishing of materials.<br /> <br /> ==Instrument Requirements ==<br /> *None.<br /> <br /> ==Who May Serve As Trustee On Deed Of Trust==<br /> * Per [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1504/ ID Code §45-1504], trustee of a trust deed can be a licensed title insurance agent or company authorized under ID law as well as a member of the Idaho state bar, trust institution, or bank association.<br /> *Deeds of trust are limited to properties (1) located within an incorporated city or village, (2) on property not exceeding 80 acres, regardless of its location if that the property is not principally used for the agricultural production of crops, livestock, diary or aquatic goods, or (3) on property not exceeding 40 acres regardless of its location or its use. [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1502/ ID Code § 45-1502(5).]<br /> <br /> ==Time Limitations==<br /> <br /> * US Judgment Liens -- 20 years, renewable for 20 years<br /> * State Court Judgment Liens -- 10 years from recording-may be renewed. [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code § 10-1110] <br /> * Federal Tax Liens -- 10 years (+30 days); can be refiled<br /> * State Tax Liens -- 5 years (may be continued) [https://law.justia.com/codes/idaho/2019/title-45/chapter-19/section-45-1906/ ID Code § 45-1906]<br /> * Estate Tax Lien -- Federal 10 years<br /> * State Inheritance Tax Liens -- <br /> * Mechanics Liens -- Lien must be filed w/i 90 days following completion of improvements-lien good for 6 months unless enforcement proceedings commenced [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-507/ ID Code § 45-507] [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-510/ ID Code § 45-510]<br /> * Financing Statements -- 5 years [https://law.justia.com/codes/idaho/2019/title-28/chapter-9/part-5/section-28-9-515/ ID Code § 28-9-515]<br /> * Mortgages -- 5 years from maturity date [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-214a/ ID Code § 5-214A]<br /> * HOA Liens -- 1 year (can be extended 1 additional year) [https://law.justia.com/codes/idaho/2019/title-45/chapter-8/section-45-810/ ID Code § 45-810]<br /> * Condominium assessments -- <br /> * Child Support Liens -- See (a) below<br /> * Irrigation Liens<br /> * Property Tax Liens<br /> * Adverse Possession -- <br /> **3 years [https://law.justia.com/codes/idaho/2019/title-43/chapter-22/section-43-2205/ ID Code § 43-2205]<br /> **Continues until Paid [https://law.justia.com/codes/idaho/2019/title-63/chapter-2/section-63-206/ ID Code § 63-206]<br /> **20 years continuous use [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-210/ ID Code § 5-210]<br /> <br /> ==Odd Stuff==<br /> * Child Support Liens - Filed in Boise at the State level – have to search Boise State Records. No lien shall continue more than 5 years after date of majority or death of child. Valid reason NOT to show: Decree (Clerk will not certify) from the Clerk of the Court showing paid. Child Support payments are collected by the Clerk of the Court. If more than one child, lien continues until date of majority of youngest child. See &quot;Vesting&quot; above.<br /> * Determination of Insurability: Prohibited Risks – Rebates<br /> *[https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708(4)] – Forwarding Fees – No person forwarding or directing title insurance business to a title insurer or title insurance agent in Idaho, nor such insurer or agent receiving such business, shall give or receive anything of value, or a portion of the premium, therefor. <br /> *Minerals: Should include a mineral exception as a standard exception.<br /> * The Idaho Rate Manual establishes a charge for the cancellation of a commitment at 20% of the basic schedule of charges if cancelled prior to closing and at 80% of the basic schedule of charges if cancelled after closing.<br /> * A title insurer or agent may reconvey a deed of trust if the obligation secured by the deed of trust has been fully paid by the title insurer or agent or if the title insurer or agent has satisfactory evidence of the full payment of the obligation secured by the deed of trust. See [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1202/ ID Code § 45-1202]. Process requires notice of intent to release or reconvey with copy of reconveyance. Idaho Stat. 45-1203. 60 day objection period after mailing. [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1204/ ID Code § 45-1204.] <br /> *Usury coverage is not available in Idaho.<br /> <br /> ==Probate==<br /> * Idaho does not have a separate estate tax or inheritance or gift tax.<br /> *Intestate succession <br /> **Spousal rule: if no surviving issue or parent, spouse gets entire estate. If no surviving issue but a parent, spouse gets 1/2 of the estate. If surviving issue, spouse gets 1/2 of the estate. But if community property, 1/2 of community property belonging to the decedent passes to the surviving spouse. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-102/ ID Code § 15-2-102].<br /> **Requirement that the heir survive the decedent by 120 hours. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-104/ ID Code §15-2-104].<br /> <br /> ==Escrow==<br /> *[https://legislature.idaho.gov/statutesrules/idstat/Title30/T30CH9/ Idaho Escrow Act]<br /> <br /> ==Property Tax ==<br /> Taxes for the first and second half of the year are due on November 20. Taxes for the first half year are delinquent if not paid by December 20. Taxes for the second half of the year remain due until paid and are delinquent if not paid by June 20 of the following year.<br /> <br /> [https://law.justia.com/codes/idaho/2019/title-63/chapter-9/section-63-903/ ID Code § 63-903].<br /> <br /> ==Closing Protection letters==<br /> *See ID Underwriting References.<br /> <br /> ==Witness Requirements==<br /> A witness is not required on a deed or security instrument. document must be properly acknowledged for recording. [https://law.justia.com/codes/idaho/2019/title-55/chapter-8/section-55-805/ ID Code § 55-805].<br /> <br /> [https://uww.wfgnationaltitle.com/images/7/7a/Idaho_Recorder%27s_Manual.pdf Idaho Recorder's Manual]<br /> <br /> ==Purchase Money Deeds of Trust==<br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112] – Priority of Purchase Money Mortgage – Mortgage given for the price of real property at time of conveyance has priority over all other liens against the purchaser.<br /> <br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112]<br /> Mortgage: The written agreement pledging property to a creditor as collateral for a loan.<br /> Property: includes both real and personal property. See [https://law.justia.com/codes/idaho/2019/title-73/chapter-1/section-73-114/ ID Code § 73-114]<br /> Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.<br /> A mortgage given for the price of real property, at the time of its conveyance, has priority over all other liens created against the purchaser, subject to the operation of the recording laws.</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=ID_Underwriting_Summary&diff=6000 2021-06-17T18:40:17Z

<p>Craigtrummel: /* Vesting */</p> <hr /> <div>==Search/Exam==<br /> * Minimum Search Requirements -- No act; search and examination of the title and a determination of insurability of title in accordance with sound title underwriting principles. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708.]. DOI – 60 years or as necessary<br /> * Plant or other search restrictions -- Plant required for every county [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code 41-2708]<br /> *Plant owner must counter-sign each policy. No countersignature required for direct issuance, IF insurer owners plant in that county – or for a county where no plant exists. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2702/ ID Code § 41-2702.]<br /> * Additional Requirements for REO Searches -- contact state underwriting<br /> * Foreclosure Checklist -- contact state underwriting<br /> <br /> <br /> * Survey Requirements -- ALTA/NSPS survey required for Extended Owner policy. Extended Loan policy for residential finance does not require ALTA/NSPS survey. For commercial transactions, contact state underwriting.<br /> <br /> ==UPL==<br /> *Escrow may fill out prepared forms, AKA Scrivener function. See In re Matthews, 79 P.2d 535 (Idaho 1938) Additional informaiton may be found here- [https://www.flcourts.org/content/download/218046/file/Summary-UPL-Cases.pdf summary found here]<br /> <br /> ==Vesting==<br /> *Tenancy in Common is created with several persons (See. [https://law.justia.com/codes/idaho/2019/title-55/chapter-1/section-55-104/ ID Code § 55-104] )unless: <br /> **acquired in a partnership for partnership purposes, <br /> **unless declared joint interest (joint tenants with right of survivorship), or<br /> **unless acquired as community property. <br /> Per ID Code 15-6-401, when title acquired Husband and Wife, or other evidence of a marital estate, by adding&quot; with right of survivorship&quot; a survivorship estate is created.<br /> <br /> <br /> *The timing of a judgment lien attaching to a property depends on the type of judgment entered. Generally, a judgment may attach from the Date of filing of the lis pendens or the Date and time of recording the judgment in the real property records of the county. <br /> **The duration of a judgment lien from a judgment other than for child support continues five (5) years from the date of judgment unless previously satisfied or stayed by an appeal.<br /> <br /> ***A lien rising from the delinquency of a payment due under a recorded judgment for child support after July 1, 1995, continues 23 years from the date of judgment unless the judgment was previously satisfied or stayed upon an appeal. However, child support liens will not continue for more than 5 years after the child reaches the age of majority or the child's death whichever first. If more than one child, no more than 5 years after the age of majority or death of the youngest or last remaining child.<br /> <br /> ==Tax Exemptions==<br /> ====Hospitals====<br /> If real property, not currently exempt from taxation, is being prepared for use as a hospital, the value of the bare land only shall be taxed while the property is being prepared for use as a hospital. If, as of the property tax assessment date, construction has not been abandoned, all improvements to and construction on the real property, while it is being prepared for use as a hospital, shall be exempt from taxation. Upon completion of construction and obtaining a certificate of occupancy, the entire real property shall be exempt from taxation subject to requirements in the statute.<br /> <br /> In no event shall improvements to property that is being prepared for use as a hospital qualify for an exemption from property tax for more than three (3) consecutive tax years [https://legislature.idaho.gov/statutesrules/idstat/Title63/T63CH6/SECT63-602D/ Id. Code 63-602D(3)].<br /> <br /> ==Mortgage/Transfer Tax==<br /> *No Mortgage/transfer tax in Idaho.<br /> <br /> ==Spousal Joinder Requirements/Homestead==<br /> * Idaho is a community property state. A non-title spouse must join in the execution of deeds/security instruments on all community property. Custom is to have a non-title spouse to join in deed execution or separately convey his/her interest.<br /> *Idaho requires the homestead of a married couple be encumbered by both spouses executing the deed of trust or mortgage, even if fee title is vested in only one spouse. [https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1007/ ID Code § 55-1007].<br /> <br /> ====Abandoned Homestead====<br /> <br /> :A homestead is presumed abandoned if the owner vacates the property for a continuous period of at least six (6) months. However, if an owner is going to be absent from the homestead for more than six (6) months but does not intend to abandon the homestead, and has no other principal residence, the owner may execute and acknowledge, in the same manner as a grant of real property is acknowledged, a declaration of nonabandonment of homestead and file the declaration for record in the office of the recorder of the county in which the property is situated.<br /> <br /> :[https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1006/ Id. Code 55-1006].<br /> <br /> ==Power Of Attorney==<br /> *Adopted a Statutory Form Power of Attorney. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-3/section-15-12-301/ ID Code § 15-12-301].<br /> <br /> ==Construction Liens==<br /> *A construction lien shall be perfected not later than ninety (90) days after the completion of the labor or services, or furnishing of materials.<br /> <br /> ==Instrument Requirements ==<br /> *None.<br /> <br /> ==Who May Serve As Trustee On Deed Of Trust==<br /> * Per [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1504/ ID Code §45-1504], trustee of a trust deed can be a licensed title insurance agent or company authorized under ID law as well as a member of the Idaho state bar, trust institution, or bank association.<br /> *Deeds of trust are limited to properties (1) located within an incorporated city or village, (2) on property not exceeding 80 acres, regardless of its location if that the property is not principally used for the agricultural production of crops, livestock, diary or aquatic goods, or (3) on property not exceeding 40 acres regardless of its location or its use. [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1502/ ID Code § 45-1502(5).]<br /> <br /> ==Time Limitations==<br /> <br /> * US Judgment Liens -- 20 years, renewable for 20 years<br /> * State Court Judgment Liens -- 10 years from recording-may be renewed. [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code § 10-1110] <br /> * Federal Tax Liens -- 10 years (+30 days); can be refiled<br /> * State Tax Liens -- 5 years (may be continued) [https://law.justia.com/codes/idaho/2019/title-45/chapter-19/section-45-1906/ ID Code § 45-1906]<br /> * Estate Tax Lien -- Federal 10 years<br /> * State Inheritance Tax Liens -- <br /> * Mechanics Liens -- Lien must be filed w/i 90 days following completion of improvements-lien good for 6 months unless enforcement proceedings commenced [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-507/ ID Code § 45-507] [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-510/ ID Code § 45-510]<br /> * Financing Statements -- 5 years [https://law.justia.com/codes/idaho/2019/title-28/chapter-9/part-5/section-28-9-515/ ID Code § 28-9-515]<br /> * Mortgages -- 5 years from maturity date [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-214a/ ID Code § 5-214A]<br /> * HOA Liens -- 1 year (can be extended 1 additional year) [https://law.justia.com/codes/idaho/2019/title-45/chapter-8/section-45-810/ ID Code § 45-810]<br /> * Condominium assessments -- <br /> * Child Support Liens -- See (a) below<br /> * Irrigation Liens<br /> * Property Tax Liens<br /> * Adverse Possession -- <br /> **3 years [https://law.justia.com/codes/idaho/2019/title-43/chapter-22/section-43-2205/ ID Code § 43-2205]<br /> **Continues until Paid [https://law.justia.com/codes/idaho/2019/title-63/chapter-2/section-63-206/ ID Code § 63-206]<br /> **20 years continuous use [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-210/ ID Code § 5-210]<br /> <br /> ==Odd Stuff==<br /> * Child Support Liens - Filed in Boise at the State level – have to search Boise State Records. No lien shall continue more than 5 years after date of majority or death of child. Valid reason NOT to show: Decree (Clerk will not certify) from the Clerk of the Court showing paid. Child Support payments are collected by the Clerk of the Court. If more than one child, lien continues until date of majority of youngest child. See &quot;Vesting&quot; above.<br /> * Determination of Insurability: Prohibited Risks – Rebates<br /> *[https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708(4)] – Forwarding Fees – No person forwarding or directing title insurance business to a title insurer or title insurance agent in Idaho, nor such insurer or agent receiving such business, shall give or receive anything of value, or a portion of the premium, therefor. <br /> *Minerals: Should include a mineral exception as a standard exception.<br /> * The Idaho Rate Manual establishes a charge for the cancellation of a commitment at 20% of the basic schedule of charges if cancelled prior to closing and at 80% of the basic schedule of charges if cancelled after closing.<br /> * A title insurer or agent may reconvey a deed of trust if the obligation secured by the deed of trust has been fully paid by the title insurer or agent or if the title insurer or agent has satisfactory evidence of the full payment of the obligation secured by the deed of trust. See [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1202/ ID Code § 45-1202]. Process requires notice of intent to release or reconvey with copy of reconveyance. Idaho Stat. 45-1203. 60 day objection period after mailing. [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1204/ ID Code § 45-1204.] <br /> *Usury coverage is not available in Idaho.<br /> <br /> ==Probate==<br /> * Idaho does not have a separate estate tax or inheritance or gift tax.<br /> *Intestate succession <br /> **Spousal rule: if no surviving issue or parent, spouse gets entire estate. If no surviving issue but a parent, spouse gets 1/2 of the estate. If surviving issue, spouse gets 1/2 of the estate. But if community property, 1/2 of community property belonging to the decedent passes to the surviving spouse. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-102/ ID Code § 15-2-102].<br /> **Requirement that the heir survive the decedent by 120 hours. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-104/ ID Code §15-2-104].<br /> <br /> ==Escrow==<br /> *[https://legislature.idaho.gov/statutesrules/idstat/Title30/T30CH9/ Idaho Escrow Act]<br /> <br /> ==Property Tax ==<br /> Taxes for the first and second half of the year are due on November 20. Taxes for the first half year are delinquent if not paid by December 20. Taxes for the second half of the year remain due until paid and are delinquent if not paid by June 20 of the following year.<br /> <br /> [https://law.justia.com/codes/idaho/2019/title-63/chapter-9/section-63-903/ ID Code § 63-903].<br /> <br /> ==Closing Protection letters==<br /> *See ID Underwriting References.<br /> <br /> ==Witness Requirements==<br /> A witness is not required on a deed or security instrument. document must be properly acknowledged for recording. [https://law.justia.com/codes/idaho/2019/title-55/chapter-8/section-55-805/ ID Code § 55-805].<br /> <br /> [https://uww.wfgnationaltitle.com/images/7/7a/Idaho_Recorder%27s_Manual.pdf Idaho Recorder's Manual]<br /> <br /> ==Purchase Money Deeds of Trust==<br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112] – Priority of Purchase Money Mortgage – Mortgage given for the price of real property at time of conveyance has priority over all other liens against the purchaser.<br /> <br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112]<br /> Mortgage: The written agreement pledging property to a creditor as collateral for a loan.<br /> Property: includes both real and personal property. See [https://law.justia.com/codes/idaho/2019/title-73/chapter-1/section-73-114/ ID Code § 73-114]<br /> Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.<br /> A mortgage given for the price of real property, at the time of its conveyance, has priority over all other liens created against the purchaser, subject to the operation of the recording laws.</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=ID_Underwriting_Summary&diff=5999 2021-06-17T18:31:37Z

<p>Craigtrummel: /* Vesting */</p> <hr /> <div>==Search/Exam==<br /> * Minimum Search Requirements -- No act; search and examination of the title and a determination of insurability of title in accordance with sound title underwriting principles. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708.]. DOI – 60 years or as necessary<br /> * Plant or other search restrictions -- Plant required for every county [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code 41-2708]<br /> *Plant owner must counter-sign each policy. No countersignature required for direct issuance, IF insurer owners plant in that county – or for a county where no plant exists. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2702/ ID Code § 41-2702.]<br /> * Additional Requirements for REO Searches -- contact state underwriting<br /> * Foreclosure Checklist -- contact state underwriting<br /> <br /> <br /> * Survey Requirements -- ALTA/NSPS survey required for Extended Owner policy. Extended Loan policy for residential finance does not require ALTA/NSPS survey. For commercial transactions, contact state underwriting.<br /> <br /> ==UPL==<br /> *Escrow may fill out prepared forms, AKA Scrivener function. See In re Matthews, 79 P.2d 535 (Idaho 1938) Additional informaiton may be found here- [https://www.flcourts.org/content/download/218046/file/Summary-UPL-Cases.pdf summary found here]<br /> <br /> ==Vesting==<br /> *Tenancy in Common is created with several persons (See. [https://law.justia.com/codes/idaho/2019/title-55/chapter-1/section-55-104/ ID Code § 55-104] )unless: <br /> **acquired in a partnership for partnership purposes, <br /> **unless declared joint interest (joint tenants with right of survivorship), or<br /> **unless acquired as community property. <br /> Per ID Code 15-6-401, when title acquired Husband and Wife, or other evidence of a marital estate, by adding&quot; with right of survivorship&quot; a survivorship estate is created.<br /> <br /> <br /> *The timing of a judgment lien attaching to a property depends on the type of judgment entered. Generally, a judgment may attach from the Date of filing of the lis pendens or the Date and time of recording the judgement with the county clerk and recorder. <br /> **The duration of a judgment lien from a judgment other than for child support continues five (5) years from the date of judgment unless previously satisfied or stayed by an appeal.<br /> ***A lien rising from the delinquency of a payment due under a recorded judgment for child support after July 1, 1995, continues 23 years from the date of judgment unless the judgment was previously satisfied or stayed upon an appeal. However, child support liens will not continue for more than 5 years after the child reaches the age of majority or the child's death whichever first. If more than one child, no more than 5 years after the age of majority or death of the youngest or last remaining child.<br /> <br /> ==Tax Exemptions==<br /> ====Hospitals====<br /> If real property, not currently exempt from taxation, is being prepared for use as a hospital, the value of the bare land only shall be taxed while the property is being prepared for use as a hospital. If, as of the property tax assessment date, construction has not been abandoned, all improvements to and construction on the real property, while it is being prepared for use as a hospital, shall be exempt from taxation. Upon completion of construction and obtaining a certificate of occupancy, the entire real property shall be exempt from taxation subject to requirements in the statute.<br /> <br /> In no event shall improvements to property that is being prepared for use as a hospital qualify for an exemption from property tax for more than three (3) consecutive tax years [https://legislature.idaho.gov/statutesrules/idstat/Title63/T63CH6/SECT63-602D/ Id. Code 63-602D(3)].<br /> <br /> ==Mortgage/Transfer Tax==<br /> *No Mortgage/transfer tax in Idaho.<br /> <br /> ==Spousal Joinder Requirements/Homestead==<br /> * Idaho is a community property state. A non-title spouse must join in the execution of deeds/security instruments on all community property. Custom is to have a non-title spouse to join in deed execution or separately convey his/her interest.<br /> *Idaho requires the homestead of a married couple be encumbered by both spouses executing the deed of trust or mortgage, even if fee title is vested in only one spouse. [https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1007/ ID Code § 55-1007].<br /> <br /> ====Abandoned Homestead====<br /> <br /> :A homestead is presumed abandoned if the owner vacates the property for a continuous period of at least six (6) months. However, if an owner is going to be absent from the homestead for more than six (6) months but does not intend to abandon the homestead, and has no other principal residence, the owner may execute and acknowledge, in the same manner as a grant of real property is acknowledged, a declaration of nonabandonment of homestead and file the declaration for record in the office of the recorder of the county in which the property is situated.<br /> <br /> :[https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1006/ Id. Code 55-1006].<br /> <br /> ==Power Of Attorney==<br /> *Adopted a Statutory Form Power of Attorney. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-3/section-15-12-301/ ID Code § 15-12-301].<br /> <br /> ==Construction Liens==<br /> *A construction lien shall be perfected not later than ninety (90) days after the completion of the labor or services, or furnishing of materials.<br /> <br /> ==Instrument Requirements ==<br /> *None.<br /> <br /> ==Who May Serve As Trustee On Deed Of Trust==<br /> * Per [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1504/ ID Code §45-1504], trustee of a trust deed can be a licensed title insurance agent or company authorized under ID law as well as a member of the Idaho state bar, trust institution, or bank association.<br /> *Deeds of trust are limited to properties (1) located within an incorporated city or village, (2) on property not exceeding 80 acres, regardless of its location if that the property is not principally used for the agricultural production of crops, livestock, diary or aquatic goods, or (3) on property not exceeding 40 acres regardless of its location or its use. [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1502/ ID Code § 45-1502(5).]<br /> <br /> ==Time Limitations==<br /> <br /> * US Judgment Liens -- 20 years, renewable for 20 years<br /> * State Court Judgment Liens -- 10 years from recording-may be renewed. [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code § 10-1110] <br /> * Federal Tax Liens -- 10 years (+30 days); can be refiled<br /> * State Tax Liens -- 5 years (may be continued) [https://law.justia.com/codes/idaho/2019/title-45/chapter-19/section-45-1906/ ID Code § 45-1906]<br /> * Estate Tax Lien -- Federal 10 years<br /> * State Inheritance Tax Liens -- <br /> * Mechanics Liens -- Lien must be filed w/i 90 days following completion of improvements-lien good for 6 months unless enforcement proceedings commenced [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-507/ ID Code § 45-507] [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-510/ ID Code § 45-510]<br /> * Financing Statements -- 5 years [https://law.justia.com/codes/idaho/2019/title-28/chapter-9/part-5/section-28-9-515/ ID Code § 28-9-515]<br /> * Mortgages -- 5 years from maturity date [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-214a/ ID Code § 5-214A]<br /> * HOA Liens -- 1 year (can be extended 1 additional year) [https://law.justia.com/codes/idaho/2019/title-45/chapter-8/section-45-810/ ID Code § 45-810]<br /> * Condominium assessments -- <br /> * Child Support Liens -- See (a) below<br /> * Irrigation Liens<br /> * Property Tax Liens<br /> * Adverse Possession -- <br /> **3 years [https://law.justia.com/codes/idaho/2019/title-43/chapter-22/section-43-2205/ ID Code § 43-2205]<br /> **Continues until Paid [https://law.justia.com/codes/idaho/2019/title-63/chapter-2/section-63-206/ ID Code § 63-206]<br /> **20 years continuous use [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-210/ ID Code § 5-210]<br /> <br /> ==Odd Stuff==<br /> * Child Support Liens - Filed in Boise at the State level – have to search Boise State Records. No lien shall continue more than 5 years after date of majority or death of child. Valid reason NOT to show: Decree (Clerk will not certify) from the Clerk of the Court showing paid. Child Support payments are collected by the Clerk of the Court. If more than one child, lien continues until date of majority of youngest child. See &quot;Vesting&quot; above.<br /> * Determination of Insurability: Prohibited Risks – Rebates<br /> *[https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708(4)] – Forwarding Fees – No person forwarding or directing title insurance business to a title insurer or title insurance agent in Idaho, nor such insurer or agent receiving such business, shall give or receive anything of value, or a portion of the premium, therefor. <br /> *Minerals: Should include a mineral exception as a standard exception.<br /> * The Idaho Rate Manual establishes a charge for the cancellation of a commitment at 20% of the basic schedule of charges if cancelled prior to closing and at 80% of the basic schedule of charges if cancelled after closing.<br /> * A title insurer or agent may reconvey a deed of trust if the obligation secured by the deed of trust has been fully paid by the title insurer or agent or if the title insurer or agent has satisfactory evidence of the full payment of the obligation secured by the deed of trust. See [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1202/ ID Code § 45-1202]. Process requires notice of intent to release or reconvey with copy of reconveyance. Idaho Stat. 45-1203. 60 day objection period after mailing. [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1204/ ID Code § 45-1204.] <br /> *Usury coverage is not available in Idaho.<br /> <br /> ==Probate==<br /> * Idaho does not have a separate estate tax or inheritance or gift tax.<br /> *Intestate succession <br /> **Spousal rule: if no surviving issue or parent, spouse gets entire estate. If no surviving issue but a parent, spouse gets 1/2 of the estate. If surviving issue, spouse gets 1/2 of the estate. But if community property, 1/2 of community property belonging to the decedent passes to the surviving spouse. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-102/ ID Code § 15-2-102].<br /> **Requirement that the heir survive the decedent by 120 hours. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-104/ ID Code §15-2-104].<br /> <br /> ==Escrow==<br /> *[https://legislature.idaho.gov/statutesrules/idstat/Title30/T30CH9/ Idaho Escrow Act]<br /> <br /> ==Property Tax ==<br /> Taxes for the first and second half of the year are due on November 20. Taxes for the first half year are delinquent if not paid by December 20. Taxes for the second half of the year remain due until paid and are delinquent if not paid by June 20 of the following year.<br /> <br /> [https://law.justia.com/codes/idaho/2019/title-63/chapter-9/section-63-903/ ID Code § 63-903].<br /> <br /> ==Closing Protection letters==<br /> *See ID Underwriting References.<br /> <br /> ==Witness Requirements==<br /> A witness is not required on a deed or security instrument. document must be properly acknowledged for recording. [https://law.justia.com/codes/idaho/2019/title-55/chapter-8/section-55-805/ ID Code § 55-805].<br /> <br /> [https://uww.wfgnationaltitle.com/images/7/7a/Idaho_Recorder%27s_Manual.pdf Idaho Recorder's Manual]<br /> <br /> ==Purchase Money Deeds of Trust==<br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112] – Priority of Purchase Money Mortgage – Mortgage given for the price of real property at time of conveyance has priority over all other liens against the purchaser.<br /> <br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112]<br /> Mortgage: The written agreement pledging property to a creditor as collateral for a loan.<br /> Property: includes both real and personal property. See [https://law.justia.com/codes/idaho/2019/title-73/chapter-1/section-73-114/ ID Code § 73-114]<br /> Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.<br /> A mortgage given for the price of real property, at the time of its conveyance, has priority over all other liens created against the purchaser, subject to the operation of the recording laws.</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=ID_Underwriting_Summary&diff=5998 2021-06-17T18:24:38Z

<p>Craigtrummel: /* Search/Exam */</p> <hr /> <div>==Search/Exam==<br /> * Minimum Search Requirements -- No act; search and examination of the title and a determination of insurability of title in accordance with sound title underwriting principles. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708.]. DOI – 60 years or as necessary<br /> * Plant or other search restrictions -- Plant required for every county [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code 41-2708]<br /> *Plant owner must counter-sign each policy. No countersignature required for direct issuance, IF insurer owners plant in that county – or for a county where no plant exists. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2702/ ID Code § 41-2702.]<br /> * Additional Requirements for REO Searches -- contact state underwriting<br /> * Foreclosure Checklist -- contact state underwriting<br /> <br /> <br /> * Survey Requirements -- ALTA/NSPS survey required for Extended Owner policy. Extended Loan policy for residential finance does not require ALTA/NSPS survey. For commercial transactions, contact state underwriting.<br /> <br /> ==UPL==<br /> *Escrow may fill out prepared forms, AKA Scrivener function. See In re Matthews, 79 P.2d 535 (Idaho 1938) Additional informaiton may be found here- [https://www.flcourts.org/content/download/218046/file/Summary-UPL-Cases.pdf summary found here]<br /> <br /> ==Vesting==<br /> *Tenancy in Common is created with several persons unless: <br /> **acquired in a partnership for partnership purposes, <br /> **unless declared joint interest, or<br /> **unless acquired as community property. See. [https://law.justia.com/codes/idaho/2019/title-55/chapter-1/section-55-104/ ID Code § 55-104]<br /> *The timing of a judgment lien attaching to a property depends on the type of judgment entered. Generally, a judgment may attach from the Date of filing of the lis pendens or the Date and time of recording the judgement with the county clerk and recorder. <br /> **The duration of a judgment lien from a judgment other than for child support continues five (5) years from the date of judgment unless previously satisfied or stayed by an appeal.<br /> ***A lien rising from the delinquency of a payment due under a recorded judgment for child support after July 1, 1995, continues 23 years from the date of judgment unless the judgment was previously satisfied or stayed upon an appeal. However, child support liens will not continue for more than 5 years after the child reaches the age of majority or the child's death whichever first. If more than one child, no more than 5 years after the age of majority or death of the youngest or last remaining child.<br /> <br /> ==Tax Exemptions==<br /> ====Hospitals====<br /> If real property, not currently exempt from taxation, is being prepared for use as a hospital, the value of the bare land only shall be taxed while the property is being prepared for use as a hospital. If, as of the property tax assessment date, construction has not been abandoned, all improvements to and construction on the real property, while it is being prepared for use as a hospital, shall be exempt from taxation. Upon completion of construction and obtaining a certificate of occupancy, the entire real property shall be exempt from taxation subject to requirements in the statute.<br /> <br /> In no event shall improvements to property that is being prepared for use as a hospital qualify for an exemption from property tax for more than three (3) consecutive tax years [https://legislature.idaho.gov/statutesrules/idstat/Title63/T63CH6/SECT63-602D/ Id. Code 63-602D(3)].<br /> <br /> ==Mortgage/Transfer Tax==<br /> *No Mortgage/transfer tax in Idaho.<br /> <br /> ==Spousal Joinder Requirements/Homestead==<br /> * Idaho is a community property state. A non-title spouse must join in the execution of deeds/security instruments on all community property. Custom is to have a non-title spouse to join in deed execution or separately convey his/her interest.<br /> *Idaho requires the homestead of a married couple be encumbered by both spouses executing the deed of trust or mortgage, even if fee title is vested in only one spouse. [https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1007/ ID Code § 55-1007].<br /> <br /> ====Abandoned Homestead====<br /> <br /> :A homestead is presumed abandoned if the owner vacates the property for a continuous period of at least six (6) months. However, if an owner is going to be absent from the homestead for more than six (6) months but does not intend to abandon the homestead, and has no other principal residence, the owner may execute and acknowledge, in the same manner as a grant of real property is acknowledged, a declaration of nonabandonment of homestead and file the declaration for record in the office of the recorder of the county in which the property is situated.<br /> <br /> :[https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1006/ Id. Code 55-1006].<br /> <br /> ==Power Of Attorney==<br /> *Adopted a Statutory Form Power of Attorney. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-3/section-15-12-301/ ID Code § 15-12-301].<br /> <br /> ==Construction Liens==<br /> *A construction lien shall be perfected not later than ninety (90) days after the completion of the labor or services, or furnishing of materials.<br /> <br /> ==Instrument Requirements ==<br /> *None.<br /> <br /> ==Who May Serve As Trustee On Deed Of Trust==<br /> * Per [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1504/ ID Code §45-1504], trustee of a trust deed can be a licensed title insurance agent or company authorized under ID law as well as a member of the Idaho state bar, trust institution, or bank association.<br /> *Deeds of trust are limited to properties (1) located within an incorporated city or village, (2) on property not exceeding 80 acres, regardless of its location if that the property is not principally used for the agricultural production of crops, livestock, diary or aquatic goods, or (3) on property not exceeding 40 acres regardless of its location or its use. [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1502/ ID Code § 45-1502(5).]<br /> <br /> ==Time Limitations==<br /> <br /> * US Judgment Liens -- 20 years, renewable for 20 years<br /> * State Court Judgment Liens -- 10 years from recording-may be renewed. [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code § 10-1110] <br /> * Federal Tax Liens -- 10 years (+30 days); can be refiled<br /> * State Tax Liens -- 5 years (may be continued) [https://law.justia.com/codes/idaho/2019/title-45/chapter-19/section-45-1906/ ID Code § 45-1906]<br /> * Estate Tax Lien -- Federal 10 years<br /> * State Inheritance Tax Liens -- <br /> * Mechanics Liens -- Lien must be filed w/i 90 days following completion of improvements-lien good for 6 months unless enforcement proceedings commenced [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-507/ ID Code § 45-507] [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-510/ ID Code § 45-510]<br /> * Financing Statements -- 5 years [https://law.justia.com/codes/idaho/2019/title-28/chapter-9/part-5/section-28-9-515/ ID Code § 28-9-515]<br /> * Mortgages -- 5 years from maturity date [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-214a/ ID Code § 5-214A]<br /> * HOA Liens -- 1 year (can be extended 1 additional year) [https://law.justia.com/codes/idaho/2019/title-45/chapter-8/section-45-810/ ID Code § 45-810]<br /> * Condominium assessments -- <br /> * Child Support Liens -- See (a) below<br /> * Irrigation Liens<br /> * Property Tax Liens<br /> * Adverse Possession -- <br /> **3 years [https://law.justia.com/codes/idaho/2019/title-43/chapter-22/section-43-2205/ ID Code § 43-2205]<br /> **Continues until Paid [https://law.justia.com/codes/idaho/2019/title-63/chapter-2/section-63-206/ ID Code § 63-206]<br /> **20 years continuous use [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-210/ ID Code § 5-210]<br /> <br /> ==Odd Stuff==<br /> * Child Support Liens - Filed in Boise at the State level – have to search Boise State Records. No lien shall continue more than 5 years after date of majority or death of child. Valid reason NOT to show: Decree (Clerk will not certify) from the Clerk of the Court showing paid. Child Support payments are collected by the Clerk of the Court. If more than one child, lien continues until date of majority of youngest child. See &quot;Vesting&quot; above.<br /> * Determination of Insurability: Prohibited Risks – Rebates<br /> *[https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708(4)] – Forwarding Fees – No person forwarding or directing title insurance business to a title insurer or title insurance agent in Idaho, nor such insurer or agent receiving such business, shall give or receive anything of value, or a portion of the premium, therefor. <br /> *Minerals: Should include a mineral exception as a standard exception.<br /> * The Idaho Rate Manual establishes a charge for the cancellation of a commitment at 20% of the basic schedule of charges if cancelled prior to closing and at 80% of the basic schedule of charges if cancelled after closing.<br /> * A title insurer or agent may reconvey a deed of trust if the obligation secured by the deed of trust has been fully paid by the title insurer or agent or if the title insurer or agent has satisfactory evidence of the full payment of the obligation secured by the deed of trust. See [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1202/ ID Code § 45-1202]. Process requires notice of intent to release or reconvey with copy of reconveyance. Idaho Stat. 45-1203. 60 day objection period after mailing. [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1204/ ID Code § 45-1204.] <br /> *Usury coverage is not available in Idaho.<br /> <br /> ==Probate==<br /> * Idaho does not have a separate estate tax or inheritance or gift tax.<br /> *Intestate succession <br /> **Spousal rule: if no surviving issue or parent, spouse gets entire estate. If no surviving issue but a parent, spouse gets 1/2 of the estate. If surviving issue, spouse gets 1/2 of the estate. But if community property, 1/2 of community property belonging to the decedent passes to the surviving spouse. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-102/ ID Code § 15-2-102].<br /> **Requirement that the heir survive the decedent by 120 hours. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-104/ ID Code §15-2-104].<br /> <br /> ==Escrow==<br /> *[https://legislature.idaho.gov/statutesrules/idstat/Title30/T30CH9/ Idaho Escrow Act]<br /> <br /> ==Property Tax ==<br /> Taxes for the first and second half of the year are due on November 20. Taxes for the first half year are delinquent if not paid by December 20. Taxes for the second half of the year remain due until paid and are delinquent if not paid by June 20 of the following year.<br /> <br /> [https://law.justia.com/codes/idaho/2019/title-63/chapter-9/section-63-903/ ID Code § 63-903].<br /> <br /> ==Closing Protection letters==<br /> *See ID Underwriting References.<br /> <br /> ==Witness Requirements==<br /> A witness is not required on a deed or security instrument. document must be properly acknowledged for recording. [https://law.justia.com/codes/idaho/2019/title-55/chapter-8/section-55-805/ ID Code § 55-805].<br /> <br /> [https://uww.wfgnationaltitle.com/images/7/7a/Idaho_Recorder%27s_Manual.pdf Idaho Recorder's Manual]<br /> <br /> ==Purchase Money Deeds of Trust==<br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112] – Priority of Purchase Money Mortgage – Mortgage given for the price of real property at time of conveyance has priority over all other liens against the purchaser.<br /> <br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112]<br /> Mortgage: The written agreement pledging property to a creditor as collateral for a loan.<br /> Property: includes both real and personal property. See [https://law.justia.com/codes/idaho/2019/title-73/chapter-1/section-73-114/ ID Code § 73-114]<br /> Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.<br /> A mortgage given for the price of real property, at the time of its conveyance, has priority over all other liens created against the purchaser, subject to the operation of the recording laws.</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=ID_Underwriting_Summary&diff=5994 2021-06-09T23:54:06Z

<p>Craigtrummel: /* UPL */</p> <hr /> <div>==Search/Exam==<br /> * Minimum Search Requirements -- No act; search and examination of the title and a determination of insurability of title in accordance with sound title underwriting principles. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708.]. DOI – 60 years or as necessary<br /> * Plant or other search restrictions -- Plant required for every county [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code 41-2708]<br /> *Plant owner must counter-sign each policy. No countersignature required for direct issuance, IF insurer owners plant in that county – or for a county where no plant exists. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2702/ ID Code § 41-2702.]<br /> * Additional Requirements for REO Searches -- contact state underwriting<br /> * Foreclosure Checklist -- contact state underwriting<br /> * Special Searches Required (Code, HOA, Utilities)? -- <br /> ** See Child Support Judgment.<br /> ** HOA’s – yes<br /> ** Irrigation - yes<br /> * Survey Requirements -- NSPS survey required for Extended Owner policy. Extended Loan policy for residential finance does not require survey. For commercial transactions, contact state underwriting.<br /> <br /> ==UPL==<br /> *Escrow may fill out prepared forms, AKA Scrivener function. See In re Matthews, 79 P.2d 535 (Idaho 1938) Additional informaiton may be found here- [https://www.flcourts.org/content/download/218046/file/Summary-UPL-Cases.pdf summary found here]<br /> <br /> ==Vesting==<br /> *Tenancy in Common is created with several persons unless: <br /> **acquired in a partnership for partnership purposes, <br /> **unless declared joint interest, or<br /> **unless acquired as community property. See. [https://law.justia.com/codes/idaho/2019/title-55/chapter-1/section-55-104/ ID Code § 55-104]<br /> *The timing of a judgment lien attaching to a property depends on the type of judgment entered. Generally, a judgment may attach from the Date of filing of the lis pendens or the Date and time of recording the judgement with the county clerk and recorder. <br /> **The duration of a judgment lien from a judgment other than for child support continues five (5) years from the date of judgment unless previously satisfied or stayed by an appeal.<br /> ***A lien rising from the delinquency of a payment due under a recorded judgment for child support after July 1, 1995, continues 23 years from the date of judgment unless the judgment was previously satisfied or stayed upon an appeal. However, child support liens will not continue for more than 5 years after the child reaches the age of majority or the child's death whichever first. If more than one child, no more than 5 years after the age of majority or death of the youngest or last remaining child.<br /> <br /> ==Tax Exemptions==<br /> ====Hospitals====<br /> If real property, not currently exempt from taxation, is being prepared for use as a hospital, the value of the bare land only shall be taxed while the property is being prepared for use as a hospital. If, as of the property tax assessment date, construction has not been abandoned, all improvements to and construction on the real property, while it is being prepared for use as a hospital, shall be exempt from taxation. Upon completion of construction and obtaining a certificate of occupancy, the entire real property shall be exempt from taxation subject to requirements in the statute.<br /> <br /> In no event shall improvements to property that is being prepared for use as a hospital qualify for an exemption from property tax for more than three (3) consecutive tax years [https://legislature.idaho.gov/statutesrules/idstat/Title63/T63CH6/SECT63-602D/ Id. Code 63-602D(3)].<br /> <br /> ==Mortgage/Transfer Tax==<br /> *No Mortgage/transfer tax in Idaho.<br /> <br /> ==Spousal Joinder Requirements/Homestead==<br /> * Idaho is a community property state. A non-title spouse must join in the execution of deeds/security instruments on all community property. Custom is to have a non-title spouse to join in deed execution or separately convey his/her interest.<br /> *Idaho requires the homestead of a married couple be encumbered by both spouses executing the deed of trust or mortgage, even if fee title is vested in only one spouse. [https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1007/ ID Code § 55-1007].<br /> <br /> ====Abandoned Homestead====<br /> <br /> :A homestead is presumed abandoned if the owner vacates the property for a continuous period of at least six (6) months. However, if an owner is going to be absent from the homestead for more than six (6) months but does not intend to abandon the homestead, and has no other principal residence, the owner may execute and acknowledge, in the same manner as a grant of real property is acknowledged, a declaration of nonabandonment of homestead and file the declaration for record in the office of the recorder of the county in which the property is situated.<br /> <br /> :[https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1006/ Id. Code 55-1006].<br /> <br /> ==Power Of Attorney==<br /> *Adopted a Statutory Form Power of Attorney. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-3/section-15-12-301/ ID Code § 15-12-301].<br /> <br /> ==Construction Liens==<br /> *A construction lien shall be perfected not later than ninety (90) days after the completion of the labor or services, or furnishing of materials.<br /> <br /> ==Instrument Requirements ==<br /> *None.<br /> <br /> ==Who May Serve As Trustee On Deed Of Trust==<br /> * Per [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1504/ ID Code §45-1504], trustee of a trust deed can be a licensed title insurance agent or company authorized under ID law as well as a member of the Idaho state bar, trust institution, or bank association.<br /> *Deeds of trust are limited to properties (1) located within an incorporated city or village, (2) on property not exceeding 80 acres, regardless of its location if that the property is not principally used for the agricultural production of crops, livestock, diary or aquatic goods, or (3) on property not exceeding 40 acres regardless of its location or its use. [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1502/ ID Code § 45-1502(5).]<br /> <br /> ==Time Limitations==<br /> <br /> * US Judgment Liens -- 20 years, renewable for 20 years<br /> * State Court Judgment Liens -- 10 years from recording-may be renewed. [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code § 10-1110] <br /> * Federal Tax Liens -- 10 years (+30 days); can be refiled<br /> * State Tax Liens -- 5 years (may be continued) [https://law.justia.com/codes/idaho/2019/title-45/chapter-19/section-45-1906/ ID Code § 45-1906]<br /> * Estate Tax Lien -- Federal 10 years<br /> * State Inheritance Tax Liens -- <br /> * Mechanics Liens -- Lien must be filed w/i 90 days following completion of improvements-lien good for 6 months unless enforcement proceedings commenced [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-507/ ID Code § 45-507] [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-510/ ID Code § 45-510]<br /> * Financing Statements -- 5 years [https://law.justia.com/codes/idaho/2019/title-28/chapter-9/part-5/section-28-9-515/ ID Code § 28-9-515]<br /> * Mortgages -- 5 years from maturity date [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-214a/ ID Code § 5-214A]<br /> * HOA Liens -- 1 year (can be extended 1 additional year) [https://law.justia.com/codes/idaho/2019/title-45/chapter-8/section-45-810/ ID Code § 45-810]<br /> * Condominium assessments -- <br /> * Child Support Liens -- See (a) below<br /> * Irrigation Liens<br /> * Property Tax Liens<br /> * Adverse Possession -- <br /> **3 years [https://law.justia.com/codes/idaho/2019/title-43/chapter-22/section-43-2205/ ID Code § 43-2205]<br /> **Continues until Paid [https://law.justia.com/codes/idaho/2019/title-63/chapter-2/section-63-206/ ID Code § 63-206]<br /> **20 years continuous use [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-210/ ID Code § 5-210]<br /> <br /> ==Odd Stuff==<br /> * Child Support Liens - Filed in Boise at the State level – have to search Boise State Records. No lien shall continue more than 5 years after date of majority or death of child. Valid reason NOT to show: Decree (Clerk will not certify) from the Clerk of the Court showing paid. Child Support payments are collected by the Clerk of the Court. If more than one child, lien continues until date of majority of youngest child. See &quot;Vesting&quot; above.<br /> * Determination of Insurability: Prohibited Risks – Rebates<br /> *[https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708(4)] – Forwarding Fees – No person forwarding or directing title insurance business to a title insurer or title insurance agent in Idaho, nor such insurer or agent receiving such business, shall give or receive anything of value, or a portion of the premium, therefor. <br /> *Minerals: Should include a mineral exception as a standard exception.<br /> * The Idaho Rate Manual establishes a charge for the cancellation of a commitment at 20% of the basic schedule of charges if cancelled prior to closing and at 80% of the basic schedule of charges if cancelled after closing.<br /> * A title insurer or agent may reconvey a deed of trust if the obligation secured by the deed of trust has been fully paid by the title insurer or agent or if the title insurer or agent has satisfactory evidence of the full payment of the obligation secured by the deed of trust. See [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1202/ ID Code § 45-1202]. Process requires notice of intent to release or reconvey with copy of reconveyance. Idaho Stat. 45-1203. 60 day objection period after mailing. [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1204/ ID Code § 45-1204.] <br /> *Usury coverage is not available in Idaho.<br /> <br /> ==Probate==<br /> * Idaho does not have a separate estate tax or inheritance or gift tax.<br /> *Intestate succession <br /> **Spousal rule: if no surviving issue or parent, spouse gets entire estate. If no surviving issue but a parent, spouse gets 1/2 of the estate. If surviving issue, spouse gets 1/2 of the estate. But if community property, 1/2 of community property belonging to the decedent passes to the surviving spouse. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-102/ ID Code § 15-2-102].<br /> **Requirement that the heir survive the decedent by 120 hours. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-104/ ID Code §15-2-104].<br /> <br /> ==Escrow==<br /> *[https://legislature.idaho.gov/statutesrules/idstat/Title30/T30CH9/ Idaho Escrow Act]<br /> <br /> ==Property Tax ==<br /> Taxes for the first and second half of the year are due on November 20. Taxes for the first half year are delinquent if not paid by December 20. Taxes for the second half of the year remain due until paid and are delinquent if not paid by June 20 of the following year.<br /> <br /> [https://law.justia.com/codes/idaho/2019/title-63/chapter-9/section-63-903/ ID Code § 63-903].<br /> <br /> ==Closing Protection letters==<br /> *See ID Underwriting References.<br /> <br /> ==Witness Requirements==<br /> A witness is not required on a deed or security instrument. document must be properly acknowledged for recording. [https://law.justia.com/codes/idaho/2019/title-55/chapter-8/section-55-805/ ID Code § 55-805].<br /> <br /> [https://uww.wfgnationaltitle.com/images/7/7a/Idaho_Recorder%27s_Manual.pdf Idaho Recorder's Manual]<br /> <br /> ==Purchase Money Deeds of Trust==<br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112] – Priority of Purchase Money Mortgage – Mortgage given for the price of real property at time of conveyance has priority over all other liens against the purchaser.<br /> <br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112]<br /> Mortgage: The written agreement pledging property to a creditor as collateral for a loan.<br /> Property: includes both real and personal property. See [https://law.justia.com/codes/idaho/2019/title-73/chapter-1/section-73-114/ ID Code § 73-114]<br /> Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.<br /> A mortgage given for the price of real property, at the time of its conveyance, has priority over all other liens created against the purchaser, subject to the operation of the recording laws.</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=ID_Underwriting_Summary&diff=5993 2021-06-09T23:38:30Z

<p>Craigtrummel: /* Search/Exam */</p> <hr /> <div>==Search/Exam==<br /> * Minimum Search Requirements -- No act; search and examination of the title and a determination of insurability of title in accordance with sound title underwriting principles. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708.]. DOI – 60 years or as necessary<br /> * Plant or other search restrictions -- Plant required for every county [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code 41-2708]<br /> *Plant owner must counter-sign each policy. No countersignature required for direct issuance, IF insurer owners plant in that county – or for a county where no plant exists. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2702/ ID Code § 41-2702.]<br /> * Additional Requirements for REO Searches -- contact state underwriting<br /> * Foreclosure Checklist -- contact state underwriting<br /> * Special Searches Required (Code, HOA, Utilities)? -- <br /> ** See Child Support Judgment.<br /> ** HOA’s – yes<br /> ** Irrigation - yes<br /> * Survey Requirements -- NSPS survey required for Extended Owner policy. Extended Loan policy for residential finance does not require survey. For commercial transactions, contact state underwriting.<br /> <br /> ==UPL==<br /> * No state definition of 'practice of law' or 'unauthorized practice of law'; but test for practice of law found in case law. [https://www.flcourts.org/content/download/218046/file/Summary-UPL-Cases.pdf summary found here]<br /> <br /> ==Vesting==<br /> *Tenancy in Common is created with several persons unless: <br /> **acquired in a partnership for partnership purposes, <br /> **unless declared joint interest, or<br /> **unless acquired as community property. See. [https://law.justia.com/codes/idaho/2019/title-55/chapter-1/section-55-104/ ID Code § 55-104]<br /> *The timing of a judgment lien attaching to a property depends on the type of judgment entered. Generally, a judgment may attach from the Date of filing of the lis pendens or the Date and time of recording the judgement with the county clerk and recorder. <br /> **The duration of a judgment lien from a judgment other than for child support continues five (5) years from the date of judgment unless previously satisfied or stayed by an appeal.<br /> ***A lien rising from the delinquency of a payment due under a recorded judgment for child support after July 1, 1995, continues 23 years from the date of judgment unless the judgment was previously satisfied or stayed upon an appeal. However, child support liens will not continue for more than 5 years after the child reaches the age of majority or the child's death whichever first. If more than one child, no more than 5 years after the age of majority or death of the youngest or last remaining child.<br /> <br /> ==Tax Exemptions==<br /> ====Hospitals====<br /> If real property, not currently exempt from taxation, is being prepared for use as a hospital, the value of the bare land only shall be taxed while the property is being prepared for use as a hospital. If, as of the property tax assessment date, construction has not been abandoned, all improvements to and construction on the real property, while it is being prepared for use as a hospital, shall be exempt from taxation. Upon completion of construction and obtaining a certificate of occupancy, the entire real property shall be exempt from taxation subject to requirements in the statute.<br /> <br /> In no event shall improvements to property that is being prepared for use as a hospital qualify for an exemption from property tax for more than three (3) consecutive tax years [https://legislature.idaho.gov/statutesrules/idstat/Title63/T63CH6/SECT63-602D/ Id. Code 63-602D(3)].<br /> <br /> ==Mortgage/Transfer Tax==<br /> *No Mortgage/transfer tax in Idaho.<br /> <br /> ==Spousal Joinder Requirements/Homestead==<br /> * Idaho is a community property state. A non-title spouse must join in the execution of deeds/security instruments on all community property. Custom is to have a non-title spouse to join in deed execution or separately convey his/her interest.<br /> *Idaho requires the homestead of a married couple be encumbered by both spouses executing the deed of trust or mortgage, even if fee title is vested in only one spouse. [https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1007/ ID Code § 55-1007].<br /> <br /> ====Abandoned Homestead====<br /> <br /> :A homestead is presumed abandoned if the owner vacates the property for a continuous period of at least six (6) months. However, if an owner is going to be absent from the homestead for more than six (6) months but does not intend to abandon the homestead, and has no other principal residence, the owner may execute and acknowledge, in the same manner as a grant of real property is acknowledged, a declaration of nonabandonment of homestead and file the declaration for record in the office of the recorder of the county in which the property is situated.<br /> <br /> :[https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1006/ Id. Code 55-1006].<br /> <br /> ==Power Of Attorney==<br /> *Adopted a Statutory Form Power of Attorney. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-3/section-15-12-301/ ID Code § 15-12-301].<br /> <br /> ==Construction Liens==<br /> *A construction lien shall be perfected not later than ninety (90) days after the completion of the labor or services, or furnishing of materials.<br /> <br /> ==Instrument Requirements ==<br /> *None.<br /> <br /> ==Who May Serve As Trustee On Deed Of Trust==<br /> * Per [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1504/ ID Code §45-1504], trustee of a trust deed can be a licensed title insurance agent or company authorized under ID law as well as a member of the Idaho state bar, trust institution, or bank association.<br /> *Deeds of trust are limited to properties (1) located within an incorporated city or village, (2) on property not exceeding 80 acres, regardless of its location if that the property is not principally used for the agricultural production of crops, livestock, diary or aquatic goods, or (3) on property not exceeding 40 acres regardless of its location or its use. [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1502/ ID Code § 45-1502(5).]<br /> <br /> ==Time Limitations==<br /> <br /> * US Judgment Liens -- 20 years, renewable for 20 years<br /> * State Court Judgment Liens -- 10 years from recording-may be renewed. [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code § 10-1110] <br /> * Federal Tax Liens -- 10 years (+30 days); can be refiled<br /> * State Tax Liens -- 5 years (may be continued) [https://law.justia.com/codes/idaho/2019/title-45/chapter-19/section-45-1906/ ID Code § 45-1906]<br /> * Estate Tax Lien -- Federal 10 years<br /> * State Inheritance Tax Liens -- <br /> * Mechanics Liens -- Lien must be filed w/i 90 days following completion of improvements-lien good for 6 months unless enforcement proceedings commenced [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-507/ ID Code § 45-507] [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-510/ ID Code § 45-510]<br /> * Financing Statements -- 5 years [https://law.justia.com/codes/idaho/2019/title-28/chapter-9/part-5/section-28-9-515/ ID Code § 28-9-515]<br /> * Mortgages -- 5 years from maturity date [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-214a/ ID Code § 5-214A]<br /> * HOA Liens -- 1 year (can be extended 1 additional year) [https://law.justia.com/codes/idaho/2019/title-45/chapter-8/section-45-810/ ID Code § 45-810]<br /> * Condominium assessments -- <br /> * Child Support Liens -- See (a) below<br /> * Irrigation Liens<br /> * Property Tax Liens<br /> * Adverse Possession -- <br /> **3 years [https://law.justia.com/codes/idaho/2019/title-43/chapter-22/section-43-2205/ ID Code § 43-2205]<br /> **Continues until Paid [https://law.justia.com/codes/idaho/2019/title-63/chapter-2/section-63-206/ ID Code § 63-206]<br /> **20 years continuous use [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-210/ ID Code § 5-210]<br /> <br /> ==Odd Stuff==<br /> * Child Support Liens - Filed in Boise at the State level – have to search Boise State Records. No lien shall continue more than 5 years after date of majority or death of child. Valid reason NOT to show: Decree (Clerk will not certify) from the Clerk of the Court showing paid. Child Support payments are collected by the Clerk of the Court. If more than one child, lien continues until date of majority of youngest child. See &quot;Vesting&quot; above.<br /> * Determination of Insurability: Prohibited Risks – Rebates<br /> *[https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708(4)] – Forwarding Fees – No person forwarding or directing title insurance business to a title insurer or title insurance agent in Idaho, nor such insurer or agent receiving such business, shall give or receive anything of value, or a portion of the premium, therefor. <br /> *Minerals: Should include a mineral exception as a standard exception.<br /> * The Idaho Rate Manual establishes a charge for the cancellation of a commitment at 20% of the basic schedule of charges if cancelled prior to closing and at 80% of the basic schedule of charges if cancelled after closing.<br /> * A title insurer or agent may reconvey a deed of trust if the obligation secured by the deed of trust has been fully paid by the title insurer or agent or if the title insurer or agent has satisfactory evidence of the full payment of the obligation secured by the deed of trust. See [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1202/ ID Code § 45-1202]. Process requires notice of intent to release or reconvey with copy of reconveyance. Idaho Stat. 45-1203. 60 day objection period after mailing. [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1204/ ID Code § 45-1204.] <br /> *Usury coverage is not available in Idaho.<br /> <br /> ==Probate==<br /> * Idaho does not have a separate estate tax or inheritance or gift tax.<br /> *Intestate succession <br /> **Spousal rule: if no surviving issue or parent, spouse gets entire estate. If no surviving issue but a parent, spouse gets 1/2 of the estate. If surviving issue, spouse gets 1/2 of the estate. But if community property, 1/2 of community property belonging to the decedent passes to the surviving spouse. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-102/ ID Code § 15-2-102].<br /> **Requirement that the heir survive the decedent by 120 hours. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-104/ ID Code §15-2-104].<br /> <br /> ==Escrow==<br /> *[https://legislature.idaho.gov/statutesrules/idstat/Title30/T30CH9/ Idaho Escrow Act]<br /> <br /> ==Property Tax ==<br /> Taxes for the first and second half of the year are due on November 20. Taxes for the first half year are delinquent if not paid by December 20. Taxes for the second half of the year remain due until paid and are delinquent if not paid by June 20 of the following year.<br /> <br /> [https://law.justia.com/codes/idaho/2019/title-63/chapter-9/section-63-903/ ID Code § 63-903].<br /> <br /> ==Closing Protection letters==<br /> *See ID Underwriting References.<br /> <br /> ==Witness Requirements==<br /> A witness is not required on a deed or security instrument. document must be properly acknowledged for recording. [https://law.justia.com/codes/idaho/2019/title-55/chapter-8/section-55-805/ ID Code § 55-805].<br /> <br /> [https://uww.wfgnationaltitle.com/images/7/7a/Idaho_Recorder%27s_Manual.pdf Idaho Recorder's Manual]<br /> <br /> ==Purchase Money Deeds of Trust==<br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112] – Priority of Purchase Money Mortgage – Mortgage given for the price of real property at time of conveyance has priority over all other liens against the purchaser.<br /> <br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112]<br /> Mortgage: The written agreement pledging property to a creditor as collateral for a loan.<br /> Property: includes both real and personal property. See [https://law.justia.com/codes/idaho/2019/title-73/chapter-1/section-73-114/ ID Code § 73-114]<br /> Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.<br /> A mortgage given for the price of real property, at the time of its conveyance, has priority over all other liens created against the purchaser, subject to the operation of the recording laws.</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=ID_Underwriting_Summary&diff=5992 2021-06-09T23:19:31Z

<p>Craigtrummel: /* Property Tax */</p> <hr /> <div>==Search/Exam==<br /> * Minimum Search Requirements -- No act; search and examination of the title and a determination of insurability of title in accordance with sound title underwriting principles. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708.]. DOI – 60 years or as necessary<br /> * Plant or other search restrictions -- Plant required for every county [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code 41-2708]<br /> *Plant owner must counter-sign each policy. No countersignature required for direct issuance, IF insurer owners plant in that county – or for a county where no plant exists. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2702/ ID Code § 41-2702.]<br /> * Additional Requirements for REO Searches -- No<br /> * Foreclosure Checklist -- No<br /> * Special Searches Required (Code, HOA, Utilities)? -- <br /> ** See Child Support Judgment.<br /> ** HOA’s – yes<br /> ** Irrigation - yes<br /> * Survey Requirements --<br /> <br /> ==UPL==<br /> * No state definition of 'practice of law' or 'unauthorized practice of law'; but test for practice of law found in case law. [https://www.flcourts.org/content/download/218046/file/Summary-UPL-Cases.pdf summary found here]<br /> <br /> ==Vesting==<br /> *Tenancy in Common is created with several persons unless: <br /> **acquired in a partnership for partnership purposes, <br /> **unless declared joint interest, or<br /> **unless acquired as community property. See. [https://law.justia.com/codes/idaho/2019/title-55/chapter-1/section-55-104/ ID Code § 55-104]<br /> *The timing of a judgment lien attaching to a property depends on the type of judgment entered. Generally, a judgment may attach from the Date of filing of the lis pendens or the Date and time of recording the judgement with the county clerk and recorder. <br /> **The duration of a judgment lien from a judgment other than for child support continues five (5) years from the date of judgment unless previously satisfied or stayed by an appeal.<br /> ***A lien rising from the delinquency of a payment due under a recorded judgment for child support after July 1, 1995, continues 23 years from the date of judgment unless the judgment was previously satisfied or stayed upon an appeal. However, child support liens will not continue for more than 5 years after the child reaches the age of majority or the child's death whichever first. If more than one child, no more than 5 years after the age of majority or death of the youngest or last remaining child.<br /> <br /> ==Tax Exemptions==<br /> ====Hospitals====<br /> If real property, not currently exempt from taxation, is being prepared for use as a hospital, the value of the bare land only shall be taxed while the property is being prepared for use as a hospital. If, as of the property tax assessment date, construction has not been abandoned, all improvements to and construction on the real property, while it is being prepared for use as a hospital, shall be exempt from taxation. Upon completion of construction and obtaining a certificate of occupancy, the entire real property shall be exempt from taxation subject to requirements in the statute.<br /> <br /> In no event shall improvements to property that is being prepared for use as a hospital qualify for an exemption from property tax for more than three (3) consecutive tax years [https://legislature.idaho.gov/statutesrules/idstat/Title63/T63CH6/SECT63-602D/ Id. Code 63-602D(3)].<br /> <br /> ==Mortgage/Transfer Tax==<br /> *No Mortgage/transfer tax in Idaho.<br /> <br /> ==Spousal Joinder Requirements/Homestead==<br /> * Idaho is a community property state. A non-title spouse must join in the execution of deeds/security instruments on all community property. Custom is to have a non-title spouse to join in deed execution or separately convey his/her interest.<br /> *Idaho requires the homestead of a married couple be encumbered by both spouses executing the deed of trust or mortgage, even if fee title is vested in only one spouse. [https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1007/ ID Code § 55-1007].<br /> <br /> ====Abandoned Homestead====<br /> <br /> :A homestead is presumed abandoned if the owner vacates the property for a continuous period of at least six (6) months. However, if an owner is going to be absent from the homestead for more than six (6) months but does not intend to abandon the homestead, and has no other principal residence, the owner may execute and acknowledge, in the same manner as a grant of real property is acknowledged, a declaration of nonabandonment of homestead and file the declaration for record in the office of the recorder of the county in which the property is situated.<br /> <br /> :[https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1006/ Id. Code 55-1006].<br /> <br /> ==Power Of Attorney==<br /> *Adopted a Statutory Form Power of Attorney. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-3/section-15-12-301/ ID Code § 15-12-301].<br /> <br /> ==Construction Liens==<br /> *A construction lien shall be perfected not later than ninety (90) days after the completion of the labor or services, or furnishing of materials.<br /> <br /> ==Instrument Requirements ==<br /> *None.<br /> <br /> ==Who May Serve As Trustee On Deed Of Trust==<br /> * Per [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1504/ ID Code §45-1504], trustee of a trust deed can be a licensed title insurance agent or company authorized under ID law as well as a member of the Idaho state bar, trust institution, or bank association.<br /> *Deeds of trust are limited to properties (1) located within an incorporated city or village, (2) on property not exceeding 80 acres, regardless of its location if that the property is not principally used for the agricultural production of crops, livestock, diary or aquatic goods, or (3) on property not exceeding 40 acres regardless of its location or its use. [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1502/ ID Code § 45-1502(5).]<br /> <br /> ==Time Limitations==<br /> <br /> * US Judgment Liens -- 20 years, renewable for 20 years<br /> * State Court Judgment Liens -- 10 years from recording-may be renewed. [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code § 10-1110] <br /> * Federal Tax Liens -- 10 years (+30 days); can be refiled<br /> * State Tax Liens -- 5 years (may be continued) [https://law.justia.com/codes/idaho/2019/title-45/chapter-19/section-45-1906/ ID Code § 45-1906]<br /> * Estate Tax Lien -- Federal 10 years<br /> * State Inheritance Tax Liens -- <br /> * Mechanics Liens -- Lien must be filed w/i 90 days following completion of improvements-lien good for 6 months unless enforcement proceedings commenced [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-507/ ID Code § 45-507] [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-510/ ID Code § 45-510]<br /> * Financing Statements -- 5 years [https://law.justia.com/codes/idaho/2019/title-28/chapter-9/part-5/section-28-9-515/ ID Code § 28-9-515]<br /> * Mortgages -- 5 years from maturity date [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-214a/ ID Code § 5-214A]<br /> * HOA Liens -- 1 year (can be extended 1 additional year) [https://law.justia.com/codes/idaho/2019/title-45/chapter-8/section-45-810/ ID Code § 45-810]<br /> * Condominium assessments -- <br /> * Child Support Liens -- See (a) below<br /> * Irrigation Liens<br /> * Property Tax Liens<br /> * Adverse Possession -- <br /> **3 years [https://law.justia.com/codes/idaho/2019/title-43/chapter-22/section-43-2205/ ID Code § 43-2205]<br /> **Continues until Paid [https://law.justia.com/codes/idaho/2019/title-63/chapter-2/section-63-206/ ID Code § 63-206]<br /> **20 years continuous use [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-210/ ID Code § 5-210]<br /> <br /> ==Odd Stuff==<br /> * Child Support Liens - Filed in Boise at the State level – have to search Boise State Records. No lien shall continue more than 5 years after date of majority or death of child. Valid reason NOT to show: Decree (Clerk will not certify) from the Clerk of the Court showing paid. Child Support payments are collected by the Clerk of the Court. If more than one child, lien continues until date of majority of youngest child. See &quot;Vesting&quot; above.<br /> * Determination of Insurability: Prohibited Risks – Rebates<br /> *[https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708(4)] – Forwarding Fees – No person forwarding or directing title insurance business to a title insurer or title insurance agent in Idaho, nor such insurer or agent receiving such business, shall give or receive anything of value, or a portion of the premium, therefor. <br /> *Minerals: Should include a mineral exception as a standard exception.<br /> * The Idaho Rate Manual establishes a charge for the cancellation of a commitment at 20% of the basic schedule of charges if cancelled prior to closing and at 80% of the basic schedule of charges if cancelled after closing.<br /> * A title insurer or agent may reconvey a deed of trust if the obligation secured by the deed of trust has been fully paid by the title insurer or agent or if the title insurer or agent has satisfactory evidence of the full payment of the obligation secured by the deed of trust. See [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1202/ ID Code § 45-1202]. Process requires notice of intent to release or reconvey with copy of reconveyance. Idaho Stat. 45-1203. 60 day objection period after mailing. [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1204/ ID Code § 45-1204.] <br /> *Usury coverage is not available in Idaho.<br /> <br /> ==Probate==<br /> * Idaho does not have a separate estate tax or inheritance or gift tax.<br /> *Intestate succession <br /> **Spousal rule: if no surviving issue or parent, spouse gets entire estate. If no surviving issue but a parent, spouse gets 1/2 of the estate. If surviving issue, spouse gets 1/2 of the estate. But if community property, 1/2 of community property belonging to the decedent passes to the surviving spouse. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-102/ ID Code § 15-2-102].<br /> **Requirement that the heir survive the decedent by 120 hours. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-104/ ID Code §15-2-104].<br /> <br /> ==Escrow==<br /> *[https://legislature.idaho.gov/statutesrules/idstat/Title30/T30CH9/ Idaho Escrow Act]<br /> <br /> ==Property Tax ==<br /> Taxes for the first and second half of the year are due on November 20. Taxes for the first half year are delinquent if not paid by December 20. Taxes for the second half of the year remain due until paid and are delinquent if not paid by June 20 of the following year.<br /> <br /> [https://law.justia.com/codes/idaho/2019/title-63/chapter-9/section-63-903/ ID Code § 63-903].<br /> <br /> ==Closing Protection letters==<br /> *See ID Underwriting References.<br /> <br /> ==Witness Requirements==<br /> A witness is not required on a deed or security instrument. document must be properly acknowledged for recording. [https://law.justia.com/codes/idaho/2019/title-55/chapter-8/section-55-805/ ID Code § 55-805].<br /> <br /> [https://uww.wfgnationaltitle.com/images/7/7a/Idaho_Recorder%27s_Manual.pdf Idaho Recorder's Manual]<br /> <br /> ==Purchase Money Deeds of Trust==<br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112] – Priority of Purchase Money Mortgage – Mortgage given for the price of real property at time of conveyance has priority over all other liens against the purchaser.<br /> <br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112]<br /> Mortgage: The written agreement pledging property to a creditor as collateral for a loan.<br /> Property: includes both real and personal property. See [https://law.justia.com/codes/idaho/2019/title-73/chapter-1/section-73-114/ ID Code § 73-114]<br /> Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.<br /> A mortgage given for the price of real property, at the time of its conveyance, has priority over all other liens created against the purchaser, subject to the operation of the recording laws.</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=ID_Underwriting_Summary&diff=5991 2021-06-09T23:18:22Z

<p>Craigtrummel: </p> <hr /> <div>==Search/Exam==<br /> * Minimum Search Requirements -- No act; search and examination of the title and a determination of insurability of title in accordance with sound title underwriting principles. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708.]. DOI – 60 years or as necessary<br /> * Plant or other search restrictions -- Plant required for every county [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code 41-2708]<br /> *Plant owner must counter-sign each policy. No countersignature required for direct issuance, IF insurer owners plant in that county – or for a county where no plant exists. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2702/ ID Code § 41-2702.]<br /> * Additional Requirements for REO Searches -- No<br /> * Foreclosure Checklist -- No<br /> * Special Searches Required (Code, HOA, Utilities)? -- <br /> ** See Child Support Judgment.<br /> ** HOA’s – yes<br /> ** Irrigation - yes<br /> * Survey Requirements --<br /> <br /> ==UPL==<br /> * No state definition of 'practice of law' or 'unauthorized practice of law'; but test for practice of law found in case law. [https://www.flcourts.org/content/download/218046/file/Summary-UPL-Cases.pdf summary found here]<br /> <br /> ==Vesting==<br /> *Tenancy in Common is created with several persons unless: <br /> **acquired in a partnership for partnership purposes, <br /> **unless declared joint interest, or<br /> **unless acquired as community property. See. [https://law.justia.com/codes/idaho/2019/title-55/chapter-1/section-55-104/ ID Code § 55-104]<br /> *The timing of a judgment lien attaching to a property depends on the type of judgment entered. Generally, a judgment may attach from the Date of filing of the lis pendens or the Date and time of recording the judgement with the county clerk and recorder. <br /> **The duration of a judgment lien from a judgment other than for child support continues five (5) years from the date of judgment unless previously satisfied or stayed by an appeal.<br /> ***A lien rising from the delinquency of a payment due under a recorded judgment for child support after July 1, 1995, continues 23 years from the date of judgment unless the judgment was previously satisfied or stayed upon an appeal. However, child support liens will not continue for more than 5 years after the child reaches the age of majority or the child's death whichever first. If more than one child, no more than 5 years after the age of majority or death of the youngest or last remaining child.<br /> <br /> ==Tax Exemptions==<br /> ====Hospitals====<br /> If real property, not currently exempt from taxation, is being prepared for use as a hospital, the value of the bare land only shall be taxed while the property is being prepared for use as a hospital. If, as of the property tax assessment date, construction has not been abandoned, all improvements to and construction on the real property, while it is being prepared for use as a hospital, shall be exempt from taxation. Upon completion of construction and obtaining a certificate of occupancy, the entire real property shall be exempt from taxation subject to requirements in the statute.<br /> <br /> In no event shall improvements to property that is being prepared for use as a hospital qualify for an exemption from property tax for more than three (3) consecutive tax years [https://legislature.idaho.gov/statutesrules/idstat/Title63/T63CH6/SECT63-602D/ Id. Code 63-602D(3)].<br /> <br /> ==Mortgage/Transfer Tax==<br /> *No Mortgage/transfer tax in Idaho.<br /> <br /> ==Spousal Joinder Requirements/Homestead==<br /> * Idaho is a community property state. A non-title spouse must join in the execution of deeds/security instruments on all community property. Custom is to have a non-title spouse to join in deed execution or separately convey his/her interest.<br /> *Idaho requires the homestead of a married couple be encumbered by both spouses executing the deed of trust or mortgage, even if fee title is vested in only one spouse. [https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1007/ ID Code § 55-1007].<br /> <br /> ====Abandoned Homestead====<br /> <br /> :A homestead is presumed abandoned if the owner vacates the property for a continuous period of at least six (6) months. However, if an owner is going to be absent from the homestead for more than six (6) months but does not intend to abandon the homestead, and has no other principal residence, the owner may execute and acknowledge, in the same manner as a grant of real property is acknowledged, a declaration of nonabandonment of homestead and file the declaration for record in the office of the recorder of the county in which the property is situated.<br /> <br /> :[https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1006/ Id. Code 55-1006].<br /> <br /> ==Power Of Attorney==<br /> *Adopted a Statutory Form Power of Attorney. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-3/section-15-12-301/ ID Code § 15-12-301].<br /> <br /> ==Construction Liens==<br /> *A construction lien shall be perfected not later than ninety (90) days after the completion of the labor or services, or furnishing of materials.<br /> <br /> ==Instrument Requirements ==<br /> *None.<br /> <br /> ==Who May Serve As Trustee On Deed Of Trust==<br /> * Per [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1504/ ID Code §45-1504], trustee of a trust deed can be a licensed title insurance agent or company authorized under ID law as well as a member of the Idaho state bar, trust institution, or bank association.<br /> *Deeds of trust are limited to properties (1) located within an incorporated city or village, (2) on property not exceeding 80 acres, regardless of its location if that the property is not principally used for the agricultural production of crops, livestock, diary or aquatic goods, or (3) on property not exceeding 40 acres regardless of its location or its use. [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1502/ ID Code § 45-1502(5).]<br /> <br /> ==Time Limitations==<br /> <br /> * US Judgment Liens -- 20 years, renewable for 20 years<br /> * State Court Judgment Liens -- 10 years from recording-may be renewed. [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code § 10-1110] <br /> * Federal Tax Liens -- 10 years (+30 days); can be refiled<br /> * State Tax Liens -- 5 years (may be continued) [https://law.justia.com/codes/idaho/2019/title-45/chapter-19/section-45-1906/ ID Code § 45-1906]<br /> * Estate Tax Lien -- Federal 10 years<br /> * State Inheritance Tax Liens -- <br /> * Mechanics Liens -- Lien must be filed w/i 90 days following completion of improvements-lien good for 6 months unless enforcement proceedings commenced [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-507/ ID Code § 45-507] [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-510/ ID Code § 45-510]<br /> * Financing Statements -- 5 years [https://law.justia.com/codes/idaho/2019/title-28/chapter-9/part-5/section-28-9-515/ ID Code § 28-9-515]<br /> * Mortgages -- 5 years from maturity date [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-214a/ ID Code § 5-214A]<br /> * HOA Liens -- 1 year (can be extended 1 additional year) [https://law.justia.com/codes/idaho/2019/title-45/chapter-8/section-45-810/ ID Code § 45-810]<br /> * Condominium assessments -- <br /> * Child Support Liens -- See (a) below<br /> * Irrigation Liens<br /> * Property Tax Liens<br /> * Adverse Possession -- <br /> **3 years [https://law.justia.com/codes/idaho/2019/title-43/chapter-22/section-43-2205/ ID Code § 43-2205]<br /> **Continues until Paid [https://law.justia.com/codes/idaho/2019/title-63/chapter-2/section-63-206/ ID Code § 63-206]<br /> **20 years continuous use [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-210/ ID Code § 5-210]<br /> <br /> ==Odd Stuff==<br /> * Child Support Liens - Filed in Boise at the State level – have to search Boise State Records. No lien shall continue more than 5 years after date of majority or death of child. Valid reason NOT to show: Decree (Clerk will not certify) from the Clerk of the Court showing paid. Child Support payments are collected by the Clerk of the Court. If more than one child, lien continues until date of majority of youngest child. See &quot;Vesting&quot; above.<br /> * Determination of Insurability: Prohibited Risks – Rebates<br /> *[https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708(4)] – Forwarding Fees – No person forwarding or directing title insurance business to a title insurer or title insurance agent in Idaho, nor such insurer or agent receiving such business, shall give or receive anything of value, or a portion of the premium, therefor. <br /> *Minerals: Should include a mineral exception as a standard exception.<br /> * The Idaho Rate Manual establishes a charge for the cancellation of a commitment at 20% of the basic schedule of charges if cancelled prior to closing and at 80% of the basic schedule of charges if cancelled after closing.<br /> * A title insurer or agent may reconvey a deed of trust if the obligation secured by the deed of trust has been fully paid by the title insurer or agent or if the title insurer or agent has satisfactory evidence of the full payment of the obligation secured by the deed of trust. See [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1202/ ID Code § 45-1202]. Process requires notice of intent to release or reconvey with copy of reconveyance. Idaho Stat. 45-1203. 60 day objection period after mailing. [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1204/ ID Code § 45-1204.] <br /> *Usury coverage is not available in Idaho.<br /> <br /> ==Probate==<br /> * Idaho does not have a separate estate tax or inheritance or gift tax.<br /> *Intestate succession <br /> **Spousal rule: if no surviving issue or parent, spouse gets entire estate. If no surviving issue but a parent, spouse gets 1/2 of the estate. If surviving issue, spouse gets 1/2 of the estate. But if community property, 1/2 of community property belonging to the decedent passes to the surviving spouse. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-102/ ID Code § 15-2-102].<br /> **Requirement that the heir survive the decedent by 120 hours. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-104/ ID Code §15-2-104].<br /> <br /> ==Escrow==<br /> *[https://legislature.idaho.gov/statutesrules/idstat/Title30/T30CH9/ Idaho Escrow Act]<br /> <br /> ==Property Tax ==<br /> Taxes for the first and second half of the year are due on November 20. Taxes for the first half year are delinquent if not paid by December 20. Taxes for the second half of the year remain due until paid and are delinquent if not paid by June 20 of the following year.<br /> <br /> ==Closing Protection letters==<br /> *See ID Underwriting References.<br /> <br /> ==Witness Requirements==<br /> A witness is not required on a deed or security instrument. document must be properly acknowledged for recording. [https://law.justia.com/codes/idaho/2019/title-55/chapter-8/section-55-805/ ID Code § 55-805].<br /> <br /> [https://uww.wfgnationaltitle.com/images/7/7a/Idaho_Recorder%27s_Manual.pdf Idaho Recorder's Manual]<br /> <br /> ==Purchase Money Deeds of Trust==<br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112] – Priority of Purchase Money Mortgage – Mortgage given for the price of real property at time of conveyance has priority over all other liens against the purchaser.<br /> <br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112]<br /> Mortgage: The written agreement pledging property to a creditor as collateral for a loan.<br /> Property: includes both real and personal property. See [https://law.justia.com/codes/idaho/2019/title-73/chapter-1/section-73-114/ ID Code § 73-114]<br /> Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.<br /> A mortgage given for the price of real property, at the time of its conveyance, has priority over all other liens created against the purchaser, subject to the operation of the recording laws.</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=ID_Underwriting_Summary&diff=5990 2021-06-09T23:15:56Z

<p>Craigtrummel: /* Vesting */</p> <hr /> <div>==Search/Exam==<br /> * Minimum Search Requirements -- No act; search and examination of the title and a determination of insurability of title in accordance with sound title underwriting principles. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708.]. DOI – 60 years or as necessary<br /> * Plant or other search restrictions -- Plant required for every county [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code 41-2708]<br /> *Plant owner must counter-sign each policy. No countersignature required for direct issuance, IF insurer owners plant in that county – or for a county where no plant exists. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2702/ ID Code § 41-2702.]<br /> * Additional Requirements for REO Searches -- No<br /> * Foreclosure Checklist -- No<br /> * Special Searches Required (Code, HOA, Utilities)? -- <br /> ** See Child Support Judgment.<br /> ** HOA’s – yes<br /> ** Irrigation - yes<br /> * Survey Requirements --<br /> <br /> ==UPL==<br /> * No state definition of 'practice of law' or 'unauthorized practice of law'; but test for practice of law found in case law. [https://www.flcourts.org/content/download/218046/file/Summary-UPL-Cases.pdf summary found here]<br /> <br /> ==Vesting==<br /> *Tenancy in Common is created with several persons unless: <br /> **acquired in a partnership for partnership purposes, <br /> **unless declared joint interest, or<br /> **unless acquired as community property. See. [https://law.justia.com/codes/idaho/2019/title-55/chapter-1/section-55-104/ ID Code § 55-104]<br /> *The timing of a judgment lien attaching to a property depends on the type of judgment entered. Generally, a judgment may attach from the Date of filing of the lis pendens or the Date and time of recording the judgement with the county clerk and recorder. <br /> **The duration of a judgment lien from a judgment other than for child support continues five (5) years from the date of judgment unless previously satisfied or stayed by an appeal.<br /> ***A lien rising from the delinquency of a payment due under a recorded judgment for child support after July 1, 1995, continues 23 years from the date of judgment unless the judgment was previously satisfied or stayed upon an appeal. However, child support liens will not continue for more than 5 years after the child reaches the age of majority or the child's death whichever first. If more than one child, no more than 5 years after the age of majority or death of the youngest or last remaining child.<br /> <br /> ==Property Tax ==<br /> * Property taxes shall be due in full on or before December 20 of the year in which the property taxes are levied. The property taxes may be paid in full or two halves, the first on or before December 20 with a grace period to June 20 for the second half if the first half is totally paid. [https://law.justia.com/codes/idaho/2019/title-63/chapter-9/section-63-903/ ID Code § 63-903].<br /> <br /> ==Tax Exemptions==<br /> ====Hospitals====<br /> If real property, not currently exempt from taxation, is being prepared for use as a hospital, the value of the bare land only shall be taxed while the property is being prepared for use as a hospital. If, as of the property tax assessment date, construction has not been abandoned, all improvements to and construction on the real property, while it is being prepared for use as a hospital, shall be exempt from taxation. Upon completion of construction and obtaining a certificate of occupancy, the entire real property shall be exempt from taxation subject to requirements in the statute.<br /> <br /> In no event shall improvements to property that is being prepared for use as a hospital qualify for an exemption from property tax for more than three (3) consecutive tax years [https://legislature.idaho.gov/statutesrules/idstat/Title63/T63CH6/SECT63-602D/ Id. Code 63-602D(3)].<br /> <br /> ==Mortgage/Transfer Tax==<br /> *No Mortgage/transfer tax in Idaho.<br /> <br /> ==Spousal Joinder Requirements/Homestead==<br /> * Idaho is a community property state. A non-title spouse must join in the execution of deeds/security instruments on all community property. Custom is to have a non-title spouse to join in deed execution or separately convey his/her interest.<br /> *Idaho requires the homestead of a married couple be encumbered by both spouses executing the deed of trust or mortgage, even if fee title is vested in only one spouse. [https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1007/ ID Code § 55-1007].<br /> <br /> ====Abandoned Homestead====<br /> <br /> :A homestead is presumed abandoned if the owner vacates the property for a continuous period of at least six (6) months. However, if an owner is going to be absent from the homestead for more than six (6) months but does not intend to abandon the homestead, and has no other principal residence, the owner may execute and acknowledge, in the same manner as a grant of real property is acknowledged, a declaration of nonabandonment of homestead and file the declaration for record in the office of the recorder of the county in which the property is situated.<br /> <br /> :[https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1006/ Id. Code 55-1006].<br /> <br /> ==Power Of Attorney==<br /> *Adopted a Statutory Form Power of Attorney. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-3/section-15-12-301/ ID Code § 15-12-301].<br /> <br /> ==Construction Liens==<br /> *A construction lien shall be perfected not later than ninety (90) days after the completion of the labor or services, or furnishing of materials.<br /> <br /> ==Instrument Requirements ==<br /> *None.<br /> <br /> ==Who May Serve As Trustee On Deed Of Trust==<br /> * Per [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1504/ ID Code §45-1504], trustee of a trust deed can be a licensed title insurance agent or company authorized under ID law as well as a member of the Idaho state bar, trust institution, or bank association.<br /> *Deeds of trust are limited to properties (1) located within an incorporated city or village, (2) on property not exceeding 80 acres, regardless of its location if that the property is not principally used for the agricultural production of crops, livestock, diary or aquatic goods, or (3) on property not exceeding 40 acres regardless of its location or its use. [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1502/ ID Code § 45-1502(5).]<br /> <br /> ==Time Limitations==<br /> <br /> * US Judgment Liens -- 20 years, renewable for 20 years<br /> * State Court Judgment Liens -- 10 years from recording-may be renewed. [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code § 10-1110] <br /> * Federal Tax Liens -- 10 years (+30 days); can be refiled<br /> * State Tax Liens -- 5 years (may be continued) [https://law.justia.com/codes/idaho/2019/title-45/chapter-19/section-45-1906/ ID Code § 45-1906]<br /> * Estate Tax Lien -- Federal 10 years<br /> * State Inheritance Tax Liens -- <br /> * Mechanics Liens -- Lien must be filed w/i 90 days following completion of improvements-lien good for 6 months unless enforcement proceedings commenced [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-507/ ID Code § 45-507] [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-510/ ID Code § 45-510]<br /> * Financing Statements -- 5 years [https://law.justia.com/codes/idaho/2019/title-28/chapter-9/part-5/section-28-9-515/ ID Code § 28-9-515]<br /> * Mortgages -- 5 years from maturity date [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-214a/ ID Code § 5-214A]<br /> * HOA Liens -- 1 year (can be extended 1 additional year) [https://law.justia.com/codes/idaho/2019/title-45/chapter-8/section-45-810/ ID Code § 45-810]<br /> * Condominium assessments -- <br /> * Child Support Liens -- See (a) below<br /> * Irrigation Liens<br /> * Property Tax Liens<br /> * Adverse Possession -- <br /> **3 years [https://law.justia.com/codes/idaho/2019/title-43/chapter-22/section-43-2205/ ID Code § 43-2205]<br /> **Continues until Paid [https://law.justia.com/codes/idaho/2019/title-63/chapter-2/section-63-206/ ID Code § 63-206]<br /> **20 years continuous use [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-210/ ID Code § 5-210]<br /> <br /> ==Odd Stuff==<br /> * Child Support Liens - Filed in Boise at the State level – have to search Boise State Records. No lien shall continue more than 5 years after date of majority or death of child. Valid reason NOT to show: Decree (Clerk will not certify) from the Clerk of the Court showing paid. Child Support payments are collected by the Clerk of the Court. If more than one child, lien continues until date of majority of youngest child. See &quot;Vesting&quot; above.<br /> * Determination of Insurability: Prohibited Risks – Rebates<br /> *[https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708(4)] – Forwarding Fees – No person forwarding or directing title insurance business to a title insurer or title insurance agent in Idaho, nor such insurer or agent receiving such business, shall give or receive anything of value, or a portion of the premium, therefor. <br /> *Minerals: Should include a mineral exception as a standard exception.<br /> * The Idaho Rate Manual establishes a charge for the cancellation of a commitment at 20% of the basic schedule of charges if cancelled prior to closing and at 80% of the basic schedule of charges if cancelled after closing.<br /> * A title insurer or agent may reconvey a deed of trust if the obligation secured by the deed of trust has been fully paid by the title insurer or agent or if the title insurer or agent has satisfactory evidence of the full payment of the obligation secured by the deed of trust. See [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1202/ ID Code § 45-1202]. Process requires notice of intent to release or reconvey with copy of reconveyance. Idaho Stat. 45-1203. 60 day objection period after mailing. [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1204/ ID Code § 45-1204.] <br /> *Usury coverage is not available in Idaho.<br /> <br /> ==Probate==<br /> * Idaho does not have a separate estate tax or inheritance or gift tax.<br /> *Intestate succession <br /> **Spousal rule: if no surviving issue or parent, spouse gets entire estate. If no surviving issue but a parent, spouse gets 1/2 of the estate. If surviving issue, spouse gets 1/2 of the estate. But if community property, 1/2 of community property belonging to the decedent passes to the surviving spouse. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-102/ ID Code § 15-2-102].<br /> **Requirement that the heir survive the decedent by 120 hours. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-104/ ID Code §15-2-104].<br /> <br /> ==Escrow==<br /> *[https://legislature.idaho.gov/statutesrules/idstat/Title30/T30CH9/ Idaho Escrow Act]<br /> <br /> ==Property Tax ==<br /> Taxes for the first and second half of the year are due on November 20. Taxes for the first half year are delinquent if not paid by December 20. Taxes for the second half of the year remain due until paid and are delinquent if not paid by June 20 of the following year.<br /> <br /> ==Closing Protection letters==<br /> *See ID Underwriting References.<br /> <br /> ==Witness Requirements==<br /> A witness is not required on a deed or security instrument. document must be properly acknowledged for recording. [https://law.justia.com/codes/idaho/2019/title-55/chapter-8/section-55-805/ ID Code § 55-805].<br /> <br /> [https://uww.wfgnationaltitle.com/images/7/7a/Idaho_Recorder%27s_Manual.pdf Idaho Recorder's Manual]<br /> <br /> ==Purchase Money Deeds of Trust==<br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112] – Priority of Purchase Money Mortgage – Mortgage given for the price of real property at time of conveyance has priority over all other liens against the purchaser.<br /> <br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112]<br /> Mortgage: The written agreement pledging property to a creditor as collateral for a loan.<br /> Property: includes both real and personal property. See [https://law.justia.com/codes/idaho/2019/title-73/chapter-1/section-73-114/ ID Code § 73-114]<br /> Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.<br /> A mortgage given for the price of real property, at the time of its conveyance, has priority over all other liens created against the purchaser, subject to the operation of the recording laws.</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=WY_Underwriting_Summary&diff=5989 2021-06-09T21:06:42Z

<p>Craigtrummel: /* Probate */</p> <hr /> <div><br /> ==Search/Exam==<br /> *No state law minimum period of time for a search.<br /> *Under [https://law.justia.com/codes/wyoming/2019/title-34/chapter-10/section-34-10-103/ Wy. Stat. §34-10-103], the Marketable Record Title Act operates when the root of title is at least 40 years old. <br /> *No title insurance within the state may be issued unless based upon adequate evidence of the current condition of title, certified in writing, as of the date of the policy by either (1) an authorized abstractor with a complete set of abstract records of title of all real estate in the county or (2) an attorney authorized to practice in Wyoming provides an opinion as to the condition of the title following a review of the pertinent title records or abstracts. See [https://law.justia.com/codes/wyoming/2019/title-26/chapter-23/article-3/section-26-23-308/ Wy. Stat. §26-23-308] and [https://law.justia.com/codes/wyoming/2019/title-33/chapter-2/section-33-2-101/ §33-2-101.]<br /> *Surveys: Wyoming does not have a requirement for a survey as a condition for insurance. The WFG underwriting policy is: <br /> **Residential Lender's policies WFG does not require it. May want to require it for locations further outside the city limits.<br /> **Commercial expects a survey.<br /> **Condos don’t require a survey typically (because of the as-built survey).<br /> **Agricultural it depends.<br /> **Loan Owners Policy prefers a survey.<br /> *Extended – Expanded Coverage policies are not common in WY.<br /> <br /> ==UPL==<br /> *Title insurer or agent has statutory authority to engage in the escrow, settlement or closing business. [https://law.justia.com/codes/wyoming/2019/title-26/chapter-23/article-3/section-26-23-314/ Wyo. Stat. §26-23-314.]<br /> *Title insurance companies authorized to do business in the State of Wyoming and their licensed agents are authorized to prepare documents required for title or closing which would otherwise constitute the practice of law in connection with issuing title insurance. <br /> **Must use standardized forms prepared by a WY Lawyer<br /> **Insurer and agent may NOT release or affect judgment liens<br /> **May not interpret documents or give advice about “rights and obligations”<br /> **May prepare other documents at the request of a WY Lawyer<br /> *Summary distinguishing UPL conduct in WY: [https://casetext.com/rule/wyoming-court-rules/wyoming-rules-governing-the-state-bar-attorney-conduct-and-eligibility-to-practice-law/rules-governing-the-wyoming-state-bar-and-the-authorized-practice-of-law/rule-7-authorization-to-practice-law Wyo. R. State Bar, Att’y Cond. &amp; Prac. 7.]<br /> **“Practice law” does not include title insurance companies and their licensed agents preparing documents if (a) the transaction is arising out of the lawful course of business for the title insurance company issuing title insurance (b) in closing a real estate sale, title agents can only prepare closing statements which do not affect judgement liens (c) documents should be on standardized forms prepared by a licensed WY Lawyer. (d) no advice should be given regarding the document or party obligations. <br /> **Title insurance companies in WY and their agents may prepare other documents at the request if a WY lawyer if WY lawyer takes personal responsibility.<br /> <br /> ==Vesting==<br /> *Wyoming recognizes tenancy in common, joint tenancy, and tenancy by entirety. Tenancy by entirety assumed if married couple absent statement to the contrary or of a different tenancy. A tenancy by entirety is automatically created when ownership is granted to two or more persons unless joint tenants with right of survivorship is expressly created. <br /> *Joint tenancy has a presumption against it. Without the express provision for a joint tenancy, a tenancy in common is presumed. [https://www.casemine.com/judgement/us/59149375add7b049345aa918 Choman v. Epperley, 592 P. 2d 714, 718 (Wyo. 1979).] <br /> *Joint tenancy may be established by the owner by designating in the instrument of conveyance or transfer, the names of such joint tenants including his own, without the necessity of any transfer or conveyance to or through a third person.<br /> *Judgment lien attaches: <br /> **For judgments before 1999, the first day of the term at which judgment is rendered.<br /> **For judgments after 1999, from recording of the judgment with the County Clerk.<br /> <br /> ==Property Tax ==<br /> *Fifty percent(50%) of real estate taxes are due on and after September 1 and payable on November 10 in each year. The remaining 50% is due on and after March 1 and payable on and after May 10 of the following calendar year. [https://law.justia.com/codes/wyoming/2019/title-39/chapter-13/section-39-13-107/ Wyo. Stat. Ann. § 39-13-107(b)(i)(D).]<br /> *The holder of a tax deed takes the title of the taxpayer and receives at least constructive possession of the land.<br /> *The tax deed obliterates all prior encumbrances<br /> * Tax deeds present hazardous risk when insuring conveyance out of tax deed grantee to a BFP; underwriting review and approval required<br /> <br /> ==Mortgage/Transfer Tax==<br /> *No Mortgage tax in Wyoming<br /> *No transfer tax in Wyoming <br /> <br /> ==Spousal Joinder Requirements/Homestead==<br /> *A spouse not in title must join in the conveyance/mortgage of homestead property. See [https://law.justia.com/codes/wyoming/2019/title-34/chapter-2/section-34-2-121/ Wyo. Stat. §34-2-121.]<br /> *SPECIAL LANGUAGE REQUIRED: Every owner or occupant of a homestead may voluntarily sell, mortgage, or otherwise dispose of or encumber the homestead if (1) the document contains the following language to release the homestead, “hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of this state” and (2) is signed by the owner and any spouse of the owner of the homestead. See [https://law.justia.com/codes/wyoming/2019/title-34/chapter-2/section-34-2-121/ Wy. Stat. §34-2-121.]<br /> <br /> ==Power of Attorney==<br /> *Adopted the Uniform Power of Attorney Act, effective January 1, 2018<br /> * POA presumed durable unless otherwise stated if executed after January 1, 2018. [https://law.justia.com/codes/wyoming/2019/title-3/chapter-9/article-1/ Wy. Stat §3-9-101 - 123]<br /> **If the POA was executed in WY before January 1, 2018, it is valid if its execution complied with the law of this state as it existed at the time of execution. [https://law.justia.com/codes/wyoming/2019/title-3/chapter-9/article-1/section-3-9-106/ Wy. Stat §3-9-106.]<br /> *POA signature presumed genuine if acknowledged [https://law.justia.com/codes/wyoming/2019/title-3/chapter-9/article-1/section-3-9-105/ Wy. Stat §3-9-105.]<br /> *Express duty of loyalty and to not create a conflict of interest, except as otherwise provided in POA. [https://law.justia.com/codes/wyoming/2019/title-3/chapter-9/article-1/section-3-9-114/ Wy. Stat §3-9-114(b)]<br /> *POA executed in another state valid if execution complies with law of state that governs POA or Military execution per 10 USC 1044. [https://law.justia.com/codes/wyoming/2019/title-3/chapter-9/article-1/section-3-9-106/ Wy. Stat §3-9-106]<br /> *Statutory protection for persons relying in good faith on POA. [https://law.justia.com/codes/wyoming/2019/title-3/chapter-9/article-1/section-3-9-119/ Wy. Stat §3-9-119.]<br /> *Statutory liability for refusing to accept POA does not apply to a person “not otherwise required to engage in a transaction with the principal in the same circumstances.” Meaning title agents. [https://law.justia.com/codes/wyoming/2019/title-3/chapter-9/article-1/section-3-9-120/ Wy. Stat §3-9-120]<br /> *General authority with respect to real estate in POA has broad statutory definition of powers. [https://law.justia.com/codes/wyoming/2019/title-3/chapter-9/article-2/section-3-9-204/ Wy. Stat §3-9-204]<br /> *Statutory form available [https://law.justia.com/codes/wyoming/2019/title-3/chapter-9/article-3/section-3-9-301/ Wy. Stat §3-9-301]<br /> <br /> ==Construction Liens==<br /> *Mechanics/Construction lien must be filed within 120 (subcontractors, laborers, etc.) or 150 (original contractor) days of completion of work or filing of Notice of Substantial Completion. Action to foreclose must be filed within 180 days following filing of lien. [https://law.justia.com/codes/wyoming/2019/title-29/chapter-2/section-29-2-106/ Wy. Stat. 29-2-106] &amp; [https://law.justia.com/codes/wyoming/2019/title-29/chapter-2/section-29-2-109/ 29-2-109]<br /> *Multiple notices needed. [https://levy-law.com/wyoming-state-lien-law-summary/ Good Summary linked here]<br /> <br /> ==Foreclosure Review==<br /> *Notice and Advertisement (non-judicial) is most common, but judicial is available if the lien does not include express Power of Sale. Mortgage is most common. Deeds of Trust are rare and effecting a termination/release of lien of Deed of Trust is often incorrectly performed<br /> <br /> ==Instrument Requirements==<br /> *A [https://www.conversecounty.org/DocumentCenter/View/328/Statement-of-Consideration-PDF?bidId= Wyoming Statement of Consideration (PDF)] disclosing the financial information of the transaction must accompany each deed. <br /> *It's the buyer's responsibility to fully complete the Statement which is a confidential document used by the County Assessor to determine market value of all property in the county. [https://www.conversecounty.org/DocumentCenter/View/327/Additional-Information-on-Statements-of-Considerations-PDF?bidId= Additional information on Statements of Considerations (PDF)] is available. Documents must be clearly readable and reproducible.<br /> <br /> ==Who May Serve As Trustee On Deed Of Trust==<br /> *Wyoming allows both Deed of Trust and Mortgage. Mortgages are by far most common and Deeds of Trust are almost unheard of.<br /> <br /> ==Time Limitations==<br /> *US Judgment Liens 20 years, renewable for 20 years<br /> *State Court Judgment Liens 5 years, renewable<br /> *Federal Tax Liens 10 years (+30 days); can be refiled<br /> *Estate Tax Lien Federal 10 years<br /> *Mechanics/Construction lien must be filed within 120 (subcontractors, laborers, etc.) or 150 (original contractor) days of completion of work or filing Notice of Substantial Completion. Action to foreclose lien must be filed within 180 days after filing of lien. [https://law.justia.com/codes/wyoming/2019/title-29/chapter-2/section-29-2-106/ Wy. Stat. 29-2-106] &amp; [https://law.justia.com/codes/wyoming/2019/title-29/chapter-2/section-29-2-109/ 29-2-109]<br /> **Extensions can be agreed upon between parties, but cannot exceed twice the time within which the lien would have to be filed (i.e. 300 days contractor and 240 days all others). [https://law.justia.com/codes/wyoming/2019/title-29/chapter-2/section-29-2-106/ Wy. Stat. § 29-2-106].<br /> *Financing Statements effective for 10 years (5 years if before July 1, 2013). [https://law.justia.com/codes/wyoming/2019/title-34-1/article-9/part-5/subpart-1/section-34-1-9-515/ Wy. Stat. § 34.1-9-515.]<br /> *Mortgages<br /> **Every mortgage of real estate, containing a power of sale upon default, may be foreclosed by advertisement within ten (10) years after the maturing of such mortgage or the debt secured thereby, or after the recording in the cases and manner below:<br /> ** For mortgages executed after May 21, 1945, 10 years starts from date of the mortgage unless the maturity of obligation is specified clearly in mortgage provisions.<br /> ** For mortgages executed before May 21, 1945, 10 years starts at the latest of the following options:<br /> ***The tenth anniversary of the maturity of the debt or obligation secured by such mortgage if stated in the mortgage;<br /> ***The tenth anniversary of the recording of the mortgage if no such maturity date is clearly stated in the mortgage;<br /> ***The stated, renewed, or extended maturity date recorded on or before December 31, 1971, according to (B)(II) of [https://law.justia.com/codes/wyoming/2019/title-34/chapter-4/section-34-4-102/ Wy. Stat. § 34.4.102].<br /> <br /> ==Odd Stuff==<br /> *Cancellation/Commitment fee is not prohibited in this state.<br /> *A title insurer or title agent may reconvey a trust deed or release a mortgage regardless of whether the title insurer or title agent is named as a trustee. [https://law.justia.com/codes/wyoming/2019/title-34/chapter-1/article-1/section-34-1-146/ Wyo. Stat. § 34-1-146.]<br /> **Preconditions:<br /> ** The obligation must be fully paid by the title insurer/agent OR title insurer/agent possesses satisfactory evidence of the full payment of the obligation secured by a trust deed or mortgage.<br /> **Thirty (30) day writing period before recording a reconveyance or release and after mailing notice of intent. [https://law.justia.com/codes/wyoming/2019/title-34/chapter-1/article-1/section-34-1-146/ Wyo. Stat. § 34-1-146.] Cannot reconvey if beneficiary sends a notice within that 30 days that the obligation has not been paid in full or the beneficiary objects. [https://law.justia.com/codes/wyoming/2019/title-34/chapter-1/article-1/section-34-1-147/ Wy. Stat. § 34-1-147.] <br /> **Notice of intent to release or reconvey shall contain the name of the beneficiary or mortgagee and the servicer (if applicable), the name of the title insurer or title agent, the date and be substantially like the form in this statute. [https://law.justia.com/codes/wyoming/2019/title-34/chapter-1/article-1/section-34-1-146/ Wy. Stat § 34-1-146.]<br /> <br /> ==Probate==<br /> *Wyoming does not have a separate estate or inheritance or gift tax.<br /> *If the property is held Tenancy by the entirety or as Joint Tenants (with or without &quot;with right of survivorship&quot;) upon the first death, Wyoming expects the survivor to record an Affidavit of Survivorship ([https://law.justia.com/codes/wyoming/2019/title-2/chapter-9/article-1/section-2-9-102/ Wy. Stat. §2-9-102]) in the county records. <br /> *Ancillary Administration procedure is required when a nonresident's estate has property in Wyoming valued not exceeding two hundred thousand dollars ($200,000.00) [https://law.justia.com/codes/wyoming/2019/title-2/chapter-11/article-2/section-2-11-201/ Wy. Stat. §2-11-201]<br /> **For nonresident estates valued at 200k or more, full administration proceedings take place. [https://scholarship.law.uwyo.edu/cgi/viewcontent.cgi?article=1402&amp;context=wlr (See Law Review Secondary source pg. 387.)]<br /> *Intestate succession statute [https://law.justia.com/codes/wyoming/2019/title-2/chapter-4/article-1/ Wy. Stat. §2.4.101-108.]<br /> *Affidavits of heirship will be considered with underwriting approval.<br /> <br /> ==Closing Protection Letters==<br /> * [[Closing Protection Letters]]</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=Closing_Protection_Letters_in_Washington&diff=5973 2021-06-07T23:36:57Z

<p>Craigtrummel: /* Overview */</p> <hr /> <div>===Overview===<br /> No fee charged for CPL<br /> <br /> A closing protection letter (“CPL”) is a written indemnity agreement requested by a lending institution or bank (“lender”) and issued by the title insurance company (“underwriter”) that will issue a loan policy insuring the lender. CPLs provide specific assurances to the lender which safeguard them in the event that dishonesty, fraud, or negligence cause failure of the escrow agent to properly disburse the closing or escrow funds in a real estate transaction. A CPL also provides assurances to the lender that their written closing instructions have been complied with.<br /> <br /> CPLs are issued in most states and some of them restrict, limit or even prohibit their use. According to Washington State law (RCW 48.05.330) CPLs may only be issued when a title insurance company or its issuing agent is handling the closing.<br /> <br /> Occasionally a lender will request a CPL when the closing is being handled by an outside party (i.e. independent escrow company or attorney) and not the underwriter or its issuing agent. In these cases the CPL can only be issued after a sub-escrow is opened and the underwriter or its agent has been instructed to accept lender loan funds, collect title related fees and premiums, the sub-escrow fee, payoff all liens that appear in the preliminary title commitment (i.e. “title report”) and forward the balance of funds to the outside party. The CPL does not protect against acts of the outside party.<br /> <br /> Closing protection letters are largely misunderstood and misused. A CPL is not insurance and its application is limited. However, the lender”s title insurance policy does contain provisions which, among other things, insure the lender that it has an enforceable and valid lien on the subject property. Furthermore, the escrow agent must also have errors and omission insurance which provides protection against fraudulent or dishonest acts as well as unintentional errors and omissions.<br /> <br /> ===Sources===<br /> <br /> ===Compliance===<br /> <br /> ====Disclosures====<br /> <br /> ===Forms===<br /> <br /> ====Disclosure Form====<br /> <br /> ====CPL Form====<br /> * Latest CPL Form Filing Date: 01-28-2015<br /> * Filing Requirements: not regulated – form or rate<br /> * Current From: 3173400<br /> * ALTA Version: 2015<br /> <br /> ====Dual Agent CPLs====<br /> <br /> ===Rates===<br /> <br /> ====State Mandated Rates====<br /> NONE<br /> * Buyer: <br /> * Seller: <br /> * Lender: <br /> * Borrower: <br /> <br /> ====WFG Rates====<br /> * Buyer: N/C<br /> * Seller: N/C<br /> * Lender: N/C<br /> * Borrower: N/C<br /> <br /> === Remittances===<br /> <br /> ===Notes===<br /> * Notes: <br /> * Rate Checked: 05-23-2016<br /> * By: R Horvat<br /> * Manual Date: <br /> <br /> ===Cross-References===<br /> * [[Washington]]<br /> * [[Closing Protection Letters]]</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=ID_Underwriting_Summary&diff=5946 2021-05-26T22:19:51Z

<p>Craigtrummel: /*escrow */</p> <hr /> <div>==Search/Exam==<br /> * Minimum Search Requirements -- No act; search and examination of the title and a determination of insurability of title in accordance with sound title underwriting principles. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708.]. DOI – 60 years or as necessary<br /> * Plant or other search restrictions -- Plant required for every county [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code 41-2708]<br /> *Plant owner must counter-sign each policy. No countersignature required for direct issuance, IF insurer owners plant in that county – or for a county where no plant exists. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2702/ ID Code § 41-2702.]<br /> * Additional Requirements for REO Searches -- No<br /> * Foreclosure Checklist -- No<br /> * Special Searches Required (Code, HOA, Utilities)? -- <br /> ** See Child Support Judgment.<br /> ** HOA’s – yes<br /> ** Irrigation - yes<br /> * Survey Requirements --<br /> <br /> ==UPL==<br /> * No state definition of 'practice of law' or 'unauthorized practice of law'; but test for practice of law found in case law. [https://www.flcourts.org/content/download/218046/file/Summary-UPL-Cases.pdf summary found here]<br /> <br /> ==Vesting==<br /> *Tenancy in Commons is created with several persons unless: <br /> **acquired in a partnership for partnership purposes, <br /> **unless declared joint interest, or<br /> **unless acquired as community property. See. [https://law.justia.com/codes/idaho/2019/title-55/chapter-1/section-55-104/ ID Code § 55-104]<br /> *The timing of a judgement lien attaching to a property depends on the type of judgement entered. Generally, a judgement may attach from the Date of filing of the lis pendens or the Date and time of recording the judgement with the county clerk and recorder. <br /> **The duration of a judgement lien from a judgement other than for child support continues five (5) years from the date of judgment unless previously satisfied or stayed by an appeal.<br /> ***A lien rising from the delinquency of a payment due under a recorded judgment for child support after July 1, 1995, continues 23 years from the date of judgment unless the judgment was previously satisfied or stayed upon an appeal. However, child support liens will not continue for more than 5 years after the child reaches the age of majority or the child's death whichever first. If more than one child, no more than 5 years after the age of majority or death of the youngest or last remaining child.<br /> <br /> ==Property Tax ==<br /> * Property taxes shall be due in full on or before December 20 of the year in which the property taxes are levied. The property taxes may be paid in full or two halves, the first on or before December 20 with a grace period to June 20 for the second half if the first half is totally paid. [https://law.justia.com/codes/idaho/2019/title-63/chapter-9/section-63-903/ ID Code § 63-903].<br /> <br /> ==Tax Exemptions==<br /> ====Hospitals====<br /> If real property, not currently exempt from taxation, is being prepared for use as a hospital, the value of the bare land only shall be taxed while the property is being prepared for use as a hospital. If, as of the property tax assessment date, construction has not been abandoned, all improvements to and construction on the real property, while it is being prepared for use as a hospital, shall be exempt from taxation. Upon completion of construction and obtaining a certificate of occupancy, the entire real property shall be exempt from taxation subject to requirements in the statute.<br /> <br /> In no event shall improvements to property that is being prepared for use as a hospital qualify for an exemption from property tax for more than three (3) consecutive tax years [https://legislature.idaho.gov/statutesrules/idstat/Title63/T63CH6/SECT63-602D/ Id. Code 63-602D(3)].<br /> <br /> ==Mortgage/Transfer Tax==<br /> *No Mortgage/transfer tax in Idaho.<br /> <br /> ==Spousal Joinder Requirements/Homestead==<br /> * Idaho is a community property state. A non-title spouse must join in the execution of deeds/security instruments on all community property. Custom is to have a non-title spouse to join in deed execution or separately convey his/her interest.<br /> *Idaho requires the homestead of a married couple be encumbered by both spouses executing the deed of trust or mortgage, even if fee title is vested in only one spouse. [https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1007/ ID Code § 55-1007].<br /> <br /> ====Abandoned Homestead====<br /> <br /> :A homestead is presumed abandoned if the owner vacates the property for a continuous period of at least six (6) months. However, if an owner is going to be absent from the homestead for more than six (6) months but does not intend to abandon the homestead, and has no other principal residence, the owner may execute and acknowledge, in the same manner as a grant of real property is acknowledged, a declaration of nonabandonment of homestead and file the declaration for record in the office of the recorder of the county in which the property is situated.<br /> <br /> :[https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1006/ Id. Code 55-1006].<br /> <br /> ==Power Of Attorney==<br /> *Adopted a Statutory Form Power of Attorney. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-3/section-15-12-301/ ID Code § 15-12-301].<br /> <br /> ==Construction Liens==<br /> ====Overview====<br /> Construction liens in Idaho are also referred to as &quot;Mechanics'&quot; and &quot;Materialmen's&quot; liens throughout the Idaho Statutes.<br /> ====Sources====<br /> <br /> [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/ ID Code §§ 45-501 ''et seq.'']<br /> <br /> ====Authorized Claimants====<br /> <br /> For the purposes of construction of any improvement upon real property at the instance of the property owner or construction agent of the owner, the following people may file a construction lien:<br /> <br /> * Any person performing labor related to the construction;<br /> * Any person providing supplies or materials to be used in the construction;<br /> * Any person renting, leasing, or otherwise supplying of equipment for the construction; or<br /> * Any professional engineer or licensed surveyor who establishes or marks the boundaries of, prepares maps, plans, or specifications for, or inspects, tests, or otherwise performs any other architectural or engineering services for the improvement of real property.<br /> <br /> <br /> [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-501/ ID Code § 45-501]<br /> <br /> ====Lien Priority====<br /> <br /> A perfected claim of lien shall be prior to any lien, mortgage, deed of trust, or other encumbrance which attached to the land after or was unrecorded at the time of commencement of labor, professional services or the furnishing of materials or equipment.<br /> <br /> [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-506/ ID Code § 45-506]<br /> <br /> ====Notices and Registries====<br /> <br /> Idaho statutes do not require notice of a lien other than the recording and service of the lien claim itself.<br /> <br /> ====Perfecting a Lien====<br /> <br /> A construction lien shall be perfected not later than ninety (90) days after the completion of the labor or services, or furnishing of materials.<br /> <br /> To perfect a construction lien, a claim must be filed with the recording officer of the county in which the real property is located.<br /> <br /> The claim must contain:<br /> * A statement of demand;<br /> * The name of the owner, if known;<br /> * The name of the person by whom he/she was employed or to whom he/she furnished materials; and<br /> * A description of the property, sufficient for identification.<br /> <br /> <br /> The claim must also include a verified oath by the claimant, or someone authorized to act on their behalf, to the truth and accuracy of the claim.<br /> <br /> A copy of the claim shall be served on the owner no later than five (5) business days following the filing of the claim of lien.<br /> <br /> [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-507/ ID Code § 45-507]<br /> <br /> ====Enforcement Deadlines====<br /> <br /> A construction lien encumbers real property for six (6) months after the claim of lien has been recorded with the county, unless a lawsuit is filed to enforce the lien within that time frame.<br /> <br /> If the claim of lien lists a payment on account or extension of credit given with an expiration date, the lien will then encumber the subject real property for six (6) months after the date of such payment or expiration of the extension.<br /> <br /> A final judgment on a lien will expire ten (10) years from the date the judgment becomes final.<br /> <br /> [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-510/ ID Code § 45-510]<br /> <br /> ====Releases====<br /> <br /> 1. Bond<br /> <br /> A property owner may remove a perfected construction lien from the subject property by obtaining a surety bond. The bond must be 1.5 times the lien claim amount. [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-519/ ID Code § 45-519]<br /> <br /> The debtor must file a petition with the district court where the property is located in order to release the lien via the bond. A hearing on the petition will be held at least five (5) days but not more than ten (10) days after the entry of the order granting the hearing. Service on the claimant at least two (2) days prior to the hearing is required. [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-520/ ID Code § 45-520]<br /> <br /> Given the bond meets the statutory requirements, the court will enter an order releasing the construction lien. Upon entry of the order, the lien is released of record in its entirety and the real property is released from the encumbrances of the lien. There is no appeal from this order. [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-521/ ID Code § 45-521]<br /> <br /> 2. Release<br /> <br /> A release of a construction lien may also be recorded with the county. It must reference the original construction lien recording document information and property that is subject to the lien. It must state the lien is paid in full and that the construction lien is released. It must also be signed by the original lien claimant.<br /> <br /> ==Foreclosure Review==<br /> *Idaho provides for a non-judicial foreclosure of a Trust Deed (aka Deed of Trust) with no right of redemption after the Sale on the courthouse steps. [[Statutes. https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH15/|ID Code §45-15]]<br /> *Judicial Foreclosure is also available and Redemption Rights are preserved, as is ability to obtain deficiency judgment. [https://legislature.idaho.gov/statutesrules/idstat/Title6/T6CH1/ ID Code § 6-1.]<br /> <br /> ==Instrument Requirements ==<br /> *None.<br /> <br /> ==Who May Serve As Trustee On Deed Of Trust==<br /> * Per [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1504/ ID Code §45-1504], trustee of a trust deed can be a licensed title insurance agent or company authorized under ID law as well as a member of the Idaho state bar, trust institution, or bank association.<br /> *Deeds of trust are limited to properties (1) located within an incorporated city or village, (2) on property not exceeding 80 acres, regardless of its location if that the property is not principally used for the agricultural production of crops, livestock, diary or aquatic goods, or (3) on property not exceeding 40 acres regardless of its location or its use. [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1502/ ID Code § 45-1502(5).]<br /> <br /> ==Time Limitations==<br /> <br /> * US Judgment Liens -- 20 years, renewable for 20 years<br /> * State Court Judgment Liens -- 10 years from recording-may be renewed. [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code § 10-1110] <br /> * Federal Tax Liens -- 10 years (+30 days); can be refiled<br /> * State Tax Liens -- 5 years (may be continued) [https://law.justia.com/codes/idaho/2019/title-45/chapter-19/section-45-1906/ ID Code § 45-1906]<br /> * Estate Tax Lien -- Federal 10 years<br /> * State Inheritance Tax Liens -- <br /> * Mechanics Liens -- Lien must be filed w/i 90 days following completion of improvements-lien good for 6 months unless enforcement proceedings commenced [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-507/ ID Code § 45-507] [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-510/ ID Code § 45-510]<br /> * Financing Statements -- 5 years [https://law.justia.com/codes/idaho/2019/title-28/chapter-9/part-5/section-28-9-515/ ID Code § 28-9-515]<br /> * Mortgages -- 5 years from maturity date [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-214a/ ID Code § 5-214A]<br /> * HOA Liens -- 1 year (can be extended 1 additional year) [https://law.justia.com/codes/idaho/2019/title-45/chapter-8/section-45-810/ ID Code § 45-810]<br /> * Condominium assessments -- <br /> * Child Support Liens -- See (a) below<br /> * Irrigation Liens<br /> * Property Tax Liens<br /> * Adverse Possession -- <br /> **3 years [https://law.justia.com/codes/idaho/2019/title-43/chapter-22/section-43-2205/ ID Code § 43-2205]<br /> **Continues until Paid [https://law.justia.com/codes/idaho/2019/title-63/chapter-2/section-63-206/ ID Code § 63-206]<br /> **20 years continuous use [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-210/ ID Code § 5-210]<br /> <br /> ==Odd Stuff==<br /> * Child Support Liens - Filed in Boise at the State level – have to search Boise State Records. No lien shall continue more than 5 years after date of majority or death of child. Valid reason NOT to show: Decree (Clerk will not certify) from the Clerk of the Court showing paid. Child Support payments are collected by the Clerk of the Court. If more than one child, lien continues until date of majority of youngest child. See &quot;Vesting&quot; above.<br /> * Determination of Insurability: Prohibited Risks – Rebates<br /> *[https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708(4)] – Forwarding Fees – No person forwarding or directing title insurance business to a title insurer or title insurance agent in Idaho, nor such insurer or agent receiving such business, shall give or receive anything of value, or a portion of the premium, therefor. <br /> *Minerals: Should include a mineral exception as a standard exception.<br /> * The Idaho Rate Manual establishes a charge for the cancellation of a commitment at 20% of the basic schedule of charges if cancelled prior to closing and at 80% of the basic schedule of charges if cancelled after closing.<br /> * A title insurer or agent may reconvey a deed of trust if the obligation secured by the deed of trust has been fully paid by the title insurer or agent or if the title insurer or agent has satisfactory evidence of the full payment of the obligation secured by the deed of trust. See [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1202/ ID Code § 45-1202]. Process requires notice of intent to release or reconvey with copy of reconveyance. Idaho Stat. 45-1203. 60 day objection period after mailing. [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1204/ ID Code § 45-1204.] <br /> *Usury coverage is not available in Idaho.<br /> <br /> ==Probate==<br /> * Idaho does not have a separate estate tax or inheritance or gift tax.<br /> *Intestate succession <br /> **Spousal rule: if no surviving issue or parent, spouse gets entire estate. If no surviving issue but a parent, spouse gets 1/2 of the estate. If surviving issue, spouse gets 1/2 of the estate. But if community property, 1/2 of community property belonging to the decedent passes to the surviving spouse. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-102/ ID Code § 15-2-102].<br /> **Requirement that the heir survive the decedent by 120 hours. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-104/ ID Code §15-2-104].<br /> <br /> ==Abstracters==<br /> ====Overview====<br /> *When one purchases real property, it is paramount that the seller has a legal right to sell the property, that no other person or entity has a legal right to the property and that the boundaries of the property to be sold are mutually agreeable to the parties to the transaction. An abstracter researches the property and reports on his/her findings to all parties to the transaction.<br /> *A title abstracter is another name for a title examiner.<br /> *[https://legislature.search.idaho.gov/isysquery/aee80ca8-58c0-47b6-8571-84a9094924c0/1/doc/ Id. Code 54-101 ''et. seq.'']<br /> <br /> ====Research====<br /> *As stated above, an abstracter will research a parcel of property that one party wants to sell to another. The research will involve searching the chain of title going back in time to make sure the current seller has the legal right to sell the property and that there are no other people or entities that have an interest in the property. This search will also entail comparing legal descriptions to make sure the property being sold has the correct description.<br /> <br /> *An abstracter will research whether there are any encumbrances against the property. They look for judgments, conditions, restrictions, mortgages or trust deeds, and any other liens against the property. They also look for any easements affecting the property.<br /> <br /> *An abstracter may also work with a local surveyor and tax assessor to verify that the parcel of real property described in the documents is correct.<br /> <br /> ====Knowledge====<br /> <br /> *Abstracters need to pay attention to detail, have strong organizational skills, the ability to explain their findings and a basic understanding of real estate law. They may be called upon to explain their findings to realtors, lenders, buyers, sellers, contractors and attorneys. They may also need to work with surveyors and other parties to assist in resolving disputes.<br /> <br /> ====Reports====<br /> <br /> *Abstracters prepare a title report that includes the current vesting, the property's legal description, any liens or judgments and any other issues of concern.<br /> <br /> ====Certified Abstracters====<br /> <br /> *In Idaho, if one is to act as an independent abstracter, a bond of $10,000 is required. Once the bond is paid, a Certificate is issued. The bond and certificate are valid for five (5) years. [https://legislature.search.idaho.gov/isysquery/aee80ca8-58c0-47b6-8571-84a9094924c0/1/doc/ Id. Code 54-101, ''et. seq.'']<br /> <br /> *Title examiners also have the option to obtain licensure by the National Association of Land Title Examiners and Abstractors [http://www.naltea.org/ (NALTEA)].<br /> <br /> ==Escrow==<br /> *[https://legislature.idaho.gov/statutesrules/idstat/Title30/T30CH9/ Idaho Escrow Act]<br /> <br /> ==Property Tax ==<br /> Taxes for the first and second half of the year are due on November 20. Taxes for the first half year are delinquent if not paid by December 20. Taxes for the second half of the year remain due until paid and are delinquent if not paid by June 20 of the following year.<br /> <br /> ==Closing Protection letters==<br /> ====CPL Form====<br /> * Latest CPL Form Filing Date: 03-02-2016<br /> * Filing Requirements: Add State Contact Info<br /> * Current From: 3172900<br /> * ALTA Version: 2015<br /> <br /> ====Dual Agent CPLs====<br /> ===Rates===<br /> <br /> ====State Mandated Rates====<br /> * Buyer: <br /> * Seller: <br /> * Lender: <br /> * Borrower: <br /> <br /> ====WFG Rates====<br /> * Buyer: $25.00 <br /> * Seller: N/A<br /> * Lender: $25.00 <br /> * Borrower: $25.00 <br /> ====Remittances====<br /> <br /> ====Notes====<br /> * Notes: I.C. 41-2714, Rate &amp; form filing required, no filing found in WFGunderwriting<br /> * Rate Checked: 05-06-2016<br /> * By: ABF<br /> * Manual Date: PROBLEM<br /> <br /> ==Witness Requirements==<br /> A witness is not required on a deed or security instrument. document must be properly acknowledged for recording. [https://law.justia.com/codes/idaho/2019/title-55/chapter-8/section-55-805/ ID Code § 55-805].<br /> <br /> [https://uww.wfgnationaltitle.com/images/7/7a/Idaho_Recorder%27s_Manual.pdf Idaho Recorder's Manual]<br /> <br /> ==Escheat==<br /> ====Overview====<br /> <br /> ====Sources====<br /> [https://law.justia.com/codes/idaho/2019/title-14/chapter-5/ ID Code § 14-501] et seq. Unclaimed Property Law.<br /> <br /> ====Recipient Office====<br /> State Treasurer<br /> ====Reporting====<br /> * Time Period: 5<br /> * Due Diligence Amount: 50.01<br /> * Due Diligence Dates: Not more than 120 day prior to report<br /> * Aggregate Amount: Not Permitted<br /> * Report Period: 7/1-6/30<br /> * Report Due Date: 11/1<br /> * Negative Reporting: Yes, effective 2016.<br /> <br /> ====Dormancy Fee====<br /> Only for safe deposit boxes or other safekeeping repository.<br /> ====Web Site====<br /> http://www.sto.idaho.gov/unclaimedproperty/<br /> <br /> ==Good Funds== <br /> ====Wet or Dry Settlement====<br /> Dry<br /> ====Definition====<br /> Escrow officers may only place &quot;collected funds&quot; in their trust account. &quot;Collected Funds&quot; means: <br /> (a) cash (currency); <br /> (b) wired funds when unconditionally received by the escrow agent; <br /> (c) when identified as such: (1) cashier's check; (2) certified check; or (3) teller?s check (official check) when any of the above are unconditionally received by the escrow agent; <br /> (d) U.S. Treasury checks, postal money orders, federal reserve bank checks, federal home loan bank checks, State of Idaho and local government checks, local or Idaho on-us checks (meaning checks drawn against the same federally insured financial institution or branch as the title agent's own depository), or local third party checks on the next business day after deposit; <br /> (e) local personal or corporate checks on the second business day after deposit; and <br /> (f) non-local State and government checks, non-local on-us checks, non-local personal or corporate checks or non-local third party checks on the fifth business day after deposit. For purposes of this section a deposit is considered made on (1) the same day the item is delivered in person to an employee of a federally insured financial institution, or (2) the first business day following an after business hours deposit of an item to a federally insured financial institution. [https://adminrules.idaho.gov/rules/2011/18/0125.pdf ID Admin. Code 18.01.25.011.010(a)(ii).]<br /> <br /> ====Requirements====<br /> Notwithstanding any agreement to the contrary, no disbursement of funds or delivery of documents from an escrow for recording or otherwise may be made unless the escrow contains a credit balance consisting of collected funds, other than funds of the escrow agent or its affiliates, sufficient to discharge all monetary conditions of the escrow. The requirement of collected funds does not apply to collection or long term escrow. [https://adminrules.idaho.gov/rules/2011/18/0125.pdf ID Admin. Code 18.01.25.011.010(b)(i).]<br /> <br /> ==Purchase Money Deeds of Trust==<br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112] – Priority of Purchase Money Mortgage – Mortgage given for the price of real property at time of conveyance has priority over all other liens against the purchaser.<br /> <br /> <br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112]<br /> Mortgage: The written agreement pledging property to a creditor as collateral for a loan.<br /> Property: includes both real and personal property. See [https://law.justia.com/codes/idaho/2019/title-73/chapter-1/section-73-114/ ID Code § 73-114]<br /> Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.<br /> A mortgage given for the price of real property, at the time of its conveyance, has priority over all other liens created against the purchaser, subject to the operation of the recording laws.</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=ID_Underwriting_Summary&diff=5945 2021-05-26T22:18:58Z

<p>Craigtrummel: /* Spousal Joinder Requirements/Homestead */</p> <hr /> <div>==Search/Exam==<br /> * Minimum Search Requirements -- No act; search and examination of the title and a determination of insurability of title in accordance with sound title underwriting principles. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708.]. DOI – 60 years or as necessary<br /> * Plant or other search restrictions -- Plant required for every county [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code 41-2708]<br /> *Plant owner must counter-sign each policy. No countersignature required for direct issuance, IF insurer owners plant in that county – or for a county where no plant exists. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2702/ ID Code § 41-2702.]<br /> * Additional Requirements for REO Searches -- No<br /> * Foreclosure Checklist -- No<br /> * Special Searches Required (Code, HOA, Utilities)? -- <br /> ** See Child Support Judgment.<br /> ** HOA’s – yes<br /> ** Irrigation - yes<br /> * Survey Requirements --<br /> <br /> ==UPL==<br /> * No state definition of 'practice of law' or 'unauthorized practice of law'; but test for practice of law found in case law. [https://www.flcourts.org/content/download/218046/file/Summary-UPL-Cases.pdf summary found here]<br /> <br /> ==Vesting==<br /> *Tenancy in Commons is created with several persons unless: <br /> **acquired in a partnership for partnership purposes, <br /> **unless declared joint interest, or<br /> **unless acquired as community property. See. [https://law.justia.com/codes/idaho/2019/title-55/chapter-1/section-55-104/ ID Code § 55-104]<br /> *The timing of a judgement lien attaching to a property depends on the type of judgement entered. Generally, a judgement may attach from the Date of filing of the lis pendens or the Date and time of recording the judgement with the county clerk and recorder. <br /> **The duration of a judgement lien from a judgement other than for child support continues five (5) years from the date of judgment unless previously satisfied or stayed by an appeal.<br /> ***A lien rising from the delinquency of a payment due under a recorded judgment for child support after July 1, 1995, continues 23 years from the date of judgment unless the judgment was previously satisfied or stayed upon an appeal. However, child support liens will not continue for more than 5 years after the child reaches the age of majority or the child's death whichever first. If more than one child, no more than 5 years after the age of majority or death of the youngest or last remaining child.<br /> <br /> ==Property Tax ==<br /> * Property taxes shall be due in full on or before December 20 of the year in which the property taxes are levied. The property taxes may be paid in full or two halves, the first on or before December 20 with a grace period to June 20 for the second half if the first half is totally paid. [https://law.justia.com/codes/idaho/2019/title-63/chapter-9/section-63-903/ ID Code § 63-903].<br /> <br /> ==Tax Exemptions==<br /> ====Hospitals====<br /> If real property, not currently exempt from taxation, is being prepared for use as a hospital, the value of the bare land only shall be taxed while the property is being prepared for use as a hospital. If, as of the property tax assessment date, construction has not been abandoned, all improvements to and construction on the real property, while it is being prepared for use as a hospital, shall be exempt from taxation. Upon completion of construction and obtaining a certificate of occupancy, the entire real property shall be exempt from taxation subject to requirements in the statute.<br /> <br /> In no event shall improvements to property that is being prepared for use as a hospital qualify for an exemption from property tax for more than three (3) consecutive tax years [https://legislature.idaho.gov/statutesrules/idstat/Title63/T63CH6/SECT63-602D/ Id. Code 63-602D(3)].<br /> <br /> ==Mortgage/Transfer Tax==<br /> *No Mortgage/transfer tax in Idaho.<br /> <br /> ==Spousal Joinder Requirements/Homestead==<br /> * Idaho is a community property state. A non-title spouse must join in the execution of deeds/security instruments on all community property. Custom is to have a non-title spouse to join in deed execution or separately convey his/her interest.<br /> *Idaho requires the homestead of a married couple be encumbered by both spouses executing the deed of trust or mortgage, even if fee title is vested in only one spouse. [https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1007/ ID Code § 55-1007].<br /> <br /> ====Abandoned Homestead====<br /> <br /> :A homestead is presumed abandoned if the owner vacates the property for a continuous period of at least six (6) months. However, if an owner is going to be absent from the homestead for more than six (6) months but does not intend to abandon the homestead, and has no other principal residence, the owner may execute and acknowledge, in the same manner as a grant of real property is acknowledged, a declaration of nonabandonment of homestead and file the declaration for record in the office of the recorder of the county in which the property is situated.<br /> <br /> :[https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1006/ Id. Code 55-1006].<br /> <br /> ==Power Of Attorney==<br /> *Adopted a Statutory Form Power of Attorney. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-3/section-15-12-301/ ID Code § 15-12-301].<br /> <br /> ==Construction Liens==<br /> ====Overview====<br /> Construction liens in Idaho are also referred to as &quot;Mechanics'&quot; and &quot;Materialmen's&quot; liens throughout the Idaho Statutes.<br /> ====Sources====<br /> <br /> [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/ ID Code §§ 45-501 ''et seq.'']<br /> <br /> ====Authorized Claimants====<br /> <br /> For the purposes of construction of any improvement upon real property at the instance of the property owner or construction agent of the owner, the following people may file a construction lien:<br /> <br /> * Any person performing labor related to the construction;<br /> * Any person providing supplies or materials to be used in the construction;<br /> * Any person renting, leasing, or otherwise supplying of equipment for the construction; or<br /> * Any professional engineer or licensed surveyor who establishes or marks the boundaries of, prepares maps, plans, or specifications for, or inspects, tests, or otherwise performs any other architectural or engineering services for the improvement of real property.<br /> <br /> <br /> [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-501/ ID Code § 45-501]<br /> <br /> ====Lien Priority====<br /> <br /> A perfected claim of lien shall be prior to any lien, mortgage, deed of trust, or other encumbrance which attached to the land after or was unrecorded at the time of commencement of labor, professional services or the furnishing of materials or equipment.<br /> <br /> [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-506/ ID Code § 45-506]<br /> <br /> ====Notices and Registries====<br /> <br /> Idaho statutes do not require notice of a lien other than the recording and service of the lien claim itself.<br /> <br /> ====Perfecting a Lien====<br /> <br /> A construction lien shall be perfected not later than ninety (90) days after the completion of the labor or services, or furnishing of materials.<br /> <br /> To perfect a construction lien, a claim must be filed with the recording officer of the county in which the real property is located.<br /> <br /> The claim must contain:<br /> * A statement of demand;<br /> * The name of the owner, if known;<br /> * The name of the person by whom he/she was employed or to whom he/she furnished materials; and<br /> * A description of the property, sufficient for identification.<br /> <br /> <br /> The claim must also include a verified oath by the claimant, or someone authorized to act on their behalf, to the truth and accuracy of the claim.<br /> <br /> A copy of the claim shall be served on the owner no later than five (5) business days following the filing of the claim of lien.<br /> <br /> [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-507/ ID Code § 45-507]<br /> <br /> ====Enforcement Deadlines====<br /> <br /> A construction lien encumbers real property for six (6) months after the claim of lien has been recorded with the county, unless a lawsuit is filed to enforce the lien within that time frame.<br /> <br /> If the claim of lien lists a payment on account or extension of credit given with an expiration date, the lien will then encumber the subject real property for six (6) months after the date of such payment or expiration of the extension.<br /> <br /> A final judgment on a lien will expire ten (10) years from the date the judgment becomes final.<br /> <br /> [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-510/ ID Code § 45-510]<br /> <br /> ====Releases====<br /> <br /> 1. Bond<br /> <br /> A property owner may remove a perfected construction lien from the subject property by obtaining a surety bond. The bond must be 1.5 times the lien claim amount. [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-519/ ID Code § 45-519]<br /> <br /> The debtor must file a petition with the district court where the property is located in order to release the lien via the bond. A hearing on the petition will be held at least five (5) days but not more than ten (10) days after the entry of the order granting the hearing. Service on the claimant at least two (2) days prior to the hearing is required. [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-520/ ID Code § 45-520]<br /> <br /> Given the bond meets the statutory requirements, the court will enter an order releasing the construction lien. Upon entry of the order, the lien is released of record in its entirety and the real property is released from the encumbrances of the lien. There is no appeal from this order. [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-521/ ID Code § 45-521]<br /> <br /> 2. Release<br /> <br /> A release of a construction lien may also be recorded with the county. It must reference the original construction lien recording document information and property that is subject to the lien. It must state the lien is paid in full and that the construction lien is released. It must also be signed by the original lien claimant.<br /> <br /> ==Foreclosure Review==<br /> *Idaho provides for a non-judicial foreclosure of a Trust Deed (aka Deed of Trust) with no right of redemption after the Sale on the courthouse steps. [[Statutes. https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH15/|ID Code §45-15]]<br /> *Judicial Foreclosure is also available and Redemption Rights are preserved, as is ability to obtain deficiency judgment. [https://legislature.idaho.gov/statutesrules/idstat/Title6/T6CH1/ ID Code § 6-1.]<br /> <br /> ==Instrument Requirements ==<br /> *None.<br /> <br /> ==Who May Serve As Trustee On Deed Of Trust==<br /> * Per [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1504/ ID Code §45-1504], trustee of a trust deed can be a licensed title insurance agent or company authorized under ID law as well as a member of the Idaho state bar, trust institution, or bank association.<br /> *Deeds of trust are limited to properties (1) located within an incorporated city or village, (2) on property not exceeding 80 acres, regardless of its location if that the property is not principally used for the agricultural production of crops, livestock, diary or aquatic goods, or (3) on property not exceeding 40 acres regardless of its location or its use. [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1502/ ID Code § 45-1502(5).]<br /> <br /> ==Time Limitations==<br /> <br /> * US Judgment Liens -- 20 years, renewable for 20 years<br /> * State Court Judgment Liens -- 10 years from recording-may be renewed. [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code § 10-1110] <br /> * Federal Tax Liens -- 10 years (+30 days); can be refiled<br /> * State Tax Liens -- 5 years (may be continued) [https://law.justia.com/codes/idaho/2019/title-45/chapter-19/section-45-1906/ ID Code § 45-1906]<br /> * Estate Tax Lien -- Federal 10 years<br /> * State Inheritance Tax Liens -- <br /> * Mechanics Liens -- Lien must be filed w/i 90 days following completion of improvements-lien good for 6 months unless enforcement proceedings commenced [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-507/ ID Code § 45-507] [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-510/ ID Code § 45-510]<br /> * Financing Statements -- 5 years [https://law.justia.com/codes/idaho/2019/title-28/chapter-9/part-5/section-28-9-515/ ID Code § 28-9-515]<br /> * Mortgages -- 5 years from maturity date [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-214a/ ID Code § 5-214A]<br /> * HOA Liens -- 1 year (can be extended 1 additional year) [https://law.justia.com/codes/idaho/2019/title-45/chapter-8/section-45-810/ ID Code § 45-810]<br /> * Condominium assessments -- <br /> * Child Support Liens -- See (a) below<br /> * Irrigation Liens<br /> * Property Tax Liens<br /> * Adverse Possession -- <br /> **3 years [https://law.justia.com/codes/idaho/2019/title-43/chapter-22/section-43-2205/ ID Code § 43-2205]<br /> **Continues until Paid [https://law.justia.com/codes/idaho/2019/title-63/chapter-2/section-63-206/ ID Code § 63-206]<br /> **20 years continuous use [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-210/ ID Code § 5-210]<br /> <br /> ==Odd Stuff==<br /> * Child Support Liens - Filed in Boise at the State level – have to search Boise State Records. No lien shall continue more than 5 years after date of majority or death of child. Valid reason NOT to show: Decree (Clerk will not certify) from the Clerk of the Court showing paid. Child Support payments are collected by the Clerk of the Court. If more than one child, lien continues until date of majority of youngest child. See &quot;Vesting&quot; above.<br /> * Determination of Insurability: Prohibited Risks – Rebates<br /> *[https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708(4)] – Forwarding Fees – No person forwarding or directing title insurance business to a title insurer or title insurance agent in Idaho, nor such insurer or agent receiving such business, shall give or receive anything of value, or a portion of the premium, therefor. <br /> *Minerals: Should include a mineral exception as a standard exception.<br /> * The Idaho Rate Manual establishes a charge for the cancellation of a commitment at 20% of the basic schedule of charges if cancelled prior to closing and at 80% of the basic schedule of charges if cancelled after closing.<br /> * A title insurer or agent may reconvey a deed of trust if the obligation secured by the deed of trust has been fully paid by the title insurer or agent or if the title insurer or agent has satisfactory evidence of the full payment of the obligation secured by the deed of trust. See [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1202/ ID Code § 45-1202]. Process requires notice of intent to release or reconvey with copy of reconveyance. Idaho Stat. 45-1203. 60 day objection period after mailing. [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1204/ ID Code § 45-1204.] <br /> *Usury coverage is not available in Idaho.<br /> <br /> ==Probate==<br /> * Idaho does not have a separate estate tax or inheritance or gift tax.<br /> *Intestate succession <br /> **Spousal rule: if no surviving issue or parent, spouse gets entire estate. If no surviving issue but a parent, spouse gets 1/2 of the estate. If surviving issue, spouse gets 1/2 of the estate. But if community property, 1/2 of community property belonging to the decedent passes to the surviving spouse. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-102/ ID Code § 15-2-102].<br /> **Requirement that the heir survive the decedent by 120 hours. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-104/ ID Code §15-2-104].<br /> <br /> ==Abstracters==<br /> ====Overview====<br /> *When one purchases real property, it is paramount that the seller has a legal right to sell the property, that no other person or entity has a legal right to the property and that the boundaries of the property to be sold are mutually agreeable to the parties to the transaction. An abstracter researches the property and reports on his/her findings to all parties to the transaction.<br /> *A title abstracter is another name for a title examiner.<br /> *[https://legislature.search.idaho.gov/isysquery/aee80ca8-58c0-47b6-8571-84a9094924c0/1/doc/ Id. Code 54-101 ''et. seq.'']<br /> <br /> ====Research====<br /> *As stated above, an abstracter will research a parcel of property that one party wants to sell to another. The research will involve searching the chain of title going back in time to make sure the current seller has the legal right to sell the property and that there are no other people or entities that have an interest in the property. This search will also entail comparing legal descriptions to make sure the property being sold has the correct description.<br /> <br /> *An abstracter will research whether there are any encumbrances against the property. They look for judgments, conditions, restrictions, mortgages or trust deeds, and any other liens against the property. They also look for any easements affecting the property.<br /> <br /> *An abstracter may also work with a local surveyor and tax assessor to verify that the parcel of real property described in the documents is correct.<br /> <br /> ====Knowledge====<br /> <br /> *Abstracters need to pay attention to detail, have strong organizational skills, the ability to explain their findings and a basic understanding of real estate law. They may be called upon to explain their findings to realtors, lenders, buyers, sellers, contractors and attorneys. They may also need to work with surveyors and other parties to assist in resolving disputes.<br /> <br /> ====Reports====<br /> <br /> *Abstracters prepare a title report that includes the current vesting, the property's legal description, any liens or judgments and any other issues of concern.<br /> <br /> ====Certified Abstracters====<br /> <br /> *In Idaho, if one is to act as an independent abstracter, a bond of $10,000 is required. Once the bond is paid, a Certificate is issued. The bond and certificate are valid for five (5) years. [https://legislature.search.idaho.gov/isysquery/aee80ca8-58c0-47b6-8571-84a9094924c0/1/doc/ Id. Code 54-101, ''et. seq.'']<br /> <br /> *Title examiners also have the option to obtain licensure by the National Association of Land Title Examiners and Abstractors [http://www.naltea.org/ (NALTEA)].<br /> <br /> ==Editing closing and escrow==<br /> *[https://legislature.idaho.gov/statutesrules/idstat/Title30/T30CH9/ Idaho Escrow Act]<br /> <br /> ==Property Tax ==<br /> Taxes for the first and second half of the year are due on November 20. Taxes for the first half year are delinquent if not paid by December 20. Taxes for the second half of the year remain due until paid and are delinquent if not paid by June 20 of the following year.<br /> <br /> ==Closing Protection letters==<br /> ====CPL Form====<br /> * Latest CPL Form Filing Date: 03-02-2016<br /> * Filing Requirements: Add State Contact Info<br /> * Current From: 3172900<br /> * ALTA Version: 2015<br /> <br /> ====Dual Agent CPLs====<br /> ===Rates===<br /> <br /> ====State Mandated Rates====<br /> * Buyer: <br /> * Seller: <br /> * Lender: <br /> * Borrower: <br /> <br /> ====WFG Rates====<br /> * Buyer: $25.00 <br /> * Seller: N/A<br /> * Lender: $25.00 <br /> * Borrower: $25.00 <br /> ====Remittances====<br /> <br /> ====Notes====<br /> * Notes: I.C. 41-2714, Rate &amp; form filing required, no filing found in WFGunderwriting<br /> * Rate Checked: 05-06-2016<br /> * By: ABF<br /> * Manual Date: PROBLEM<br /> <br /> ==Witness Requirements==<br /> A witness is not required on a deed or security instrument. document must be properly acknowledged for recording. [https://law.justia.com/codes/idaho/2019/title-55/chapter-8/section-55-805/ ID Code § 55-805].<br /> <br /> [https://uww.wfgnationaltitle.com/images/7/7a/Idaho_Recorder%27s_Manual.pdf Idaho Recorder's Manual]<br /> <br /> ==Escheat==<br /> ====Overview====<br /> <br /> ====Sources====<br /> [https://law.justia.com/codes/idaho/2019/title-14/chapter-5/ ID Code § 14-501] et seq. Unclaimed Property Law.<br /> <br /> ====Recipient Office====<br /> State Treasurer<br /> ====Reporting====<br /> * Time Period: 5<br /> * Due Diligence Amount: 50.01<br /> * Due Diligence Dates: Not more than 120 day prior to report<br /> * Aggregate Amount: Not Permitted<br /> * Report Period: 7/1-6/30<br /> * Report Due Date: 11/1<br /> * Negative Reporting: Yes, effective 2016.<br /> <br /> ====Dormancy Fee====<br /> Only for safe deposit boxes or other safekeeping repository.<br /> ====Web Site====<br /> http://www.sto.idaho.gov/unclaimedproperty/<br /> <br /> ==Good Funds== <br /> ====Wet or Dry Settlement====<br /> Dry<br /> ====Definition====<br /> Escrow officers may only place &quot;collected funds&quot; in their trust account. &quot;Collected Funds&quot; means: <br /> (a) cash (currency); <br /> (b) wired funds when unconditionally received by the escrow agent; <br /> (c) when identified as such: (1) cashier's check; (2) certified check; or (3) teller?s check (official check) when any of the above are unconditionally received by the escrow agent; <br /> (d) U.S. Treasury checks, postal money orders, federal reserve bank checks, federal home loan bank checks, State of Idaho and local government checks, local or Idaho on-us checks (meaning checks drawn against the same federally insured financial institution or branch as the title agent's own depository), or local third party checks on the next business day after deposit; <br /> (e) local personal or corporate checks on the second business day after deposit; and <br /> (f) non-local State and government checks, non-local on-us checks, non-local personal or corporate checks or non-local third party checks on the fifth business day after deposit. For purposes of this section a deposit is considered made on (1) the same day the item is delivered in person to an employee of a federally insured financial institution, or (2) the first business day following an after business hours deposit of an item to a federally insured financial institution. [https://adminrules.idaho.gov/rules/2011/18/0125.pdf ID Admin. Code 18.01.25.011.010(a)(ii).]<br /> <br /> ====Requirements====<br /> Notwithstanding any agreement to the contrary, no disbursement of funds or delivery of documents from an escrow for recording or otherwise may be made unless the escrow contains a credit balance consisting of collected funds, other than funds of the escrow agent or its affiliates, sufficient to discharge all monetary conditions of the escrow. The requirement of collected funds does not apply to collection or long term escrow. [https://adminrules.idaho.gov/rules/2011/18/0125.pdf ID Admin. Code 18.01.25.011.010(b)(i).]<br /> <br /> ==Purchase Money Deeds of Trust==<br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112] – Priority of Purchase Money Mortgage – Mortgage given for the price of real property at time of conveyance has priority over all other liens against the purchaser.<br /> <br /> <br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112]<br /> Mortgage: The written agreement pledging property to a creditor as collateral for a loan.<br /> Property: includes both real and personal property. See [https://law.justia.com/codes/idaho/2019/title-73/chapter-1/section-73-114/ ID Code § 73-114]<br /> Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.<br /> A mortgage given for the price of real property, at the time of its conveyance, has priority over all other liens created against the purchaser, subject to the operation of the recording laws.</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=ID_Underwriting_Summary&diff=5944 2021-05-26T22:18:24Z

<p>Craigtrummel: /* Probate */</p> <hr /> <div>==Search/Exam==<br /> * Minimum Search Requirements -- No act; search and examination of the title and a determination of insurability of title in accordance with sound title underwriting principles. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708.]. DOI – 60 years or as necessary<br /> * Plant or other search restrictions -- Plant required for every county [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code 41-2708]<br /> *Plant owner must counter-sign each policy. No countersignature required for direct issuance, IF insurer owners plant in that county – or for a county where no plant exists. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2702/ ID Code § 41-2702.]<br /> * Additional Requirements for REO Searches -- No<br /> * Foreclosure Checklist -- No<br /> * Special Searches Required (Code, HOA, Utilities)? -- <br /> ** See Child Support Judgment.<br /> ** HOA’s – yes<br /> ** Irrigation - yes<br /> * Survey Requirements --<br /> <br /> ==UPL==<br /> * No state definition of 'practice of law' or 'unauthorized practice of law'; but test for practice of law found in case law. [https://www.flcourts.org/content/download/218046/file/Summary-UPL-Cases.pdf summary found here]<br /> <br /> ==Vesting==<br /> *Tenancy in Commons is created with several persons unless: <br /> **acquired in a partnership for partnership purposes, <br /> **unless declared joint interest, or<br /> **unless acquired as community property. See. [https://law.justia.com/codes/idaho/2019/title-55/chapter-1/section-55-104/ ID Code § 55-104]<br /> *The timing of a judgement lien attaching to a property depends on the type of judgement entered. Generally, a judgement may attach from the Date of filing of the lis pendens or the Date and time of recording the judgement with the county clerk and recorder. <br /> **The duration of a judgement lien from a judgement other than for child support continues five (5) years from the date of judgment unless previously satisfied or stayed by an appeal.<br /> ***A lien rising from the delinquency of a payment due under a recorded judgment for child support after July 1, 1995, continues 23 years from the date of judgment unless the judgment was previously satisfied or stayed upon an appeal. However, child support liens will not continue for more than 5 years after the child reaches the age of majority or the child's death whichever first. If more than one child, no more than 5 years after the age of majority or death of the youngest or last remaining child.<br /> <br /> ==Property Tax ==<br /> * Property taxes shall be due in full on or before December 20 of the year in which the property taxes are levied. The property taxes may be paid in full or two halves, the first on or before December 20 with a grace period to June 20 for the second half if the first half is totally paid. [https://law.justia.com/codes/idaho/2019/title-63/chapter-9/section-63-903/ ID Code § 63-903].<br /> <br /> ==Tax Exemptions==<br /> ====Hospitals====<br /> If real property, not currently exempt from taxation, is being prepared for use as a hospital, the value of the bare land only shall be taxed while the property is being prepared for use as a hospital. If, as of the property tax assessment date, construction has not been abandoned, all improvements to and construction on the real property, while it is being prepared for use as a hospital, shall be exempt from taxation. Upon completion of construction and obtaining a certificate of occupancy, the entire real property shall be exempt from taxation subject to requirements in the statute.<br /> <br /> In no event shall improvements to property that is being prepared for use as a hospital qualify for an exemption from property tax for more than three (3) consecutive tax years [https://legislature.idaho.gov/statutesrules/idstat/Title63/T63CH6/SECT63-602D/ Id. Code 63-602D(3)].<br /> <br /> ==Mortgage/Transfer Tax==<br /> *No Mortgage/transfer tax in Idaho.<br /> <br /> ==Spousal Joinder Requirements/Homestead==<br /> * Idaho is a community property state. A non-title spouse must join in the execution of deeds/security instruments on all community property. Custom is to have a non-title spouse to join in deed execution or separately convey his/her interest.<br /> *Idaho requires the homestead of a married couple be encumbered by both spouses executing the deed of trust or mortgage, even if fee title is vested in only one spouse. [https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1007/ ID Code § 55-1007].<br /> <br /> ==Power Of Attorney==<br /> *Adopted a Statutory Form Power of Attorney. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-3/section-15-12-301/ ID Code § 15-12-301].<br /> <br /> ==Construction Liens==<br /> ====Overview====<br /> Construction liens in Idaho are also referred to as &quot;Mechanics'&quot; and &quot;Materialmen's&quot; liens throughout the Idaho Statutes.<br /> ====Sources====<br /> <br /> [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/ ID Code §§ 45-501 ''et seq.'']<br /> <br /> ====Authorized Claimants====<br /> <br /> For the purposes of construction of any improvement upon real property at the instance of the property owner or construction agent of the owner, the following people may file a construction lien:<br /> <br /> * Any person performing labor related to the construction;<br /> * Any person providing supplies or materials to be used in the construction;<br /> * Any person renting, leasing, or otherwise supplying of equipment for the construction; or<br /> * Any professional engineer or licensed surveyor who establishes or marks the boundaries of, prepares maps, plans, or specifications for, or inspects, tests, or otherwise performs any other architectural or engineering services for the improvement of real property.<br /> <br /> <br /> [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-501/ ID Code § 45-501]<br /> <br /> ====Lien Priority====<br /> <br /> A perfected claim of lien shall be prior to any lien, mortgage, deed of trust, or other encumbrance which attached to the land after or was unrecorded at the time of commencement of labor, professional services or the furnishing of materials or equipment.<br /> <br /> [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-506/ ID Code § 45-506]<br /> <br /> ====Notices and Registries====<br /> <br /> Idaho statutes do not require notice of a lien other than the recording and service of the lien claim itself.<br /> <br /> ====Perfecting a Lien====<br /> <br /> A construction lien shall be perfected not later than ninety (90) days after the completion of the labor or services, or furnishing of materials.<br /> <br /> To perfect a construction lien, a claim must be filed with the recording officer of the county in which the real property is located.<br /> <br /> The claim must contain:<br /> * A statement of demand;<br /> * The name of the owner, if known;<br /> * The name of the person by whom he/she was employed or to whom he/she furnished materials; and<br /> * A description of the property, sufficient for identification.<br /> <br /> <br /> The claim must also include a verified oath by the claimant, or someone authorized to act on their behalf, to the truth and accuracy of the claim.<br /> <br /> A copy of the claim shall be served on the owner no later than five (5) business days following the filing of the claim of lien.<br /> <br /> [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-507/ ID Code § 45-507]<br /> <br /> ====Enforcement Deadlines====<br /> <br /> A construction lien encumbers real property for six (6) months after the claim of lien has been recorded with the county, unless a lawsuit is filed to enforce the lien within that time frame.<br /> <br /> If the claim of lien lists a payment on account or extension of credit given with an expiration date, the lien will then encumber the subject real property for six (6) months after the date of such payment or expiration of the extension.<br /> <br /> A final judgment on a lien will expire ten (10) years from the date the judgment becomes final.<br /> <br /> [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-510/ ID Code § 45-510]<br /> <br /> ====Releases====<br /> <br /> 1. Bond<br /> <br /> A property owner may remove a perfected construction lien from the subject property by obtaining a surety bond. The bond must be 1.5 times the lien claim amount. [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-519/ ID Code § 45-519]<br /> <br /> The debtor must file a petition with the district court where the property is located in order to release the lien via the bond. A hearing on the petition will be held at least five (5) days but not more than ten (10) days after the entry of the order granting the hearing. Service on the claimant at least two (2) days prior to the hearing is required. [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-520/ ID Code § 45-520]<br /> <br /> Given the bond meets the statutory requirements, the court will enter an order releasing the construction lien. Upon entry of the order, the lien is released of record in its entirety and the real property is released from the encumbrances of the lien. There is no appeal from this order. [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-521/ ID Code § 45-521]<br /> <br /> 2. Release<br /> <br /> A release of a construction lien may also be recorded with the county. It must reference the original construction lien recording document information and property that is subject to the lien. It must state the lien is paid in full and that the construction lien is released. It must also be signed by the original lien claimant.<br /> <br /> ==Foreclosure Review==<br /> *Idaho provides for a non-judicial foreclosure of a Trust Deed (aka Deed of Trust) with no right of redemption after the Sale on the courthouse steps. [[Statutes. https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH15/|ID Code §45-15]]<br /> *Judicial Foreclosure is also available and Redemption Rights are preserved, as is ability to obtain deficiency judgment. [https://legislature.idaho.gov/statutesrules/idstat/Title6/T6CH1/ ID Code § 6-1.]<br /> <br /> ==Instrument Requirements ==<br /> *None.<br /> <br /> ==Who May Serve As Trustee On Deed Of Trust==<br /> * Per [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1504/ ID Code §45-1504], trustee of a trust deed can be a licensed title insurance agent or company authorized under ID law as well as a member of the Idaho state bar, trust institution, or bank association.<br /> *Deeds of trust are limited to properties (1) located within an incorporated city or village, (2) on property not exceeding 80 acres, regardless of its location if that the property is not principally used for the agricultural production of crops, livestock, diary or aquatic goods, or (3) on property not exceeding 40 acres regardless of its location or its use. [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1502/ ID Code § 45-1502(5).]<br /> <br /> ==Time Limitations==<br /> <br /> * US Judgment Liens -- 20 years, renewable for 20 years<br /> * State Court Judgment Liens -- 10 years from recording-may be renewed. [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code § 10-1110] <br /> * Federal Tax Liens -- 10 years (+30 days); can be refiled<br /> * State Tax Liens -- 5 years (may be continued) [https://law.justia.com/codes/idaho/2019/title-45/chapter-19/section-45-1906/ ID Code § 45-1906]<br /> * Estate Tax Lien -- Federal 10 years<br /> * State Inheritance Tax Liens -- <br /> * Mechanics Liens -- Lien must be filed w/i 90 days following completion of improvements-lien good for 6 months unless enforcement proceedings commenced [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-507/ ID Code § 45-507] [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-510/ ID Code § 45-510]<br /> * Financing Statements -- 5 years [https://law.justia.com/codes/idaho/2019/title-28/chapter-9/part-5/section-28-9-515/ ID Code § 28-9-515]<br /> * Mortgages -- 5 years from maturity date [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-214a/ ID Code § 5-214A]<br /> * HOA Liens -- 1 year (can be extended 1 additional year) [https://law.justia.com/codes/idaho/2019/title-45/chapter-8/section-45-810/ ID Code § 45-810]<br /> * Condominium assessments -- <br /> * Child Support Liens -- See (a) below<br /> * Irrigation Liens<br /> * Property Tax Liens<br /> * Adverse Possession -- <br /> **3 years [https://law.justia.com/codes/idaho/2019/title-43/chapter-22/section-43-2205/ ID Code § 43-2205]<br /> **Continues until Paid [https://law.justia.com/codes/idaho/2019/title-63/chapter-2/section-63-206/ ID Code § 63-206]<br /> **20 years continuous use [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-210/ ID Code § 5-210]<br /> <br /> ==Odd Stuff==<br /> * Child Support Liens - Filed in Boise at the State level – have to search Boise State Records. No lien shall continue more than 5 years after date of majority or death of child. Valid reason NOT to show: Decree (Clerk will not certify) from the Clerk of the Court showing paid. Child Support payments are collected by the Clerk of the Court. If more than one child, lien continues until date of majority of youngest child. See &quot;Vesting&quot; above.<br /> * Determination of Insurability: Prohibited Risks – Rebates<br /> *[https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708(4)] – Forwarding Fees – No person forwarding or directing title insurance business to a title insurer or title insurance agent in Idaho, nor such insurer or agent receiving such business, shall give or receive anything of value, or a portion of the premium, therefor. <br /> *Minerals: Should include a mineral exception as a standard exception.<br /> * The Idaho Rate Manual establishes a charge for the cancellation of a commitment at 20% of the basic schedule of charges if cancelled prior to closing and at 80% of the basic schedule of charges if cancelled after closing.<br /> * A title insurer or agent may reconvey a deed of trust if the obligation secured by the deed of trust has been fully paid by the title insurer or agent or if the title insurer or agent has satisfactory evidence of the full payment of the obligation secured by the deed of trust. See [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1202/ ID Code § 45-1202]. Process requires notice of intent to release or reconvey with copy of reconveyance. Idaho Stat. 45-1203. 60 day objection period after mailing. [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1204/ ID Code § 45-1204.] <br /> *Usury coverage is not available in Idaho.<br /> <br /> ==Probate==<br /> * Idaho does not have a separate estate tax or inheritance or gift tax.<br /> *Intestate succession <br /> **Spousal rule: if no surviving issue or parent, spouse gets entire estate. If no surviving issue but a parent, spouse gets 1/2 of the estate. If surviving issue, spouse gets 1/2 of the estate. But if community property, 1/2 of community property belonging to the decedent passes to the surviving spouse. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-102/ ID Code § 15-2-102].<br /> **Requirement that the heir survive the decedent by 120 hours. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-104/ ID Code §15-2-104].<br /> <br /> ==Abstracters==<br /> ====Overview====<br /> *When one purchases real property, it is paramount that the seller has a legal right to sell the property, that no other person or entity has a legal right to the property and that the boundaries of the property to be sold are mutually agreeable to the parties to the transaction. An abstracter researches the property and reports on his/her findings to all parties to the transaction.<br /> *A title abstracter is another name for a title examiner.<br /> *[https://legislature.search.idaho.gov/isysquery/aee80ca8-58c0-47b6-8571-84a9094924c0/1/doc/ Id. Code 54-101 ''et. seq.'']<br /> <br /> ====Research====<br /> *As stated above, an abstracter will research a parcel of property that one party wants to sell to another. The research will involve searching the chain of title going back in time to make sure the current seller has the legal right to sell the property and that there are no other people or entities that have an interest in the property. This search will also entail comparing legal descriptions to make sure the property being sold has the correct description.<br /> <br /> *An abstracter will research whether there are any encumbrances against the property. They look for judgments, conditions, restrictions, mortgages or trust deeds, and any other liens against the property. They also look for any easements affecting the property.<br /> <br /> *An abstracter may also work with a local surveyor and tax assessor to verify that the parcel of real property described in the documents is correct.<br /> <br /> ====Knowledge====<br /> <br /> *Abstracters need to pay attention to detail, have strong organizational skills, the ability to explain their findings and a basic understanding of real estate law. They may be called upon to explain their findings to realtors, lenders, buyers, sellers, contractors and attorneys. They may also need to work with surveyors and other parties to assist in resolving disputes.<br /> <br /> ====Reports====<br /> <br /> *Abstracters prepare a title report that includes the current vesting, the property's legal description, any liens or judgments and any other issues of concern.<br /> <br /> ====Certified Abstracters====<br /> <br /> *In Idaho, if one is to act as an independent abstracter, a bond of $10,000 is required. Once the bond is paid, a Certificate is issued. The bond and certificate are valid for five (5) years. [https://legislature.search.idaho.gov/isysquery/aee80ca8-58c0-47b6-8571-84a9094924c0/1/doc/ Id. Code 54-101, ''et. seq.'']<br /> <br /> *Title examiners also have the option to obtain licensure by the National Association of Land Title Examiners and Abstractors [http://www.naltea.org/ (NALTEA)].<br /> <br /> ==Editing closing and escrow==<br /> *[https://legislature.idaho.gov/statutesrules/idstat/Title30/T30CH9/ Idaho Escrow Act]<br /> <br /> ==Property Tax ==<br /> Taxes for the first and second half of the year are due on November 20. Taxes for the first half year are delinquent if not paid by December 20. Taxes for the second half of the year remain due until paid and are delinquent if not paid by June 20 of the following year.<br /> <br /> ==Closing Protection letters==<br /> ====CPL Form====<br /> * Latest CPL Form Filing Date: 03-02-2016<br /> * Filing Requirements: Add State Contact Info<br /> * Current From: 3172900<br /> * ALTA Version: 2015<br /> <br /> ====Dual Agent CPLs====<br /> ===Rates===<br /> <br /> ====State Mandated Rates====<br /> * Buyer: <br /> * Seller: <br /> * Lender: <br /> * Borrower: <br /> <br /> ====WFG Rates====<br /> * Buyer: $25.00 <br /> * Seller: N/A<br /> * Lender: $25.00 <br /> * Borrower: $25.00 <br /> ====Remittances====<br /> <br /> ====Notes====<br /> * Notes: I.C. 41-2714, Rate &amp; form filing required, no filing found in WFGunderwriting<br /> * Rate Checked: 05-06-2016<br /> * By: ABF<br /> * Manual Date: PROBLEM<br /> <br /> ==Witness Requirements==<br /> A witness is not required on a deed or security instrument. document must be properly acknowledged for recording. [https://law.justia.com/codes/idaho/2019/title-55/chapter-8/section-55-805/ ID Code § 55-805].<br /> <br /> [https://uww.wfgnationaltitle.com/images/7/7a/Idaho_Recorder%27s_Manual.pdf Idaho Recorder's Manual]<br /> <br /> ==Escheat==<br /> ====Overview====<br /> <br /> ====Sources====<br /> [https://law.justia.com/codes/idaho/2019/title-14/chapter-5/ ID Code § 14-501] et seq. Unclaimed Property Law.<br /> <br /> ====Recipient Office====<br /> State Treasurer<br /> ====Reporting====<br /> * Time Period: 5<br /> * Due Diligence Amount: 50.01<br /> * Due Diligence Dates: Not more than 120 day prior to report<br /> * Aggregate Amount: Not Permitted<br /> * Report Period: 7/1-6/30<br /> * Report Due Date: 11/1<br /> * Negative Reporting: Yes, effective 2016.<br /> <br /> ====Dormancy Fee====<br /> Only for safe deposit boxes or other safekeeping repository.<br /> ====Web Site====<br /> http://www.sto.idaho.gov/unclaimedproperty/<br /> <br /> ==Good Funds== <br /> ====Wet or Dry Settlement====<br /> Dry<br /> ====Definition====<br /> Escrow officers may only place &quot;collected funds&quot; in their trust account. &quot;Collected Funds&quot; means: <br /> (a) cash (currency); <br /> (b) wired funds when unconditionally received by the escrow agent; <br /> (c) when identified as such: (1) cashier's check; (2) certified check; or (3) teller?s check (official check) when any of the above are unconditionally received by the escrow agent; <br /> (d) U.S. Treasury checks, postal money orders, federal reserve bank checks, federal home loan bank checks, State of Idaho and local government checks, local or Idaho on-us checks (meaning checks drawn against the same federally insured financial institution or branch as the title agent's own depository), or local third party checks on the next business day after deposit; <br /> (e) local personal or corporate checks on the second business day after deposit; and <br /> (f) non-local State and government checks, non-local on-us checks, non-local personal or corporate checks or non-local third party checks on the fifth business day after deposit. For purposes of this section a deposit is considered made on (1) the same day the item is delivered in person to an employee of a federally insured financial institution, or (2) the first business day following an after business hours deposit of an item to a federally insured financial institution. [https://adminrules.idaho.gov/rules/2011/18/0125.pdf ID Admin. Code 18.01.25.011.010(a)(ii).]<br /> <br /> ====Requirements====<br /> Notwithstanding any agreement to the contrary, no disbursement of funds or delivery of documents from an escrow for recording or otherwise may be made unless the escrow contains a credit balance consisting of collected funds, other than funds of the escrow agent or its affiliates, sufficient to discharge all monetary conditions of the escrow. The requirement of collected funds does not apply to collection or long term escrow. [https://adminrules.idaho.gov/rules/2011/18/0125.pdf ID Admin. Code 18.01.25.011.010(b)(i).]<br /> <br /> ==Purchase Money Deeds of Trust==<br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112] – Priority of Purchase Money Mortgage – Mortgage given for the price of real property at time of conveyance has priority over all other liens against the purchaser.<br /> <br /> <br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112]<br /> Mortgage: The written agreement pledging property to a creditor as collateral for a loan.<br /> Property: includes both real and personal property. See [https://law.justia.com/codes/idaho/2019/title-73/chapter-1/section-73-114/ ID Code § 73-114]<br /> Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.<br /> A mortgage given for the price of real property, at the time of its conveyance, has priority over all other liens created against the purchaser, subject to the operation of the recording laws.</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=ID_Underwriting_Summary&diff=5943 2021-05-26T22:17:49Z

<p>Craigtrummel: /* Abandonment */ Homestead</p> <hr /> <div>==Search/Exam==<br /> * Minimum Search Requirements -- No act; search and examination of the title and a determination of insurability of title in accordance with sound title underwriting principles. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708.]. DOI – 60 years or as necessary<br /> * Plant or other search restrictions -- Plant required for every county [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code 41-2708]<br /> *Plant owner must counter-sign each policy. No countersignature required for direct issuance, IF insurer owners plant in that county – or for a county where no plant exists. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2702/ ID Code § 41-2702.]<br /> * Additional Requirements for REO Searches -- No<br /> * Foreclosure Checklist -- No<br /> * Special Searches Required (Code, HOA, Utilities)? -- <br /> ** See Child Support Judgment.<br /> ** HOA’s – yes<br /> ** Irrigation - yes<br /> * Survey Requirements --<br /> <br /> ==UPL==<br /> * No state definition of 'practice of law' or 'unauthorized practice of law'; but test for practice of law found in case law. [https://www.flcourts.org/content/download/218046/file/Summary-UPL-Cases.pdf summary found here]<br /> <br /> ==Vesting==<br /> *Tenancy in Commons is created with several persons unless: <br /> **acquired in a partnership for partnership purposes, <br /> **unless declared joint interest, or<br /> **unless acquired as community property. See. [https://law.justia.com/codes/idaho/2019/title-55/chapter-1/section-55-104/ ID Code § 55-104]<br /> *The timing of a judgement lien attaching to a property depends on the type of judgement entered. Generally, a judgement may attach from the Date of filing of the lis pendens or the Date and time of recording the judgement with the county clerk and recorder. <br /> **The duration of a judgement lien from a judgement other than for child support continues five (5) years from the date of judgment unless previously satisfied or stayed by an appeal.<br /> ***A lien rising from the delinquency of a payment due under a recorded judgment for child support after July 1, 1995, continues 23 years from the date of judgment unless the judgment was previously satisfied or stayed upon an appeal. However, child support liens will not continue for more than 5 years after the child reaches the age of majority or the child's death whichever first. If more than one child, no more than 5 years after the age of majority or death of the youngest or last remaining child.<br /> <br /> ==Property Tax ==<br /> * Property taxes shall be due in full on or before December 20 of the year in which the property taxes are levied. The property taxes may be paid in full or two halves, the first on or before December 20 with a grace period to June 20 for the second half if the first half is totally paid. [https://law.justia.com/codes/idaho/2019/title-63/chapter-9/section-63-903/ ID Code § 63-903].<br /> <br /> ==Tax Exemptions==<br /> ====Hospitals====<br /> If real property, not currently exempt from taxation, is being prepared for use as a hospital, the value of the bare land only shall be taxed while the property is being prepared for use as a hospital. If, as of the property tax assessment date, construction has not been abandoned, all improvements to and construction on the real property, while it is being prepared for use as a hospital, shall be exempt from taxation. Upon completion of construction and obtaining a certificate of occupancy, the entire real property shall be exempt from taxation subject to requirements in the statute.<br /> <br /> In no event shall improvements to property that is being prepared for use as a hospital qualify for an exemption from property tax for more than three (3) consecutive tax years [https://legislature.idaho.gov/statutesrules/idstat/Title63/T63CH6/SECT63-602D/ Id. Code 63-602D(3)].<br /> <br /> ==Mortgage/Transfer Tax==<br /> *No Mortgage/transfer tax in Idaho.<br /> <br /> ==Spousal Joinder Requirements/Homestead==<br /> * Idaho is a community property state. A non-title spouse must join in the execution of deeds/security instruments on all community property. Custom is to have a non-title spouse to join in deed execution or separately convey his/her interest.<br /> *Idaho requires the homestead of a married couple be encumbered by both spouses executing the deed of trust or mortgage, even if fee title is vested in only one spouse. [https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1007/ ID Code § 55-1007].<br /> <br /> ==Power Of Attorney==<br /> *Adopted a Statutory Form Power of Attorney. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-3/section-15-12-301/ ID Code § 15-12-301].<br /> <br /> ==Construction Liens==<br /> ====Overview====<br /> Construction liens in Idaho are also referred to as &quot;Mechanics'&quot; and &quot;Materialmen's&quot; liens throughout the Idaho Statutes.<br /> ====Sources====<br /> <br /> [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/ ID Code §§ 45-501 ''et seq.'']<br /> <br /> ====Authorized Claimants====<br /> <br /> For the purposes of construction of any improvement upon real property at the instance of the property owner or construction agent of the owner, the following people may file a construction lien:<br /> <br /> * Any person performing labor related to the construction;<br /> * Any person providing supplies or materials to be used in the construction;<br /> * Any person renting, leasing, or otherwise supplying of equipment for the construction; or<br /> * Any professional engineer or licensed surveyor who establishes or marks the boundaries of, prepares maps, plans, or specifications for, or inspects, tests, or otherwise performs any other architectural or engineering services for the improvement of real property.<br /> <br /> <br /> [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-501/ ID Code § 45-501]<br /> <br /> ====Lien Priority====<br /> <br /> A perfected claim of lien shall be prior to any lien, mortgage, deed of trust, or other encumbrance which attached to the land after or was unrecorded at the time of commencement of labor, professional services or the furnishing of materials or equipment.<br /> <br /> [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-506/ ID Code § 45-506]<br /> <br /> ====Notices and Registries====<br /> <br /> Idaho statutes do not require notice of a lien other than the recording and service of the lien claim itself.<br /> <br /> ====Perfecting a Lien====<br /> <br /> A construction lien shall be perfected not later than ninety (90) days after the completion of the labor or services, or furnishing of materials.<br /> <br /> To perfect a construction lien, a claim must be filed with the recording officer of the county in which the real property is located.<br /> <br /> The claim must contain:<br /> * A statement of demand;<br /> * The name of the owner, if known;<br /> * The name of the person by whom he/she was employed or to whom he/she furnished materials; and<br /> * A description of the property, sufficient for identification.<br /> <br /> <br /> The claim must also include a verified oath by the claimant, or someone authorized to act on their behalf, to the truth and accuracy of the claim.<br /> <br /> A copy of the claim shall be served on the owner no later than five (5) business days following the filing of the claim of lien.<br /> <br /> [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-507/ ID Code § 45-507]<br /> <br /> ====Enforcement Deadlines====<br /> <br /> A construction lien encumbers real property for six (6) months after the claim of lien has been recorded with the county, unless a lawsuit is filed to enforce the lien within that time frame.<br /> <br /> If the claim of lien lists a payment on account or extension of credit given with an expiration date, the lien will then encumber the subject real property for six (6) months after the date of such payment or expiration of the extension.<br /> <br /> A final judgment on a lien will expire ten (10) years from the date the judgment becomes final.<br /> <br /> [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-510/ ID Code § 45-510]<br /> <br /> ====Releases====<br /> <br /> 1. Bond<br /> <br /> A property owner may remove a perfected construction lien from the subject property by obtaining a surety bond. The bond must be 1.5 times the lien claim amount. [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-519/ ID Code § 45-519]<br /> <br /> The debtor must file a petition with the district court where the property is located in order to release the lien via the bond. A hearing on the petition will be held at least five (5) days but not more than ten (10) days after the entry of the order granting the hearing. Service on the claimant at least two (2) days prior to the hearing is required. [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-520/ ID Code § 45-520]<br /> <br /> Given the bond meets the statutory requirements, the court will enter an order releasing the construction lien. Upon entry of the order, the lien is released of record in its entirety and the real property is released from the encumbrances of the lien. There is no appeal from this order. [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-521/ ID Code § 45-521]<br /> <br /> 2. Release<br /> <br /> A release of a construction lien may also be recorded with the county. It must reference the original construction lien recording document information and property that is subject to the lien. It must state the lien is paid in full and that the construction lien is released. It must also be signed by the original lien claimant.<br /> <br /> ==Foreclosure Review==<br /> *Idaho provides for a non-judicial foreclosure of a Trust Deed (aka Deed of Trust) with no right of redemption after the Sale on the courthouse steps. [[Statutes. https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH15/|ID Code §45-15]]<br /> *Judicial Foreclosure is also available and Redemption Rights are preserved, as is ability to obtain deficiency judgment. [https://legislature.idaho.gov/statutesrules/idstat/Title6/T6CH1/ ID Code § 6-1.]<br /> <br /> ==Instrument Requirements ==<br /> *None.<br /> <br /> ==Who May Serve As Trustee On Deed Of Trust==<br /> * Per [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1504/ ID Code §45-1504], trustee of a trust deed can be a licensed title insurance agent or company authorized under ID law as well as a member of the Idaho state bar, trust institution, or bank association.<br /> *Deeds of trust are limited to properties (1) located within an incorporated city or village, (2) on property not exceeding 80 acres, regardless of its location if that the property is not principally used for the agricultural production of crops, livestock, diary or aquatic goods, or (3) on property not exceeding 40 acres regardless of its location or its use. [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1502/ ID Code § 45-1502(5).]<br /> <br /> ==Time Limitations==<br /> <br /> * US Judgment Liens -- 20 years, renewable for 20 years<br /> * State Court Judgment Liens -- 10 years from recording-may be renewed. [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code § 10-1110] <br /> * Federal Tax Liens -- 10 years (+30 days); can be refiled<br /> * State Tax Liens -- 5 years (may be continued) [https://law.justia.com/codes/idaho/2019/title-45/chapter-19/section-45-1906/ ID Code § 45-1906]<br /> * Estate Tax Lien -- Federal 10 years<br /> * State Inheritance Tax Liens -- <br /> * Mechanics Liens -- Lien must be filed w/i 90 days following completion of improvements-lien good for 6 months unless enforcement proceedings commenced [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-507/ ID Code § 45-507] [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-510/ ID Code § 45-510]<br /> * Financing Statements -- 5 years [https://law.justia.com/codes/idaho/2019/title-28/chapter-9/part-5/section-28-9-515/ ID Code § 28-9-515]<br /> * Mortgages -- 5 years from maturity date [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-214a/ ID Code § 5-214A]<br /> * HOA Liens -- 1 year (can be extended 1 additional year) [https://law.justia.com/codes/idaho/2019/title-45/chapter-8/section-45-810/ ID Code § 45-810]<br /> * Condominium assessments -- <br /> * Child Support Liens -- See (a) below<br /> * Irrigation Liens<br /> * Property Tax Liens<br /> * Adverse Possession -- <br /> **3 years [https://law.justia.com/codes/idaho/2019/title-43/chapter-22/section-43-2205/ ID Code § 43-2205]<br /> **Continues until Paid [https://law.justia.com/codes/idaho/2019/title-63/chapter-2/section-63-206/ ID Code § 63-206]<br /> **20 years continuous use [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-210/ ID Code § 5-210]<br /> <br /> ==Odd Stuff==<br /> * Child Support Liens - Filed in Boise at the State level – have to search Boise State Records. No lien shall continue more than 5 years after date of majority or death of child. Valid reason NOT to show: Decree (Clerk will not certify) from the Clerk of the Court showing paid. Child Support payments are collected by the Clerk of the Court. If more than one child, lien continues until date of majority of youngest child. See &quot;Vesting&quot; above.<br /> * Determination of Insurability: Prohibited Risks – Rebates<br /> *[https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708(4)] – Forwarding Fees – No person forwarding or directing title insurance business to a title insurer or title insurance agent in Idaho, nor such insurer or agent receiving such business, shall give or receive anything of value, or a portion of the premium, therefor. <br /> *Minerals: Should include a mineral exception as a standard exception.<br /> * The Idaho Rate Manual establishes a charge for the cancellation of a commitment at 20% of the basic schedule of charges if cancelled prior to closing and at 80% of the basic schedule of charges if cancelled after closing.<br /> * A title insurer or agent may reconvey a deed of trust if the obligation secured by the deed of trust has been fully paid by the title insurer or agent or if the title insurer or agent has satisfactory evidence of the full payment of the obligation secured by the deed of trust. See [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1202/ ID Code § 45-1202]. Process requires notice of intent to release or reconvey with copy of reconveyance. Idaho Stat. 45-1203. 60 day objection period after mailing. [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1204/ ID Code § 45-1204.] <br /> *Usury coverage is not available in Idaho.<br /> <br /> ==Probate==<br /> * Idaho does not have a separate estate tax or inheritance or gift tax.<br /> *Intestate succession <br /> **Spousal rule: if no surviving issue or parent, spouse gets entire estate. If no surviving issue but a parent, spouse gets 1/2 of the estate. If surviving issue, spouse gets 1/2 of the estate. But if community property, 1/2 of community property belonging to the decedent passes to the surviving spouse. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-102/ ID Code § 15-2-102].<br /> **Requirement that the heir survive the decedent by 120 hours. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-104/ ID Code §15-2-104].<br /> <br /> <br /> <br /> ====Abandoned Homestead====<br /> <br /> :A homestead is presumed abandoned if the owner vacates the property for a continuous period of at least six (6) months. However, if an owner is going to be absent from the homestead for more than six (6) months but does not intend to abandon the homestead, and has no other principal residence, the owner may execute and acknowledge, in the same manner as a grant of real property is acknowledged, a declaration of nonabandonment of homestead and file the declaration for record in the office of the recorder of the county in which the property is situated.<br /> <br /> :[https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1006/ Id. Code 55-1006].<br /> <br /> ==Abstracters==<br /> ====Overview====<br /> *When one purchases real property, it is paramount that the seller has a legal right to sell the property, that no other person or entity has a legal right to the property and that the boundaries of the property to be sold are mutually agreeable to the parties to the transaction. An abstracter researches the property and reports on his/her findings to all parties to the transaction.<br /> *A title abstracter is another name for a title examiner.<br /> *[https://legislature.search.idaho.gov/isysquery/aee80ca8-58c0-47b6-8571-84a9094924c0/1/doc/ Id. Code 54-101 ''et. seq.'']<br /> <br /> ====Research====<br /> *As stated above, an abstracter will research a parcel of property that one party wants to sell to another. The research will involve searching the chain of title going back in time to make sure the current seller has the legal right to sell the property and that there are no other people or entities that have an interest in the property. This search will also entail comparing legal descriptions to make sure the property being sold has the correct description.<br /> <br /> *An abstracter will research whether there are any encumbrances against the property. They look for judgments, conditions, restrictions, mortgages or trust deeds, and any other liens against the property. They also look for any easements affecting the property.<br /> <br /> *An abstracter may also work with a local surveyor and tax assessor to verify that the parcel of real property described in the documents is correct.<br /> <br /> ====Knowledge====<br /> <br /> *Abstracters need to pay attention to detail, have strong organizational skills, the ability to explain their findings and a basic understanding of real estate law. They may be called upon to explain their findings to realtors, lenders, buyers, sellers, contractors and attorneys. They may also need to work with surveyors and other parties to assist in resolving disputes.<br /> <br /> ====Reports====<br /> <br /> *Abstracters prepare a title report that includes the current vesting, the property's legal description, any liens or judgments and any other issues of concern.<br /> <br /> ====Certified Abstracters====<br /> <br /> *In Idaho, if one is to act as an independent abstracter, a bond of $10,000 is required. Once the bond is paid, a Certificate is issued. The bond and certificate are valid for five (5) years. [https://legislature.search.idaho.gov/isysquery/aee80ca8-58c0-47b6-8571-84a9094924c0/1/doc/ Id. Code 54-101, ''et. seq.'']<br /> <br /> *Title examiners also have the option to obtain licensure by the National Association of Land Title Examiners and Abstractors [http://www.naltea.org/ (NALTEA)].<br /> <br /> ==Editing closing and escrow==<br /> *[https://legislature.idaho.gov/statutesrules/idstat/Title30/T30CH9/ Idaho Escrow Act]<br /> <br /> ==Property Tax ==<br /> Taxes for the first and second half of the year are due on November 20. Taxes for the first half year are delinquent if not paid by December 20. Taxes for the second half of the year remain due until paid and are delinquent if not paid by June 20 of the following year.<br /> <br /> ==Closing Protection letters==<br /> ====CPL Form====<br /> * Latest CPL Form Filing Date: 03-02-2016<br /> * Filing Requirements: Add State Contact Info<br /> * Current From: 3172900<br /> * ALTA Version: 2015<br /> <br /> ====Dual Agent CPLs====<br /> ===Rates===<br /> <br /> ====State Mandated Rates====<br /> * Buyer: <br /> * Seller: <br /> * Lender: <br /> * Borrower: <br /> <br /> ====WFG Rates====<br /> * Buyer: $25.00 <br /> * Seller: N/A<br /> * Lender: $25.00 <br /> * Borrower: $25.00 <br /> ====Remittances====<br /> <br /> ====Notes====<br /> * Notes: I.C. 41-2714, Rate &amp; form filing required, no filing found in WFGunderwriting<br /> * Rate Checked: 05-06-2016<br /> * By: ABF<br /> * Manual Date: PROBLEM<br /> <br /> ==Witness Requirements==<br /> A witness is not required on a deed or security instrument. document must be properly acknowledged for recording. [https://law.justia.com/codes/idaho/2019/title-55/chapter-8/section-55-805/ ID Code § 55-805].<br /> <br /> [https://uww.wfgnationaltitle.com/images/7/7a/Idaho_Recorder%27s_Manual.pdf Idaho Recorder's Manual]<br /> <br /> ==Escheat==<br /> ====Overview====<br /> <br /> ====Sources====<br /> [https://law.justia.com/codes/idaho/2019/title-14/chapter-5/ ID Code § 14-501] et seq. Unclaimed Property Law.<br /> <br /> ====Recipient Office====<br /> State Treasurer<br /> ====Reporting====<br /> * Time Period: 5<br /> * Due Diligence Amount: 50.01<br /> * Due Diligence Dates: Not more than 120 day prior to report<br /> * Aggregate Amount: Not Permitted<br /> * Report Period: 7/1-6/30<br /> * Report Due Date: 11/1<br /> * Negative Reporting: Yes, effective 2016.<br /> <br /> ====Dormancy Fee====<br /> Only for safe deposit boxes or other safekeeping repository.<br /> ====Web Site====<br /> http://www.sto.idaho.gov/unclaimedproperty/<br /> <br /> ==Good Funds== <br /> ====Wet or Dry Settlement====<br /> Dry<br /> ====Definition====<br /> Escrow officers may only place &quot;collected funds&quot; in their trust account. &quot;Collected Funds&quot; means: <br /> (a) cash (currency); <br /> (b) wired funds when unconditionally received by the escrow agent; <br /> (c) when identified as such: (1) cashier's check; (2) certified check; or (3) teller?s check (official check) when any of the above are unconditionally received by the escrow agent; <br /> (d) U.S. Treasury checks, postal money orders, federal reserve bank checks, federal home loan bank checks, State of Idaho and local government checks, local or Idaho on-us checks (meaning checks drawn against the same federally insured financial institution or branch as the title agent's own depository), or local third party checks on the next business day after deposit; <br /> (e) local personal or corporate checks on the second business day after deposit; and <br /> (f) non-local State and government checks, non-local on-us checks, non-local personal or corporate checks or non-local third party checks on the fifth business day after deposit. For purposes of this section a deposit is considered made on (1) the same day the item is delivered in person to an employee of a federally insured financial institution, or (2) the first business day following an after business hours deposit of an item to a federally insured financial institution. [https://adminrules.idaho.gov/rules/2011/18/0125.pdf ID Admin. Code 18.01.25.011.010(a)(ii).]<br /> <br /> ====Requirements====<br /> Notwithstanding any agreement to the contrary, no disbursement of funds or delivery of documents from an escrow for recording or otherwise may be made unless the escrow contains a credit balance consisting of collected funds, other than funds of the escrow agent or its affiliates, sufficient to discharge all monetary conditions of the escrow. The requirement of collected funds does not apply to collection or long term escrow. [https://adminrules.idaho.gov/rules/2011/18/0125.pdf ID Admin. Code 18.01.25.011.010(b)(i).]<br /> <br /> ==Purchase Money Deeds of Trust==<br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112] – Priority of Purchase Money Mortgage – Mortgage given for the price of real property at time of conveyance has priority over all other liens against the purchaser.<br /> <br /> <br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112]<br /> Mortgage: The written agreement pledging property to a creditor as collateral for a loan.<br /> Property: includes both real and personal property. See [https://law.justia.com/codes/idaho/2019/title-73/chapter-1/section-73-114/ ID Code § 73-114]<br /> Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.<br /> A mortgage given for the price of real property, at the time of its conveyance, has priority over all other liens created against the purchaser, subject to the operation of the recording laws.</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=ID_Underwriting_Summary&diff=5942 2021-05-26T22:14:41Z

<p>Craigtrummel: </p> <hr /> <div>==Search/Exam==<br /> * Minimum Search Requirements -- No act; search and examination of the title and a determination of insurability of title in accordance with sound title underwriting principles. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708.]. DOI – 60 years or as necessary<br /> * Plant or other search restrictions -- Plant required for every county [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code 41-2708]<br /> *Plant owner must counter-sign each policy. No countersignature required for direct issuance, IF insurer owners plant in that county – or for a county where no plant exists. [https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2702/ ID Code § 41-2702.]<br /> * Additional Requirements for REO Searches -- No<br /> * Foreclosure Checklist -- No<br /> * Special Searches Required (Code, HOA, Utilities)? -- <br /> ** See Child Support Judgment.<br /> ** HOA’s – yes<br /> ** Irrigation - yes<br /> * Survey Requirements --<br /> <br /> ==UPL==<br /> * No state definition of 'practice of law' or 'unauthorized practice of law'; but test for practice of law found in case law. [https://www.flcourts.org/content/download/218046/file/Summary-UPL-Cases.pdf summary found here]<br /> <br /> ==Vesting==<br /> *Tenancy in Commons is created with several persons unless: <br /> **acquired in a partnership for partnership purposes, <br /> **unless declared joint interest, or<br /> **unless acquired as community property. See. [https://law.justia.com/codes/idaho/2019/title-55/chapter-1/section-55-104/ ID Code § 55-104]<br /> *The timing of a judgement lien attaching to a property depends on the type of judgement entered. Generally, a judgement may attach from the Date of filing of the lis pendens or the Date and time of recording the judgement with the county clerk and recorder. <br /> **The duration of a judgement lien from a judgement other than for child support continues five (5) years from the date of judgment unless previously satisfied or stayed by an appeal.<br /> ***A lien rising from the delinquency of a payment due under a recorded judgment for child support after July 1, 1995, continues 23 years from the date of judgment unless the judgment was previously satisfied or stayed upon an appeal. However, child support liens will not continue for more than 5 years after the child reaches the age of majority or the child's death whichever first. If more than one child, no more than 5 years after the age of majority or death of the youngest or last remaining child.<br /> <br /> ==Property Tax ==<br /> * Property taxes shall be due in full on or before December 20 of the year in which the property taxes are levied. The property taxes may be paid in full or two halves, the first on or before December 20 with a grace period to June 20 for the second half if the first half is totally paid. [https://law.justia.com/codes/idaho/2019/title-63/chapter-9/section-63-903/ ID Code § 63-903].<br /> <br /> ==Tax Exemptions==<br /> ====Hospitals====<br /> If real property, not currently exempt from taxation, is being prepared for use as a hospital, the value of the bare land only shall be taxed while the property is being prepared for use as a hospital. If, as of the property tax assessment date, construction has not been abandoned, all improvements to and construction on the real property, while it is being prepared for use as a hospital, shall be exempt from taxation. Upon completion of construction and obtaining a certificate of occupancy, the entire real property shall be exempt from taxation subject to requirements in the statute.<br /> <br /> In no event shall improvements to property that is being prepared for use as a hospital qualify for an exemption from property tax for more than three (3) consecutive tax years [https://legislature.idaho.gov/statutesrules/idstat/Title63/T63CH6/SECT63-602D/ Id. Code 63-602D(3)].<br /> <br /> ==Mortgage/Transfer Tax==<br /> *No Mortgage/transfer tax in Idaho.<br /> <br /> ==Spousal Joinder Requirements/Homestead==<br /> * Idaho is a community property state. A non-title spouse must join in the execution of deeds/security instruments on all community property. Custom is to have a non-title spouse to join in deed execution or separately convey his/her interest.<br /> *Idaho requires the homestead of a married couple be encumbered by both spouses executing the deed of trust or mortgage, even if fee title is vested in only one spouse. [https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1007/ ID Code § 55-1007].<br /> <br /> ==Power Of Attorney==<br /> *Adopted a Statutory Form Power of Attorney. [https://law.justia.com/codes/idaho/2019/title-15/chapter-12/part-3/section-15-12-301/ ID Code § 15-12-301].<br /> <br /> ==Construction Liens==<br /> ====Overview====<br /> Construction liens in Idaho are also referred to as &quot;Mechanics'&quot; and &quot;Materialmen's&quot; liens throughout the Idaho Statutes.<br /> ====Sources====<br /> <br /> [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/ ID Code §§ 45-501 ''et seq.'']<br /> <br /> ====Authorized Claimants====<br /> <br /> For the purposes of construction of any improvement upon real property at the instance of the property owner or construction agent of the owner, the following people may file a construction lien:<br /> <br /> * Any person performing labor related to the construction;<br /> * Any person providing supplies or materials to be used in the construction;<br /> * Any person renting, leasing, or otherwise supplying of equipment for the construction; or<br /> * Any professional engineer or licensed surveyor who establishes or marks the boundaries of, prepares maps, plans, or specifications for, or inspects, tests, or otherwise performs any other architectural or engineering services for the improvement of real property.<br /> <br /> <br /> [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-501/ ID Code § 45-501]<br /> <br /> ====Lien Priority====<br /> <br /> A perfected claim of lien shall be prior to any lien, mortgage, deed of trust, or other encumbrance which attached to the land after or was unrecorded at the time of commencement of labor, professional services or the furnishing of materials or equipment.<br /> <br /> [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-506/ ID Code § 45-506]<br /> <br /> ====Notices and Registries====<br /> <br /> Idaho statutes do not require notice of a lien other than the recording and service of the lien claim itself.<br /> <br /> ====Perfecting a Lien====<br /> <br /> A construction lien shall be perfected not later than ninety (90) days after the completion of the labor or services, or furnishing of materials.<br /> <br /> To perfect a construction lien, a claim must be filed with the recording officer of the county in which the real property is located.<br /> <br /> The claim must contain:<br /> * A statement of demand;<br /> * The name of the owner, if known;<br /> * The name of the person by whom he/she was employed or to whom he/she furnished materials; and<br /> * A description of the property, sufficient for identification.<br /> <br /> <br /> The claim must also include a verified oath by the claimant, or someone authorized to act on their behalf, to the truth and accuracy of the claim.<br /> <br /> A copy of the claim shall be served on the owner no later than five (5) business days following the filing of the claim of lien.<br /> <br /> [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-507/ ID Code § 45-507]<br /> <br /> ====Enforcement Deadlines====<br /> <br /> A construction lien encumbers real property for six (6) months after the claim of lien has been recorded with the county, unless a lawsuit is filed to enforce the lien within that time frame.<br /> <br /> If the claim of lien lists a payment on account or extension of credit given with an expiration date, the lien will then encumber the subject real property for six (6) months after the date of such payment or expiration of the extension.<br /> <br /> A final judgment on a lien will expire ten (10) years from the date the judgment becomes final.<br /> <br /> [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-510/ ID Code § 45-510]<br /> <br /> ====Releases====<br /> <br /> 1. Bond<br /> <br /> A property owner may remove a perfected construction lien from the subject property by obtaining a surety bond. The bond must be 1.5 times the lien claim amount. [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-519/ ID Code § 45-519]<br /> <br /> The debtor must file a petition with the district court where the property is located in order to release the lien via the bond. A hearing on the petition will be held at least five (5) days but not more than ten (10) days after the entry of the order granting the hearing. Service on the claimant at least two (2) days prior to the hearing is required. [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-520/ ID Code § 45-520]<br /> <br /> Given the bond meets the statutory requirements, the court will enter an order releasing the construction lien. Upon entry of the order, the lien is released of record in its entirety and the real property is released from the encumbrances of the lien. There is no appeal from this order. [https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH5/SECT45-521/ ID Code § 45-521]<br /> <br /> 2. Release<br /> <br /> A release of a construction lien may also be recorded with the county. It must reference the original construction lien recording document information and property that is subject to the lien. It must state the lien is paid in full and that the construction lien is released. It must also be signed by the original lien claimant.<br /> <br /> ==Foreclosure Review==<br /> *Idaho provides for a non-judicial foreclosure of a Trust Deed (aka Deed of Trust) with no right of redemption after the Sale on the courthouse steps. [[Statutes. https://legislature.idaho.gov/statutesrules/idstat/Title45/T45CH15/|ID Code §45-15]]<br /> *Judicial Foreclosure is also available and Redemption Rights are preserved, as is ability to obtain deficiency judgment. [https://legislature.idaho.gov/statutesrules/idstat/Title6/T6CH1/ ID Code § 6-1.]<br /> <br /> ==Instrument Requirements ==<br /> *None.<br /> <br /> ==Who May Serve As Trustee On Deed Of Trust==<br /> * Per [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1504/ ID Code §45-1504], trustee of a trust deed can be a licensed title insurance agent or company authorized under ID law as well as a member of the Idaho state bar, trust institution, or bank association.<br /> *Deeds of trust are limited to properties (1) located within an incorporated city or village, (2) on property not exceeding 80 acres, regardless of its location if that the property is not principally used for the agricultural production of crops, livestock, diary or aquatic goods, or (3) on property not exceeding 40 acres regardless of its location or its use. [https://law.justia.com/codes/idaho/2019/title-45/chapter-15/section-45-1502/ ID Code § 45-1502(5).]<br /> <br /> ==Time Limitations==<br /> <br /> * US Judgment Liens -- 20 years, renewable for 20 years<br /> * State Court Judgment Liens -- 10 years from recording-may be renewed. [https://law.justia.com/codes/idaho/2019/title-10/chapter-11/section-10-1110/ ID Code § 10-1110] <br /> * Federal Tax Liens -- 10 years (+30 days); can be refiled<br /> * State Tax Liens -- 5 years (may be continued) [https://law.justia.com/codes/idaho/2019/title-45/chapter-19/section-45-1906/ ID Code § 45-1906]<br /> * Estate Tax Lien -- Federal 10 years<br /> * State Inheritance Tax Liens -- <br /> * Mechanics Liens -- Lien must be filed w/i 90 days following completion of improvements-lien good for 6 months unless enforcement proceedings commenced [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-507/ ID Code § 45-507] [https://law.justia.com/codes/idaho/2019/title-45/chapter-5/section-45-510/ ID Code § 45-510]<br /> * Financing Statements -- 5 years [https://law.justia.com/codes/idaho/2019/title-28/chapter-9/part-5/section-28-9-515/ ID Code § 28-9-515]<br /> * Mortgages -- 5 years from maturity date [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-214a/ ID Code § 5-214A]<br /> * HOA Liens -- 1 year (can be extended 1 additional year) [https://law.justia.com/codes/idaho/2019/title-45/chapter-8/section-45-810/ ID Code § 45-810]<br /> * Condominium assessments -- <br /> * Child Support Liens -- See (a) below<br /> * Irrigation Liens<br /> * Property Tax Liens<br /> * Adverse Possession -- <br /> **3 years [https://law.justia.com/codes/idaho/2019/title-43/chapter-22/section-43-2205/ ID Code § 43-2205]<br /> **Continues until Paid [https://law.justia.com/codes/idaho/2019/title-63/chapter-2/section-63-206/ ID Code § 63-206]<br /> **20 years continuous use [https://law.justia.com/codes/idaho/2019/title-5/chapter-2/section-5-210/ ID Code § 5-210]<br /> <br /> ==Odd Stuff==<br /> * Child Support Liens - Filed in Boise at the State level – have to search Boise State Records. No lien shall continue more than 5 years after date of majority or death of child. Valid reason NOT to show: Decree (Clerk will not certify) from the Clerk of the Court showing paid. Child Support payments are collected by the Clerk of the Court. If more than one child, lien continues until date of majority of youngest child. See &quot;Vesting&quot; above.<br /> * Determination of Insurability: Prohibited Risks – Rebates<br /> *[https://law.justia.com/codes/idaho/2019/title-41/chapter-27/section-41-2708/ ID Code § 41-2708(4)] – Forwarding Fees – No person forwarding or directing title insurance business to a title insurer or title insurance agent in Idaho, nor such insurer or agent receiving such business, shall give or receive anything of value, or a portion of the premium, therefor. <br /> *Minerals: Should include a mineral exception as a standard exception.<br /> * The Idaho Rate Manual establishes a charge for the cancellation of a commitment at 20% of the basic schedule of charges if cancelled prior to closing and at 80% of the basic schedule of charges if cancelled after closing.<br /> * A title insurer or agent may reconvey a deed of trust if the obligation secured by the deed of trust has been fully paid by the title insurer or agent or if the title insurer or agent has satisfactory evidence of the full payment of the obligation secured by the deed of trust. See [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1202/ ID Code § 45-1202]. Process requires notice of intent to release or reconvey with copy of reconveyance. Idaho Stat. 45-1203. 60 day objection period after mailing. [https://law.justia.com/codes/idaho/2019/title-45/chapter-12/section-45-1204/ ID Code § 45-1204.] <br /> *Usury coverage is not available in Idaho.<br /> <br /> ==Probate==<br /> * Idaho does not have a separate estate tax or inheritance or gift tax.<br /> *Intestate succession <br /> **Spousal rule: if no surviving issue or parent, spouse gets entire estate. If no surviving issue but a parent, spouse gets 1/2 of the estate. If surviving issue, spouse gets 1/2 of the estate. But if community property, 1/2 of community property belonging to the decedent passes to the surviving spouse. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-102/ ID Code § 15-2-102].<br /> **Requirement that the heir survive the decedent by 120 hours. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-104/ ID Code §15-2-104].<br /> <br /> ==Abandonment==<br /> ====Overview====<br /> <br /> :Abandonment generally means giving up rights to something. Abandonment can refer to a few different things depending on the context.<br /> <br /> ====Abandoned Assets in a Trust====<br /> <br /> :A Trustee has the power to abandon a trust asset or any interest therein.<br /> <br /> :[https://legislature.idaho.gov/statutesrules/idstat/Title68/T68CH1/SECT68-106/ Id. Code 68-106(c)(7)].<br /> <br /> ====Abandoned Highways or Public Rights-of-Way====<br /> <br /> :If the highway or public right-of-way parcel to be abandoned and vacated has a fair market value of two thousand five hundred dollars ($2,500) or more, a charge may be imposed upon the acquiring entity, not in excess of the fair market value of the parcel, as a condition of the abandonment and vacation. However, no such charge shall be imposed on the landowner who originally dedicated such parcel to the public for use as a highway or public right-of-way. If the highway or public right-of-way was originally a federal land right-of-way, said highway or public right-of-way shall revert to a federal land right-of-way.<br /> <br /> :Any order or resolution is to be recorded in the county records and the official map of the highway system is to be amended as affected by the abandonment and vacation.<br /> <br /> :[https://legislature.idaho.gov/statutesrules/idstat/Title40/T40CH2/SECT40-203/ Id. Code 40-203(1)(h)(i-j)].<br /> <br /> ====Abandoned Homestead====<br /> <br /> :A homestead is presumed abandoned if the owner vacates the property for a continuous period of at least six (6) months. However, if an owner is going to be absent from the homestead for more than six (6) months but does not intend to abandon the homestead, and has no other principal residence, the owner may execute and acknowledge, in the same manner as a grant of real property is acknowledged, a declaration of nonabandonment of homestead and file the declaration for record in the office of the recorder of the county in which the property is situated.<br /> <br /> :[https://legislature.idaho.gov/statutesrules/idstat/Title55/T55CH10/SECT55-1006/ Id. Code 55-1006].<br /> <br /> ==Abstracters==<br /> ====Overview====<br /> *When one purchases real property, it is paramount that the seller has a legal right to sell the property, that no other person or entity has a legal right to the property and that the boundaries of the property to be sold are mutually agreeable to the parties to the transaction. An abstracter researches the property and reports on his/her findings to all parties to the transaction.<br /> *A title abstracter is another name for a title examiner.<br /> *[https://legislature.search.idaho.gov/isysquery/aee80ca8-58c0-47b6-8571-84a9094924c0/1/doc/ Id. Code 54-101 ''et. seq.'']<br /> <br /> ====Research====<br /> *As stated above, an abstracter will research a parcel of property that one party wants to sell to another. The research will involve searching the chain of title going back in time to make sure the current seller has the legal right to sell the property and that there are no other people or entities that have an interest in the property. This search will also entail comparing legal descriptions to make sure the property being sold has the correct description.<br /> <br /> *An abstracter will research whether there are any encumbrances against the property. They look for judgments, conditions, restrictions, mortgages or trust deeds, and any other liens against the property. They also look for any easements affecting the property.<br /> <br /> *An abstracter may also work with a local surveyor and tax assessor to verify that the parcel of real property described in the documents is correct.<br /> <br /> ====Knowledge====<br /> <br /> *Abstracters need to pay attention to detail, have strong organizational skills, the ability to explain their findings and a basic understanding of real estate law. They may be called upon to explain their findings to realtors, lenders, buyers, sellers, contractors and attorneys. They may also need to work with surveyors and other parties to assist in resolving disputes.<br /> <br /> ====Reports====<br /> <br /> *Abstracters prepare a title report that includes the current vesting, the property's legal description, any liens or judgments and any other issues of concern.<br /> <br /> ====Certified Abstracters====<br /> <br /> *In Idaho, if one is to act as an independent abstracter, a bond of $10,000 is required. Once the bond is paid, a Certificate is issued. The bond and certificate are valid for five (5) years. [https://legislature.search.idaho.gov/isysquery/aee80ca8-58c0-47b6-8571-84a9094924c0/1/doc/ Id. Code 54-101, ''et. seq.'']<br /> <br /> *Title examiners also have the option to obtain licensure by the National Association of Land Title Examiners and Abstractors [http://www.naltea.org/ (NALTEA)].<br /> <br /> ==Editing closing and escrow==<br /> *[https://legislature.idaho.gov/statutesrules/idstat/Title30/T30CH9/ Idaho Escrow Act]<br /> <br /> ==Property Tax ==<br /> Taxes for the first and second half of the year are due on November 20. Taxes for the first half year are delinquent if not paid by December 20. Taxes for the second half of the year remain due until paid and are delinquent if not paid by June 20 of the following year.<br /> <br /> ==Closing Protection letters==<br /> ====CPL Form====<br /> * Latest CPL Form Filing Date: 03-02-2016<br /> * Filing Requirements: Add State Contact Info<br /> * Current From: 3172900<br /> * ALTA Version: 2015<br /> <br /> ====Dual Agent CPLs====<br /> ===Rates===<br /> <br /> ====State Mandated Rates====<br /> * Buyer: <br /> * Seller: <br /> * Lender: <br /> * Borrower: <br /> <br /> ====WFG Rates====<br /> * Buyer: $25.00 <br /> * Seller: N/A<br /> * Lender: $25.00 <br /> * Borrower: $25.00 <br /> ====Remittances====<br /> <br /> ====Notes====<br /> * Notes: I.C. 41-2714, Rate &amp; form filing required, no filing found in WFGunderwriting<br /> * Rate Checked: 05-06-2016<br /> * By: ABF<br /> * Manual Date: PROBLEM<br /> <br /> ==Witness Requirements==<br /> A witness is not required on a deed or security instrument. document must be properly acknowledged for recording. [https://law.justia.com/codes/idaho/2019/title-55/chapter-8/section-55-805/ ID Code § 55-805].<br /> <br /> [https://uww.wfgnationaltitle.com/images/7/7a/Idaho_Recorder%27s_Manual.pdf Idaho Recorder's Manual]<br /> <br /> ==Escheat==<br /> ====Overview====<br /> <br /> ====Sources====<br /> [https://law.justia.com/codes/idaho/2019/title-14/chapter-5/ ID Code § 14-501] et seq. Unclaimed Property Law.<br /> <br /> ====Recipient Office====<br /> State Treasurer<br /> ====Reporting====<br /> * Time Period: 5<br /> * Due Diligence Amount: 50.01<br /> * Due Diligence Dates: Not more than 120 day prior to report<br /> * Aggregate Amount: Not Permitted<br /> * Report Period: 7/1-6/30<br /> * Report Due Date: 11/1<br /> * Negative Reporting: Yes, effective 2016.<br /> <br /> ====Dormancy Fee====<br /> Only for safe deposit boxes or other safekeeping repository.<br /> ====Web Site====<br /> http://www.sto.idaho.gov/unclaimedproperty/<br /> <br /> ==Good Funds== <br /> ====Wet or Dry Settlement====<br /> Dry<br /> ====Definition====<br /> Escrow officers may only place &quot;collected funds&quot; in their trust account. &quot;Collected Funds&quot; means: <br /> (a) cash (currency); <br /> (b) wired funds when unconditionally received by the escrow agent; <br /> (c) when identified as such: (1) cashier's check; (2) certified check; or (3) teller?s check (official check) when any of the above are unconditionally received by the escrow agent; <br /> (d) U.S. Treasury checks, postal money orders, federal reserve bank checks, federal home loan bank checks, State of Idaho and local government checks, local or Idaho on-us checks (meaning checks drawn against the same federally insured financial institution or branch as the title agent's own depository), or local third party checks on the next business day after deposit; <br /> (e) local personal or corporate checks on the second business day after deposit; and <br /> (f) non-local State and government checks, non-local on-us checks, non-local personal or corporate checks or non-local third party checks on the fifth business day after deposit. For purposes of this section a deposit is considered made on (1) the same day the item is delivered in person to an employee of a federally insured financial institution, or (2) the first business day following an after business hours deposit of an item to a federally insured financial institution. [https://adminrules.idaho.gov/rules/2011/18/0125.pdf ID Admin. Code 18.01.25.011.010(a)(ii).]<br /> <br /> ====Requirements====<br /> Notwithstanding any agreement to the contrary, no disbursement of funds or delivery of documents from an escrow for recording or otherwise may be made unless the escrow contains a credit balance consisting of collected funds, other than funds of the escrow agent or its affiliates, sufficient to discharge all monetary conditions of the escrow. The requirement of collected funds does not apply to collection or long term escrow. [https://adminrules.idaho.gov/rules/2011/18/0125.pdf ID Admin. Code 18.01.25.011.010(b)(i).]<br /> <br /> ==Purchase Money Deeds of Trust==<br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112] – Priority of Purchase Money Mortgage – Mortgage given for the price of real property at time of conveyance has priority over all other liens against the purchaser.<br /> <br /> <br /> [https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112]<br /> Mortgage: The written agreement pledging property to a creditor as collateral for a loan.<br /> Property: includes both real and personal property. See [https://law.justia.com/codes/idaho/2019/title-73/chapter-1/section-73-114/ ID Code § 73-114]<br /> Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.<br /> A mortgage given for the price of real property, at the time of its conveyance, has priority over all other liens created against the purchaser, subject to the operation of the recording laws.</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=WY_Underwriting_Summary&diff=5896 2021-05-20T19:05:10Z

<p>Craigtrummel: /* Vesting */</p> <hr /> <div><br /> ==Search/Exam==<br /> *No state law minimum period of time for a search.<br /> *Under [https://law.justia.com/codes/wyoming/2019/title-34/chapter-10/section-34-10-103/ Wy. Stat. §34-10-103], the search periods are not less than forty (40) years at time the marketability is to be determined. <br /> *Surveys are done for Extended – Expanded Coverage policies. These policies are not common in WY. Survey needed is the ALTA/NSPS survey for extended coverage.<br /> <br /> ==UPL==<br /> *Title insurer or agent may engage in the escrow, settlement or closing business provided that funds deposited in connection with any escrow are deposited separately. [https://law.justia.com/codes/wyoming/2019/title-26/chapter-23/article-3/section-26-23-314/ Wyo. Stat. §26-23-314.]<br /> *No title insurance within the state may be issued unless based upon adequate evidence of the current condition of title, certified in writing, as of the date of the policy by either (1) an authorized abstractor with a complete set of abstract records of title of all real estate in the county or (2) an attorney authorized to practice in Wyoming provides an opinion as to the condition of the title following a review of the pertinent title records or abstracts. See [https://law.justia.com/codes/wyoming/2019/title-26/chapter-23/article-3/section-26-23-308/ Wyo. Stat. §26-23-308] and [https://law.justia.com/codes/wyoming/2019/title-33/chapter-2/section-33-2-101/ §33-2-101.]<br /> *Title insurance companies authorized to do business in the State of Wyoming and their licensed agents are not prohibited from preparing certain documents on standardized forms prepared by a licensed Wyoming lawyer.<br /> *Title insurance companies and their licensed agents may only prepare closing statements and releases which do not affect judgment liens. [https://casetext.com/rule/wyoming-court-rules/wyoming-rules-governing-the-state-bar-attorney-conduct-and-eligibility-to-practice-law/rules-governing-the-wyoming-state-bar-and-the-authorized-practice-of-law/rule-7-authorization-to-practice-law Wyo. R. State Bar, Att’y Cond. &amp; Prac. 7.]<br /> <br /> ==Vesting==<br /> *Tenancy by entirety typically assumed if married couple absent information to the contrary. Wyoming recognizes tenancy in common, joint tenancy, and tenancy by entirety. A tenancy by entirety is automatically created when ownership is granted to two or more persons unless joint tenants with right of survivorship is expressly created. <br /> ** For example, if the deed runs to “Bob Smith and Sue Smith, husband and wife”, then we, the title industry, presume they meant TxE. <br /> *Judgement lien attaches: <br /> **For judgements before 1999, the first day of the term at which judgment is rendered.<br /> **For judgements after 1999, from recording of the judgment with the County Clerk.<br /> <br /> ==Property Tax ==<br /> *Fifty percent(50%) of real estate taxes are due on and after September 1 and payable on November 10 in each year. The remaining 50% is due on and after March 1 and payable on and after May 10 of the following calendar year. [https://law.justia.com/codes/wyoming/2019/title-39/chapter-13/section-39-13-107/ Wyo. Stat. Ann. § 39-13-107(b)(i)(D).]<br /> *The holder of a tax deed takes the title of the taxpayer and receives at least constructive possession of the land.<br /> *The tax deed obliterates all prior encumbrances<br /> * Tax deeds present hazardous risk when insuring conveyance out of tax deed grantee to a BFP; underwriting review and approval required<br /> <br /> ==Mortgage/Transfer Tax==<br /> *No Mortgage tax in Wyoming<br /> *No transfer tax in Wyoming <br /> <br /> ==Spousal Joinder Requirements/Homestead==<br /> *A spouse not in title must join in the conveyance/mortgage of homestead property. See [https://law.justia.com/codes/wyoming/2019/title-34/chapter-2/section-34-2-121/ Wyo. Stat. §34-2-121.]<br /> *Every owner or occupant of a homestead must execute the deed or security instrument to properly encumber or convey the homestead right. The document must contain the following language to release the homestead, “hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of this state” and be signed by the owner and any spouse of the owner of the homestead. See [https://law.justia.com/codes/wyoming/2019/title-34/chapter-2/section-34-2-121/ Wyo. Stat. §34-2-121.]<br /> <br /> ==Power Of Attorney==<br /> *Adopted the Uniform Power of Attorney Act, presumed durable. [https://law.justia.com/codes/wyoming/2019/title-3/chapter-9/article-1/ Wy. Stat §3-9-101 - 123]<br /> <br /> ==Construction Liens==<br /> *Mechanics/Construction lien must be filed within 120(subcontractors, laborers, etc.) or 150 (original contractor) days of completion of work of filing Ntc of Substantial Completion / Action to foreclose must commence in 180 days following filing of lien. [https://law.justia.com/codes/wyoming/2019/title-29/chapter-2/section-29-2-106/ Wy.Stat. 29-2-106] &amp; [https://law.justia.com/codes/wyoming/2019/title-29/chapter-2/section-29-2-109/ 29-2-109]<br /> *Multiple notices needed. [https://levy-law.com/wyoming-state-lien-law-summary/ Good Summary linked here]<br /> <br /> ==Foreclosure Review==<br /> *Notice and Advertisement (non-judicial) is most common, but judicial is available if the lien does not include express Power of Sale. Mortgage is most common. Deeds of Trust are rare and effecting a termination/release of lien of Deed of Trust is often incorrectly performed<br /> <br /> ==Instrument Requirements==<br /> *A [https://www.conversecounty.org/DocumentCenter/View/328/Statement-of-Consideration-PDF?bidId= Wyoming Statement of Consideration (PDF)] disclosing the financial information of the transaction must accompany each deed. <br /> *It's the buyer's responsibility to fully complete the Statement which is a confidential document used by the County Assessor to determine market value of all property in the county. [https://www.conversecounty.org/DocumentCenter/View/327/Additional-Information-on-Statements-of-Considerations-PDF?bidId= Additional information on Statements of Considerations (PDF)] is available. Documents must be clearly readable and reproducible.<br /> <br /> ==Who May Serve As Trustee On Deed Of Trust==<br /> *Wyoming allows both Deed of Trust and Mortgage. Mortgages are by far most common and Deeds of Trust are almost unheard of. <br /> *A title insurer or title agent may reconvey a trust deed or release a mortgage regardless of whether the title insurer or title agent is named as a trustee. [https://law.justia.com/codes/wyoming/2019/title-34/chapter-1/article-1/section-34-1-146/ Wyo. Stat. § 34-1-146.] <br /> *Thirty (30) day writing period before recording a reconveyance or release and after mailing notice of intent. [https://law.justia.com/codes/wyoming/2019/title-34/chapter-1/article-1/section-34-1-147/ Wyo. Stat. § 34-1-147.]<br /> <br /> ==Time Limitations==<br /> *US Judgment Liens 20 years, renewable for 20 years<br /> *State Court Judgment Liens 5 years, renewable<br /> *Federal Tax Liens 10 years (+30 days); can be refiled<br /> *Estate Tax Lien Federal 10 years<br /> *Mechanics/Construction lien must be filed within 120(subcontractors, laborers, etc.) or 150 (original contractor) days of completion of work of filing Ntc of Substantial Completion / Action to foreclose must commence in 180 days following filing of lien. [https://law.justia.com/codes/wyoming/2019/title-29/chapter-2/section-29-2-106/ Wy.Stat. 29-2-106] &amp; [https://law.justia.com/codes/wyoming/2019/title-29/chapter-2/section-29-2-109/ 29-2-109]<br /> **Extensions cannot exceed twice the time within which the lien would have to be filed (i.e. 300 days contractor and 240 days all others).<br /> *Financing Statements effective for 10 years (5 years if before July 1, 2013). [https://law.justia.com/codes/wyoming/2019/title-34-1/article-9/part-5/subpart-1/section-34-1-9-515/ Wyo. Stat. § 34.1-9-515.]<br /> *Mortgages<br /> **Every mortgage of real estate, containing a power of sale upon default, may be foreclosed by advertisement within ten (10) years after the maturing of such mortgage or the debt secured thereby, or after the recording [https://law.justia.com/codes/wyoming/2019/title-34/chapter-4/section-34-4-102/ Wyo. Stat. § 34.4.102].<br /> <br /> ==Odd Stuff==<br /> *Cancellation/Commitment fee is not prohibited in this state. <br /> <br /> ==Probate==<br /> *Wyoming does not have a separate estate or inheritance or gift tax.<br /> *If the property is held Tenancy by the entirety or JTWROS and one dies, Wyoming expects the survivor to record an Affidavit of Survivorship ([https://law.justia.com/codes/wyoming/2019/title-2/chapter-9/article-1/section-2-9-102/ Wy. Stat. §2-9-102]) in the county records. <br /> *Ancillary Administration procedure is required when a nonresident's estate has property in Wyoming valued not exceeding two hundred thousand dollars ($200,000.00) [https://law.justia.com/codes/wyoming/2019/title-2/chapter-11/article-2/section-2-11-201/ Wy. Stat. §2-11-201]<br /> *Intestate succession statute [https://law.justia.com/codes/wyoming/2019/title-2/chapter-4/article-1/ Wy. Stat. §2.4.101-108.]<br /> <br /> ==Closing Protection Letters==<br /> * [[Closing Protection Letters]]</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=WY_Underwriting_Summary&diff=5869 2021-05-14T16:01:44Z

<p>Craigtrummel: /* Time Limitations */</p> <hr /> <div><br /> ==Search/Exam==<br /> *No state law minimum period of time for a search.<br /> *Under [https://law.justia.com/codes/wyoming/2019/title-34/chapter-10/section-34-10-103/ Wy. Stat. §34-10-103], the search periods are not less than forty (40) years at time the marketability is to be determined. <br /> *Surveys are done for Extended – Expanded Coverage policies. These policies are not common in WY. Survey needed is the ALTA/NSPS survey for extended coverage.<br /> <br /> ==UPL==<br /> *Title insurer or agent may engage in the escrow, settlement or closing business provided that funds deposited in connection with any escrow are deposited separately. [https://law.justia.com/codes/wyoming/2019/title-26/chapter-23/article-3/section-26-23-314/ Wyo. Stat. §26-23-314.]<br /> *No title insurance within the state may be issued unless based upon adequate evidence of the current condition of title, certified in writing, as of the date of the policy by either (1) an authorized abstractor with a complete set of abstract records of title of all real estate in the county or (2) an attorney authorized to practice in Wyoming provides an opinion as to the condition of the title following a review of the pertinent title records or abstracts. See [https://law.justia.com/codes/wyoming/2019/title-26/chapter-23/article-3/section-26-23-308/ Wyo. Stat. §26-23-308] and [https://law.justia.com/codes/wyoming/2019/title-33/chapter-2/section-33-2-101/ §33-2-101.]<br /> *Title insurance companies authorized to do business in the State of Wyoming and their licensed agents are not prohibited from preparing certain documents on standardized forms prepared by a licensed Wyoming lawyer.<br /> *Title insurance companies and their licensed agents may only prepare closing statements and releases which do not affect judgment liens. [https://casetext.com/rule/wyoming-court-rules/wyoming-rules-governing-the-state-bar-attorney-conduct-and-eligibility-to-practice-law/rules-governing-the-wyoming-state-bar-and-the-authorized-practice-of-law/rule-7-authorization-to-practice-law Wyo. R. State Bar, Att’y Cond. &amp; Prac. 7.]<br /> <br /> ==Vesting==<br /> *Judgement lien attaches: <br /> **For judgements before 1999, the first day of the term at which judgment is rendered.<br /> **For judgements after 1999, from recording of the judgment with the County Clerk.<br /> <br /> ==Property Tax ==<br /> *Fifty percent(50%) of real estate taxes are due on and after September 1 and payable on November 10 in each year. The remaining 50% is due on and after March 1 and payable on and after May 10 of the following calendar year. [https://law.justia.com/codes/wyoming/2019/title-39/chapter-13/section-39-13-107/ Wyo. Stat. Ann. § 39-13-107(b)(i)(D).]<br /> *The holder of a tax deed takes the title of the taxpayer and receives at least constructive possession of the land.<br /> *The tax deed obliterates all prior encumbrances<br /> * Tax deeds present hazardous risk when insuring conveyance out of tax deed grantee to a BFP; underwriting review and approval required<br /> <br /> ==Mortgage/Transfer Tax==<br /> *No Mortgage tax in Wyoming<br /> *No transfer tax in Wyoming <br /> <br /> ==Spousal Joinder Requirements/Homestead==<br /> *A spouse not in title must join in the conveyance/mortgage of homestead property. See [https://law.justia.com/codes/wyoming/2019/title-34/chapter-2/section-34-2-121/ Wyo. Stat. §34-2-121.]<br /> *Every owner or occupant of a homestead must execute the deed or security instrument to properly encumber or convey the homestead right. The document must contain the following language to release the homestead, “hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of this state” and be signed by the owner and any spouse of the owner of the homestead. See [https://law.justia.com/codes/wyoming/2019/title-34/chapter-2/section-34-2-121/ Wyo. Stat. §34-2-121.]<br /> <br /> ==Power Of Attorney==<br /> *Adopted the Uniform Power of Attorney Act, presumed durable. [https://law.justia.com/codes/wyoming/2019/title-3/chapter-9/article-1/ Wy. Stat §3-9-101 - 123]<br /> <br /> ==Construction Liens==<br /> *Mechanics/Construction lien must be filed within 120(subcontractors, laborers, etc.) or 150 (original contractor) days of completion of work of filing Ntc of Substantial Completion / Action to foreclose must commence in 180 days following filing of lien. [https://law.justia.com/codes/wyoming/2019/title-29/chapter-2/section-29-2-106/ Wy.Stat. 29-2-106] &amp; [https://law.justia.com/codes/wyoming/2019/title-29/chapter-2/section-29-2-109/ 29-2-109]<br /> *Multiple notices needed. [https://levy-law.com/wyoming-state-lien-law-summary/ Good Summary linked here]<br /> <br /> ==Foreclosure Review==<br /> *Notice and Advertisement (non-judicial) is most common, but judicial is available if the lien does not include express Power of Sale. Mortgage is most common. Deeds of Trust are rare and effecting a termination/release of lien of Deed of Trust is often incorrectly performed<br /> <br /> ==Instrument Requirements==<br /> *A [https://www.conversecounty.org/DocumentCenter/View/328/Statement-of-Consideration-PDF?bidId= Wyoming Statement of Consideration (PDF)] disclosing the financial information of the transaction must accompany each deed. <br /> *It's the buyer's responsibility to fully complete the Statement which is a confidential document used by the County Assessor to determine market value of all property in the county. [https://www.conversecounty.org/DocumentCenter/View/327/Additional-Information-on-Statements-of-Considerations-PDF?bidId= Additional information on Statements of Considerations (PDF)] is available. Documents must be clearly readable and reproducible.<br /> <br /> ==Who May Serve As Trustee On Deed Of Trust==<br /> *Wyoming allows both Deed of Trust and Mortgage. Mortgages are by far most common and Deeds of Trust are almost unheard of. <br /> *A title insurer or title agent may reconvey a trust deed or release a mortgage regardless of whether the title insurer or title agent is named as a trustee. [https://law.justia.com/codes/wyoming/2019/title-34/chapter-1/article-1/section-34-1-146/ Wyo. Stat. § 34-1-146.] <br /> *Thirty (30) day writing period before recording a reconveyance or release and after mailing notice of intent. [https://law.justia.com/codes/wyoming/2019/title-34/chapter-1/article-1/section-34-1-147/ Wyo. Stat. § 34-1-147.]<br /> <br /> ==Time Limitations==<br /> *US Judgment Liens 20 years, renewable for 20 years<br /> *State Court Judgment Liens 5 years, renewable<br /> *Federal Tax Liens 10 years (+30 days); can be refiled<br /> *Estate Tax Lien Federal 10 years<br /> *Mechanics/Construction lien must be filed within 120(subcontractors, laborers, etc.) or 150 (original contractor) days of completion of work of filing Ntc of Substantial Completion / Action to foreclose must commence in 180 days following filing of lien. [https://law.justia.com/codes/wyoming/2019/title-29/chapter-2/section-29-2-106/ Wy.Stat. 29-2-106] &amp; [https://law.justia.com/codes/wyoming/2019/title-29/chapter-2/section-29-2-109/ 29-2-109]<br /> **Extensions cannot exceed twice the time within which the lien would have to be filed (i.e. 300 days contractor and 240 days all others).<br /> *Financing Statements effective for 10 years (5 years if before July 1, 2013). [https://law.justia.com/codes/wyoming/2019/title-34-1/article-9/part-5/subpart-1/section-34-1-9-515/ Wyo. Stat. § 34.1-9-515.]<br /> *Mortgages<br /> **Every mortgage of real estate, containing a power of sale upon default, may be foreclosed by advertisement within ten (10) years after the maturing of such mortgage or the debt secured thereby, or after the recording [https://law.justia.com/codes/wyoming/2019/title-34/chapter-4/section-34-4-102/ Wyo. Stat. § 34.4.102].<br /> <br /> ==Odd Stuff==<br /> *Cancellation/Commitment fee is not prohibited in this state. <br /> <br /> ==Probate==<br /> *Wyoming does not have a separate estate or inheritance or gift tax.<br /> *Ancillary Administration procedure is required when a nonresident's estate has property in Wyoming valued not exceeding two hundred thousand dollars ($200,000.00) [https://law.justia.com/codes/wyoming/2019/title-2/chapter-11/article-2/section-2-11-201/ Wy. Stat. §2-11-201]<br /> *Intestate succession statute [https://law.justia.com/codes/wyoming/2019/title-2/chapter-4/article-1/ Wy. Stat. §2.4.101-108.]</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=WY_Underwriting_Summary&diff=5868 2021-05-14T16:00:56Z

<p>Craigtrummel: /* Foreclosure Review */</p> <hr /> <div><br /> ==Search/Exam==<br /> *No state law minimum period of time for a search.<br /> *Under [https://law.justia.com/codes/wyoming/2019/title-34/chapter-10/section-34-10-103/ Wy. Stat. §34-10-103], the search periods are not less than forty (40) years at time the marketability is to be determined. <br /> *Surveys are done for Extended – Expanded Coverage policies. These policies are not common in WY. Survey needed is the ALTA/NSPS survey for extended coverage.<br /> <br /> ==UPL==<br /> *Title insurer or agent may engage in the escrow, settlement or closing business provided that funds deposited in connection with any escrow are deposited separately. [https://law.justia.com/codes/wyoming/2019/title-26/chapter-23/article-3/section-26-23-314/ Wyo. Stat. §26-23-314.]<br /> *No title insurance within the state may be issued unless based upon adequate evidence of the current condition of title, certified in writing, as of the date of the policy by either (1) an authorized abstractor with a complete set of abstract records of title of all real estate in the county or (2) an attorney authorized to practice in Wyoming provides an opinion as to the condition of the title following a review of the pertinent title records or abstracts. See [https://law.justia.com/codes/wyoming/2019/title-26/chapter-23/article-3/section-26-23-308/ Wyo. Stat. §26-23-308] and [https://law.justia.com/codes/wyoming/2019/title-33/chapter-2/section-33-2-101/ §33-2-101.]<br /> *Title insurance companies authorized to do business in the State of Wyoming and their licensed agents are not prohibited from preparing certain documents on standardized forms prepared by a licensed Wyoming lawyer.<br /> *Title insurance companies and their licensed agents may only prepare closing statements and releases which do not affect judgment liens. [https://casetext.com/rule/wyoming-court-rules/wyoming-rules-governing-the-state-bar-attorney-conduct-and-eligibility-to-practice-law/rules-governing-the-wyoming-state-bar-and-the-authorized-practice-of-law/rule-7-authorization-to-practice-law Wyo. R. State Bar, Att’y Cond. &amp; Prac. 7.]<br /> <br /> ==Vesting==<br /> *Judgement lien attaches: <br /> **For judgements before 1999, the first day of the term at which judgment is rendered.<br /> **For judgements after 1999, from recording of the judgment with the County Clerk.<br /> <br /> ==Property Tax ==<br /> *Fifty percent(50%) of real estate taxes are due on and after September 1 and payable on November 10 in each year. The remaining 50% is due on and after March 1 and payable on and after May 10 of the following calendar year. [https://law.justia.com/codes/wyoming/2019/title-39/chapter-13/section-39-13-107/ Wyo. Stat. Ann. § 39-13-107(b)(i)(D).]<br /> *The holder of a tax deed takes the title of the taxpayer and receives at least constructive possession of the land.<br /> *The tax deed obliterates all prior encumbrances<br /> * Tax deeds present hazardous risk when insuring conveyance out of tax deed grantee to a BFP; underwriting review and approval required<br /> <br /> ==Mortgage/Transfer Tax==<br /> *No Mortgage tax in Wyoming<br /> *No transfer tax in Wyoming <br /> <br /> ==Spousal Joinder Requirements/Homestead==<br /> *A spouse not in title must join in the conveyance/mortgage of homestead property. See [https://law.justia.com/codes/wyoming/2019/title-34/chapter-2/section-34-2-121/ Wyo. Stat. §34-2-121.]<br /> *Every owner or occupant of a homestead must execute the deed or security instrument to properly encumber or convey the homestead right. The document must contain the following language to release the homestead, “hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of this state” and be signed by the owner and any spouse of the owner of the homestead. See [https://law.justia.com/codes/wyoming/2019/title-34/chapter-2/section-34-2-121/ Wyo. Stat. §34-2-121.]<br /> <br /> ==Power Of Attorney==<br /> *Adopted the Uniform Power of Attorney Act, presumed durable. [https://law.justia.com/codes/wyoming/2019/title-3/chapter-9/article-1/ Wy. Stat §3-9-101 - 123]<br /> <br /> ==Construction Liens==<br /> *Mechanics/Construction lien must be filed within 120(subcontractors, laborers, etc.) or 150 (original contractor) days of completion of work of filing Ntc of Substantial Completion / Action to foreclose must commence in 180 days following filing of lien. [https://law.justia.com/codes/wyoming/2019/title-29/chapter-2/section-29-2-106/ Wy.Stat. 29-2-106] &amp; [https://law.justia.com/codes/wyoming/2019/title-29/chapter-2/section-29-2-109/ 29-2-109]<br /> *Multiple notices needed. [https://levy-law.com/wyoming-state-lien-law-summary/ Good Summary linked here]<br /> <br /> ==Foreclosure Review==<br /> *Notice and Advertisement (non-judicial) is most common, but judicial is available if the lien does not include express Power of Sale. Mortgage is most common. Deeds of Trust are rare and effecting a termination/release of lien of Deed of Trust is often incorrectly performed<br /> <br /> ==Instrument Requirements==<br /> *A [https://www.conversecounty.org/DocumentCenter/View/328/Statement-of-Consideration-PDF?bidId= Wyoming Statement of Consideration (PDF)] disclosing the financial information of the transaction must accompany each deed. <br /> *It's the buyer's responsibility to fully complete the Statement which is a confidential document used by the County Assessor to determine market value of all property in the county. [https://www.conversecounty.org/DocumentCenter/View/327/Additional-Information-on-Statements-of-Considerations-PDF?bidId= Additional information on Statements of Considerations (PDF)] is available. Documents must be clearly readable and reproducible.<br /> <br /> ==Who May Serve As Trustee On Deed Of Trust==<br /> *Wyoming allows both Deed of Trust and Mortgage. Mortgages are by far most common and Deeds of Trust are almost unheard of. <br /> *A title insurer or title agent may reconvey a trust deed or release a mortgage regardless of whether the title insurer or title agent is named as a trustee. [https://law.justia.com/codes/wyoming/2019/title-34/chapter-1/article-1/section-34-1-146/ Wyo. Stat. § 34-1-146.] <br /> *Thirty (30) day writing period before recording a reconveyance or release and after mailing notice of intent. [https://law.justia.com/codes/wyoming/2019/title-34/chapter-1/article-1/section-34-1-147/ Wyo. Stat. § 34-1-147.]<br /> <br /> ==Time Limitations==<br /> *US Judgment Liens 20 years, renewable for 20 years<br /> *State Court Judgment Liens 5 years<br /> *Federal Tax Liens 10 years (+30 days); can be refiled<br /> *Estate Tax Lien Federal 10 years<br /> *Mechanics/Construction lien must be filed within 120(subcontractors, laborers, etc.) or 150 (original contractor) days of completion of work of filing Ntc of Substantial Completion / Action to foreclose must commence in 180 days following filing of lien. [https://law.justia.com/codes/wyoming/2019/title-29/chapter-2/section-29-2-106/ Wy.Stat. 29-2-106] &amp; [https://law.justia.com/codes/wyoming/2019/title-29/chapter-2/section-29-2-109/ 29-2-109]<br /> **Extensions cannot exceed twice the time within which the lien would have to be filed (i.e. 300 days contractor and 240 days all others).<br /> *Financing Statements effective for 10 years (5 years if before July 1, 2013). [https://law.justia.com/codes/wyoming/2019/title-34-1/article-9/part-5/subpart-1/section-34-1-9-515/ Wyo. Stat. § 34.1-9-515.]<br /> *Mortgages<br /> **Every mortgage of real estate, containing a power of sale upon default, may be foreclosed by advertisement within ten (10) years after the maturing of such mortgage or the debt secured thereby, or after the recording [https://law.justia.com/codes/wyoming/2019/title-34/chapter-4/section-34-4-102/ Wyo. Stat. § 34.4.102].<br /> <br /> ==Odd Stuff==<br /> *Cancellation/Commitment fee is not prohibited in this state. <br /> <br /> ==Probate==<br /> *Wyoming does not have a separate estate or inheritance or gift tax.<br /> *Ancillary Administration procedure is required when a nonresident's estate has property in Wyoming valued not exceeding two hundred thousand dollars ($200,000.00) [https://law.justia.com/codes/wyoming/2019/title-2/chapter-11/article-2/section-2-11-201/ Wy. Stat. §2-11-201]<br /> *Intestate succession statute [https://law.justia.com/codes/wyoming/2019/title-2/chapter-4/article-1/ Wy. Stat. §2.4.101-108.]</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=WY_Underwriting_Summary&diff=5867 2021-05-14T15:59:47Z

<p>Craigtrummel: /* Who May Serve As Trustee On Deed Of Trust */</p> <hr /> <div><br /> ==Search/Exam==<br /> *No state law minimum period of time for a search.<br /> *Under [https://law.justia.com/codes/wyoming/2019/title-34/chapter-10/section-34-10-103/ Wy. Stat. §34-10-103], the search periods are not less than forty (40) years at time the marketability is to be determined. <br /> *Surveys are done for Extended – Expanded Coverage policies. These policies are not common in WY. Survey needed is the ALTA/NSPS survey for extended coverage.<br /> <br /> ==UPL==<br /> *Title insurer or agent may engage in the escrow, settlement or closing business provided that funds deposited in connection with any escrow are deposited separately. [https://law.justia.com/codes/wyoming/2019/title-26/chapter-23/article-3/section-26-23-314/ Wyo. Stat. §26-23-314.]<br /> *No title insurance within the state may be issued unless based upon adequate evidence of the current condition of title, certified in writing, as of the date of the policy by either (1) an authorized abstractor with a complete set of abstract records of title of all real estate in the county or (2) an attorney authorized to practice in Wyoming provides an opinion as to the condition of the title following a review of the pertinent title records or abstracts. See [https://law.justia.com/codes/wyoming/2019/title-26/chapter-23/article-3/section-26-23-308/ Wyo. Stat. §26-23-308] and [https://law.justia.com/codes/wyoming/2019/title-33/chapter-2/section-33-2-101/ §33-2-101.]<br /> *Title insurance companies authorized to do business in the State of Wyoming and their licensed agents are not prohibited from preparing certain documents on standardized forms prepared by a licensed Wyoming lawyer.<br /> *Title insurance companies and their licensed agents may only prepare closing statements and releases which do not affect judgment liens. [https://casetext.com/rule/wyoming-court-rules/wyoming-rules-governing-the-state-bar-attorney-conduct-and-eligibility-to-practice-law/rules-governing-the-wyoming-state-bar-and-the-authorized-practice-of-law/rule-7-authorization-to-practice-law Wyo. R. State Bar, Att’y Cond. &amp; Prac. 7.]<br /> <br /> ==Vesting==<br /> *Judgement lien attaches: <br /> **For judgements before 1999, the first day of the term at which judgment is rendered.<br /> **For judgements after 1999, from recording of the judgment with the County Clerk.<br /> <br /> ==Property Tax ==<br /> *Fifty percent(50%) of real estate taxes are due on and after September 1 and payable on November 10 in each year. The remaining 50% is due on and after March 1 and payable on and after May 10 of the following calendar year. [https://law.justia.com/codes/wyoming/2019/title-39/chapter-13/section-39-13-107/ Wyo. Stat. Ann. § 39-13-107(b)(i)(D).]<br /> *The holder of a tax deed takes the title of the taxpayer and receives at least constructive possession of the land.<br /> *The tax deed obliterates all prior encumbrances<br /> * Tax deeds present hazardous risk when insuring conveyance out of tax deed grantee to a BFP; underwriting review and approval required<br /> <br /> ==Mortgage/Transfer Tax==<br /> *No Mortgage tax in Wyoming<br /> *No transfer tax in Wyoming <br /> <br /> ==Spousal Joinder Requirements/Homestead==<br /> *A spouse not in title must join in the conveyance/mortgage of homestead property. See [https://law.justia.com/codes/wyoming/2019/title-34/chapter-2/section-34-2-121/ Wyo. Stat. §34-2-121.]<br /> *Every owner or occupant of a homestead must execute the deed or security instrument to properly encumber or convey the homestead right. The document must contain the following language to release the homestead, “hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of this state” and be signed by the owner and any spouse of the owner of the homestead. See [https://law.justia.com/codes/wyoming/2019/title-34/chapter-2/section-34-2-121/ Wyo. Stat. §34-2-121.]<br /> <br /> ==Power Of Attorney==<br /> *Adopted the Uniform Power of Attorney Act, presumed durable. [https://law.justia.com/codes/wyoming/2019/title-3/chapter-9/article-1/ Wy. Stat §3-9-101 - 123]<br /> <br /> ==Construction Liens==<br /> *Mechanics/Construction lien must be filed within 120(subcontractors, laborers, etc.) or 150 (original contractor) days of completion of work of filing Ntc of Substantial Completion / Action to foreclose must commence in 180 days following filing of lien. [https://law.justia.com/codes/wyoming/2019/title-29/chapter-2/section-29-2-106/ Wy.Stat. 29-2-106] &amp; [https://law.justia.com/codes/wyoming/2019/title-29/chapter-2/section-29-2-109/ 29-2-109]<br /> *Multiple notices needed. [https://levy-law.com/wyoming-state-lien-law-summary/ Good Summary linked here]<br /> <br /> ==Foreclosure Review==<br /> *Notice and Advertisement (non-judicial) is most common, but judicial is available if the lien does not include express Power of Sale. Mortgage is most common. Deeds of Trust just cause confusion. <br /> <br /> ==Instrument Requirements==<br /> *A [https://www.conversecounty.org/DocumentCenter/View/328/Statement-of-Consideration-PDF?bidId= Wyoming Statement of Consideration (PDF)] disclosing the financial information of the transaction must accompany each deed. <br /> *It's the buyer's responsibility to fully complete the Statement which is a confidential document used by the County Assessor to determine market value of all property in the county. [https://www.conversecounty.org/DocumentCenter/View/327/Additional-Information-on-Statements-of-Considerations-PDF?bidId= Additional information on Statements of Considerations (PDF)] is available. Documents must be clearly readable and reproducible.<br /> <br /> ==Who May Serve As Trustee On Deed Of Trust==<br /> *Wyoming allows both Deed of Trust and Mortgage. Mortgages are by far most common and Deeds of Trust are almost unheard of. <br /> *A title insurer or title agent may reconvey a trust deed or release a mortgage regardless of whether the title insurer or title agent is named as a trustee. [https://law.justia.com/codes/wyoming/2019/title-34/chapter-1/article-1/section-34-1-146/ Wyo. Stat. § 34-1-146.] <br /> *Thirty (30) day writing period before recording a reconveyance or release and after mailing notice of intent. [https://law.justia.com/codes/wyoming/2019/title-34/chapter-1/article-1/section-34-1-147/ Wyo. Stat. § 34-1-147.]<br /> <br /> ==Time Limitations==<br /> *US Judgment Liens 20 years, renewable for 20 years<br /> *State Court Judgment Liens 5 years<br /> *Federal Tax Liens 10 years (+30 days); can be refiled<br /> *Estate Tax Lien Federal 10 years<br /> *Mechanics/Construction lien must be filed within 120(subcontractors, laborers, etc.) or 150 (original contractor) days of completion of work of filing Ntc of Substantial Completion / Action to foreclose must commence in 180 days following filing of lien. [https://law.justia.com/codes/wyoming/2019/title-29/chapter-2/section-29-2-106/ Wy.Stat. 29-2-106] &amp; [https://law.justia.com/codes/wyoming/2019/title-29/chapter-2/section-29-2-109/ 29-2-109]<br /> **Extensions cannot exceed twice the time within which the lien would have to be filed (i.e. 300 days contractor and 240 days all others).<br /> *Financing Statements effective for 10 years (5 years if before July 1, 2013). [https://law.justia.com/codes/wyoming/2019/title-34-1/article-9/part-5/subpart-1/section-34-1-9-515/ Wyo. Stat. § 34.1-9-515.]<br /> *Mortgages<br /> **Every mortgage of real estate, containing a power of sale upon default, may be foreclosed by advertisement within ten (10) years after the maturing of such mortgage or the debt secured thereby, or after the recording [https://law.justia.com/codes/wyoming/2019/title-34/chapter-4/section-34-4-102/ Wyo. Stat. § 34.4.102].<br /> <br /> ==Odd Stuff==<br /> *Cancellation/Commitment fee is not prohibited in this state. <br /> <br /> ==Probate==<br /> *Wyoming does not have a separate estate or inheritance or gift tax.<br /> *Ancillary Administration procedure is required when a nonresident's estate has property in Wyoming valued not exceeding two hundred thousand dollars ($200,000.00) [https://law.justia.com/codes/wyoming/2019/title-2/chapter-11/article-2/section-2-11-201/ Wy. Stat. §2-11-201]<br /> *Intestate succession statute [https://law.justia.com/codes/wyoming/2019/title-2/chapter-4/article-1/ Wy. Stat. §2.4.101-108.]</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=WY_Underwriting_Summary&diff=5866 2021-05-14T15:59:02Z

<p>Craigtrummel: /* Construction Liens */</p> <hr /> <div><br /> ==Search/Exam==<br /> *No state law minimum period of time for a search.<br /> *Under [https://law.justia.com/codes/wyoming/2019/title-34/chapter-10/section-34-10-103/ Wy. Stat. §34-10-103], the search periods are not less than forty (40) years at time the marketability is to be determined. <br /> *Surveys are done for Extended – Expanded Coverage policies. These policies are not common in WY. Survey needed is the ALTA/NSPS survey for extended coverage.<br /> <br /> ==UPL==<br /> *Title insurer or agent may engage in the escrow, settlement or closing business provided that funds deposited in connection with any escrow are deposited separately. [https://law.justia.com/codes/wyoming/2019/title-26/chapter-23/article-3/section-26-23-314/ Wyo. Stat. §26-23-314.]<br /> *No title insurance within the state may be issued unless based upon adequate evidence of the current condition of title, certified in writing, as of the date of the policy by either (1) an authorized abstractor with a complete set of abstract records of title of all real estate in the county or (2) an attorney authorized to practice in Wyoming provides an opinion as to the condition of the title following a review of the pertinent title records or abstracts. See [https://law.justia.com/codes/wyoming/2019/title-26/chapter-23/article-3/section-26-23-308/ Wyo. Stat. §26-23-308] and [https://law.justia.com/codes/wyoming/2019/title-33/chapter-2/section-33-2-101/ §33-2-101.]<br /> *Title insurance companies authorized to do business in the State of Wyoming and their licensed agents are not prohibited from preparing certain documents on standardized forms prepared by a licensed Wyoming lawyer.<br /> *Title insurance companies and their licensed agents may only prepare closing statements and releases which do not affect judgment liens. [https://casetext.com/rule/wyoming-court-rules/wyoming-rules-governing-the-state-bar-attorney-conduct-and-eligibility-to-practice-law/rules-governing-the-wyoming-state-bar-and-the-authorized-practice-of-law/rule-7-authorization-to-practice-law Wyo. R. State Bar, Att’y Cond. &amp; Prac. 7.]<br /> <br /> ==Vesting==<br /> *Judgement lien attaches: <br /> **For judgements before 1999, the first day of the term at which judgment is rendered.<br /> **For judgements after 1999, from recording of the judgment with the County Clerk.<br /> <br /> ==Property Tax ==<br /> *Fifty percent(50%) of real estate taxes are due on and after September 1 and payable on November 10 in each year. The remaining 50% is due on and after March 1 and payable on and after May 10 of the following calendar year. [https://law.justia.com/codes/wyoming/2019/title-39/chapter-13/section-39-13-107/ Wyo. Stat. Ann. § 39-13-107(b)(i)(D).]<br /> *The holder of a tax deed takes the title of the taxpayer and receives at least constructive possession of the land.<br /> *The tax deed obliterates all prior encumbrances<br /> * Tax deeds present hazardous risk when insuring conveyance out of tax deed grantee to a BFP; underwriting review and approval required<br /> <br /> ==Mortgage/Transfer Tax==<br /> *No Mortgage tax in Wyoming<br /> *No transfer tax in Wyoming <br /> <br /> ==Spousal Joinder Requirements/Homestead==<br /> *A spouse not in title must join in the conveyance/mortgage of homestead property. See [https://law.justia.com/codes/wyoming/2019/title-34/chapter-2/section-34-2-121/ Wyo. Stat. §34-2-121.]<br /> *Every owner or occupant of a homestead must execute the deed or security instrument to properly encumber or convey the homestead right. The document must contain the following language to release the homestead, “hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of this state” and be signed by the owner and any spouse of the owner of the homestead. See [https://law.justia.com/codes/wyoming/2019/title-34/chapter-2/section-34-2-121/ Wyo. Stat. §34-2-121.]<br /> <br /> ==Power Of Attorney==<br /> *Adopted the Uniform Power of Attorney Act, presumed durable. [https://law.justia.com/codes/wyoming/2019/title-3/chapter-9/article-1/ Wy. Stat §3-9-101 - 123]<br /> <br /> ==Construction Liens==<br /> *Mechanics/Construction lien must be filed within 120(subcontractors, laborers, etc.) or 150 (original contractor) days of completion of work of filing Ntc of Substantial Completion / Action to foreclose must commence in 180 days following filing of lien. [https://law.justia.com/codes/wyoming/2019/title-29/chapter-2/section-29-2-106/ Wy.Stat. 29-2-106] &amp; [https://law.justia.com/codes/wyoming/2019/title-29/chapter-2/section-29-2-109/ 29-2-109]<br /> *Multiple notices needed. [https://levy-law.com/wyoming-state-lien-law-summary/ Good Summary linked here]<br /> <br /> ==Foreclosure Review==<br /> *Notice and Advertisement (non-judicial) is most common, but judicial is available if the lien does not include express Power of Sale. Mortgage is most common. Deeds of Trust just cause confusion. <br /> <br /> ==Instrument Requirements==<br /> *A [https://www.conversecounty.org/DocumentCenter/View/328/Statement-of-Consideration-PDF?bidId= Wyoming Statement of Consideration (PDF)] disclosing the financial information of the transaction must accompany each deed. <br /> *It's the buyer's responsibility to fully complete the Statement which is a confidential document used by the County Assessor to determine market value of all property in the county. [https://www.conversecounty.org/DocumentCenter/View/327/Additional-Information-on-Statements-of-Considerations-PDF?bidId= Additional information on Statements of Considerations (PDF)] is available. Documents must be clearly readable and reproducible.<br /> <br /> ==Who May Serve As Trustee On Deed Of Trust==<br /> *Wyoming allows both Deed of Trust and Mortgage. Mortgages are standard. <br /> *A title insurer or title agent may reconvey a trust deed or release a mortgage regardless of whether the title insurer or title agent is named as a trustee. [https://law.justia.com/codes/wyoming/2019/title-34/chapter-1/article-1/section-34-1-146/ Wyo. Stat. § 34-1-146.] <br /> *Thirty (30) day writing period before recording a reconveyance or release and after mailing notice of intent. [https://law.justia.com/codes/wyoming/2019/title-34/chapter-1/article-1/section-34-1-147/ Wyo. Stat. § 34-1-147.] <br /> <br /> ==Time Limitations==<br /> *US Judgment Liens 20 years, renewable for 20 years<br /> *State Court Judgment Liens 5 years<br /> *Federal Tax Liens 10 years (+30 days); can be refiled<br /> *Estate Tax Lien Federal 10 years<br /> *Mechanics/Construction lien must be filed within 120(subcontractors, laborers, etc.) or 150 (original contractor) days of completion of work of filing Ntc of Substantial Completion / Action to foreclose must commence in 180 days following filing of lien. [https://law.justia.com/codes/wyoming/2019/title-29/chapter-2/section-29-2-106/ Wy.Stat. 29-2-106] &amp; [https://law.justia.com/codes/wyoming/2019/title-29/chapter-2/section-29-2-109/ 29-2-109]<br /> **Extensions cannot exceed twice the time within which the lien would have to be filed (i.e. 300 days contractor and 240 days all others).<br /> *Financing Statements effective for 10 years (5 years if before July 1, 2013). [https://law.justia.com/codes/wyoming/2019/title-34-1/article-9/part-5/subpart-1/section-34-1-9-515/ Wyo. Stat. § 34.1-9-515.]<br /> *Mortgages<br /> **Every mortgage of real estate, containing a power of sale upon default, may be foreclosed by advertisement within ten (10) years after the maturing of such mortgage or the debt secured thereby, or after the recording [https://law.justia.com/codes/wyoming/2019/title-34/chapter-4/section-34-4-102/ Wyo. Stat. § 34.4.102].<br /> <br /> ==Odd Stuff==<br /> *Cancellation/Commitment fee is not prohibited in this state. <br /> <br /> ==Probate==<br /> *Wyoming does not have a separate estate or inheritance or gift tax.<br /> *Ancillary Administration procedure is required when a nonresident's estate has property in Wyoming valued not exceeding two hundred thousand dollars ($200,000.00) [https://law.justia.com/codes/wyoming/2019/title-2/chapter-11/article-2/section-2-11-201/ Wy. Stat. §2-11-201]<br /> *Intestate succession statute [https://law.justia.com/codes/wyoming/2019/title-2/chapter-4/article-1/ Wy. Stat. §2.4.101-108.]</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=WY_Underwriting_Summary&diff=5865 2021-05-14T15:58:10Z

<p>Craigtrummel: /* Property Tax */</p> <hr /> <div><br /> ==Search/Exam==<br /> *No state law minimum period of time for a search.<br /> *Under [https://law.justia.com/codes/wyoming/2019/title-34/chapter-10/section-34-10-103/ Wy. Stat. §34-10-103], the search periods are not less than forty (40) years at time the marketability is to be determined. <br /> *Surveys are done for Extended – Expanded Coverage policies. These policies are not common in WY. Survey needed is the ALTA/NSPS survey for extended coverage.<br /> <br /> ==UPL==<br /> *Title insurer or agent may engage in the escrow, settlement or closing business provided that funds deposited in connection with any escrow are deposited separately. [https://law.justia.com/codes/wyoming/2019/title-26/chapter-23/article-3/section-26-23-314/ Wyo. Stat. §26-23-314.]<br /> *No title insurance within the state may be issued unless based upon adequate evidence of the current condition of title, certified in writing, as of the date of the policy by either (1) an authorized abstractor with a complete set of abstract records of title of all real estate in the county or (2) an attorney authorized to practice in Wyoming provides an opinion as to the condition of the title following a review of the pertinent title records or abstracts. See [https://law.justia.com/codes/wyoming/2019/title-26/chapter-23/article-3/section-26-23-308/ Wyo. Stat. §26-23-308] and [https://law.justia.com/codes/wyoming/2019/title-33/chapter-2/section-33-2-101/ §33-2-101.]<br /> *Title insurance companies authorized to do business in the State of Wyoming and their licensed agents are not prohibited from preparing certain documents on standardized forms prepared by a licensed Wyoming lawyer.<br /> *Title insurance companies and their licensed agents may only prepare closing statements and releases which do not affect judgment liens. [https://casetext.com/rule/wyoming-court-rules/wyoming-rules-governing-the-state-bar-attorney-conduct-and-eligibility-to-practice-law/rules-governing-the-wyoming-state-bar-and-the-authorized-practice-of-law/rule-7-authorization-to-practice-law Wyo. R. State Bar, Att’y Cond. &amp; Prac. 7.]<br /> <br /> ==Vesting==<br /> *Judgement lien attaches: <br /> **For judgements before 1999, the first day of the term at which judgment is rendered.<br /> **For judgements after 1999, from recording of the judgment with the County Clerk.<br /> <br /> ==Property Tax ==<br /> *Fifty percent(50%) of real estate taxes are due on and after September 1 and payable on November 10 in each year. The remaining 50% is due on and after March 1 and payable on and after May 10 of the following calendar year. [https://law.justia.com/codes/wyoming/2019/title-39/chapter-13/section-39-13-107/ Wyo. Stat. Ann. § 39-13-107(b)(i)(D).]<br /> *The holder of a tax deed takes the title of the taxpayer and receives at least constructive possession of the land.<br /> *The tax deed obliterates all prior encumbrances<br /> * Tax deeds present hazardous risk when insuring conveyance out of tax deed grantee to a BFP; underwriting review and approval required<br /> <br /> ==Mortgage/Transfer Tax==<br /> *No Mortgage tax in Wyoming<br /> *No transfer tax in Wyoming <br /> <br /> ==Spousal Joinder Requirements/Homestead==<br /> *A spouse not in title must join in the conveyance/mortgage of homestead property. See [https://law.justia.com/codes/wyoming/2019/title-34/chapter-2/section-34-2-121/ Wyo. Stat. §34-2-121.]<br /> *Every owner or occupant of a homestead must execute the deed or security instrument to properly encumber or convey the homestead right. The document must contain the following language to release the homestead, “hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of this state” and be signed by the owner and any spouse of the owner of the homestead. See [https://law.justia.com/codes/wyoming/2019/title-34/chapter-2/section-34-2-121/ Wyo. Stat. §34-2-121.]<br /> <br /> ==Power Of Attorney==<br /> *Adopted the Uniform Power of Attorney Act, presumed durable. [https://law.justia.com/codes/wyoming/2019/title-3/chapter-9/article-1/ Wy. Stat §3-9-101 - 123]<br /> <br /> ==Construction Liens==<br /> *Mechanics/Construction lien must be filed within 120(subcontractors, laborers, etc.) or 150 (original contractor) days of completion of work of filing Ntc of Substantial Completion / Action to foreclose must commence in 180 days following filing of lien. [https://law.justia.com/codes/wyoming/2019/title-29/chapter-2/section-29-2-106/ Wy.Stat. 29-2-106] &amp; [https://law.justia.com/codes/wyoming/2019/title-29/chapter-2/section-29-2-109/ 29-2-109]<br /> *Multiple notices needed. [https://levy-law.com/wyoming-state-lien-law-summary/ Good Summary] <br /> <br /> ==Foreclosure Review==<br /> *Notice and Advertisement (non-judicial) is most common, but judicial is available if the lien does not include express Power of Sale. Mortgage is most common. Deeds of Trust just cause confusion. <br /> <br /> ==Instrument Requirements==<br /> *A [https://www.conversecounty.org/DocumentCenter/View/328/Statement-of-Consideration-PDF?bidId= Wyoming Statement of Consideration (PDF)] disclosing the financial information of the transaction must accompany each deed. <br /> *It's the buyer's responsibility to fully complete the Statement which is a confidential document used by the County Assessor to determine market value of all property in the county. [https://www.conversecounty.org/DocumentCenter/View/327/Additional-Information-on-Statements-of-Considerations-PDF?bidId= Additional information on Statements of Considerations (PDF)] is available. Documents must be clearly readable and reproducible.<br /> <br /> ==Who May Serve As Trustee On Deed Of Trust==<br /> *Wyoming allows both Deed of Trust and Mortgage. Mortgages are standard. <br /> *A title insurer or title agent may reconvey a trust deed or release a mortgage regardless of whether the title insurer or title agent is named as a trustee. [https://law.justia.com/codes/wyoming/2019/title-34/chapter-1/article-1/section-34-1-146/ Wyo. Stat. § 34-1-146.] <br /> *Thirty (30) day writing period before recording a reconveyance or release and after mailing notice of intent. [https://law.justia.com/codes/wyoming/2019/title-34/chapter-1/article-1/section-34-1-147/ Wyo. Stat. § 34-1-147.] <br /> <br /> ==Time Limitations==<br /> *US Judgment Liens 20 years, renewable for 20 years<br /> *State Court Judgment Liens 5 years<br /> *Federal Tax Liens 10 years (+30 days); can be refiled<br /> *Estate Tax Lien Federal 10 years<br /> *Mechanics/Construction lien must be filed within 120(subcontractors, laborers, etc.) or 150 (original contractor) days of completion of work of filing Ntc of Substantial Completion / Action to foreclose must commence in 180 days following filing of lien. [https://law.justia.com/codes/wyoming/2019/title-29/chapter-2/section-29-2-106/ Wy.Stat. 29-2-106] &amp; [https://law.justia.com/codes/wyoming/2019/title-29/chapter-2/section-29-2-109/ 29-2-109]<br /> **Extensions cannot exceed twice the time within which the lien would have to be filed (i.e. 300 days contractor and 240 days all others).<br /> *Financing Statements effective for 10 years (5 years if before July 1, 2013). [https://law.justia.com/codes/wyoming/2019/title-34-1/article-9/part-5/subpart-1/section-34-1-9-515/ Wyo. Stat. § 34.1-9-515.]<br /> *Mortgages<br /> **Every mortgage of real estate, containing a power of sale upon default, may be foreclosed by advertisement within ten (10) years after the maturing of such mortgage or the debt secured thereby, or after the recording [https://law.justia.com/codes/wyoming/2019/title-34/chapter-4/section-34-4-102/ Wyo. Stat. § 34.4.102].<br /> <br /> ==Odd Stuff==<br /> *Cancellation/Commitment fee is not prohibited in this state. <br /> <br /> ==Probate==<br /> *Wyoming does not have a separate estate or inheritance or gift tax.<br /> *Ancillary Administration procedure is required when a nonresident's estate has property in Wyoming valued not exceeding two hundred thousand dollars ($200,000.00) [https://law.justia.com/codes/wyoming/2019/title-2/chapter-11/article-2/section-2-11-201/ Wy. Stat. §2-11-201]<br /> *Intestate succession statute [https://law.justia.com/codes/wyoming/2019/title-2/chapter-4/article-1/ Wy. Stat. §2.4.101-108.]</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=Mortgages_in_Washington&diff=5726 2021-02-24T17:28:55Z

<p>Craigtrummel: </p> <hr /> <div>Mortgages and Deeds of Trust<br /> <br /> Deeds of Trust are most common form of voluntary security in Washington and allow for non-judicial foreclosure for non-agricultural property. RCW Chapter 61.24 governs deeds of trust and non-judicial foreclosure of deed of trust.<br /> <br /> Trustees identified in the deed of trust must be attorney, title insurer or agent. RCW 61.24.010 more fully identifies the qualifications of a trustee. <br /> <br /> In Washington, by common law, if a deed of trust or mortgage is mistakenly released of record, a court should reinstate it if there is no prejudice to a third party. U.S. Bank National Association v. Oliverio, 109 Wash. App. 68, 33 P.3d 1104 (2001); Mutual Reserve Association v. Zeran, 152 Wash. 342, 348, 277 P. 984 (1929).</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=Mortgages_in_Washington&diff=5724 2021-02-24T16:27:50Z

<p>Craigtrummel: Mortgages and Deeds of Trust</p> <hr /> <div>Mortgages and Deeds of Trust<br /> <br /> In Washington, by common law, if a deed of trust or mortgage is mistakenly released of record, a court should reinstate it if there is no prejudice to a third party. U.S. Bank National Association v. Oliverio, 109 Wash. App. 68, 33 P.3d 1104 (2001); Mutual Reserve Association v. Zeran, 152 Wash. 342, 348, 277 P. 984 (1929).</div>

Craigtrummel https://uww.wfgnationaltitle.com/index.php?title=Purchase_Money_Deeds_of_Trust_in_Idaho&diff=5477 2020-07-08T22:49:59Z

<p>Craigtrummel: Priority of Purchase Money lien</p> <hr /> <div>Idaho Code 45-112 – Priority of Purchase Money Mortgage<br /> Current as of: 2018 <br /> <br /> Idaho Code 45-112<br /> Mortgage: The written agreement pledging property to a creditor as collateral for a loan.<br /> Property: includes both real and personal property. See Idaho Code 73-114<br /> Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.<br /> A mortgage given for the price of real property, at the time of its conveyance, has priority over all other liens created against the purchaser, subject to the operation of the recording laws.</div>

Craigtrummel