WFG Wiki - User contributions [en]

PA Operations Summary

2018-09-25T20:25:35Z

Jimclarke:

==Licensed Entity:==
*WFG NATIONAL TITLE INSURANCE COMPANY
*See Attached [http://wiki.wfgstaging.com/images/d/d4/Pennsylvania_HUD-1.pdf HUD Sample] for Additional Information

==Banking Information==
*Bank account -- <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>
*Checks stale dated after -- ___ days of issuance
*Good Funds Law -- <<INSERT ANY DE MINIMUS AMOUNT>>
*Disbursements Requirements -- <<INSERT IF WFG REQUIRES CD?>>
*Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- NO
==Escrow/Settlement==
*Who can prepare the HUD -- No restrictions
*Who can sign the HUD (EO/LTP/Attorney) -- No restrictions
*Who orders hazard insurance -- Customary -
*When is transaction consummated for new HUDS --
*Record before/after disburse -- Record first
*Filed/restricted escrow rates -- If yes, see <<HUD OR SEPARATE SHEET>>
*Record retention requirements --
*Is an attorney involved in the closing -- If yes, explanation attached
*Who can handle loan document signing -- Notary signing permitted but cannot pass thru charge
*Doc Prep Restrictions -- Non-standard docs must be prepared by attorney
*Use Escrow Instructions or not -- No
*Use Estimated HUD or Final -- Final
*Pass-thru charges -- Limited – Rate Manual Sections 2.1 & 3.4
*Rates Inclusive or not – Inclusive with exceptions
**Section 2.3 of the Pennsylvania Rate Manual allows a separate search and/or examination fee "in specially difficult title matters". Those matters would include "multiple chains of title, land under water, coal, oil, gas or mineral searches, railroad property searches, land in beds of streets, rights-of-way, driveways, foreclosures, tax sales, proceedings under federal bankruptcy or state insolvency related statutes, or … other unusual difficulties or unusual expenditures".
**Pass through Charges permitted for Tax Searches or certifications,water and sewer searches, municipal lien searches, domestic relations and support lien searches, corporate lien searches, corporate good standing certificates, UCC, condo & coop certificates.
**Settlement fee included in title premium. Settlement conducted outside of office or after hours could be considered an unusual expenditure and passed through to customer. Fee must be reasonably related to expenditure.
**Escrow Fees permitted where the closing agent is going to hold funds for an extended period of time after closing. Otherwise part of inclusive premium.
Must be written Escrow Agreement; $25 for first 6 months and minimum charge of $25 for each year beyond initial 6 months.
**No disbursement fee, but wire fees may be passed through at cost.
**Courier/Overnight fees may be charged at cost, but only if a party to the transaction requests overnight delivery
*Cancellation Fee -- minimum $100.00 for cancellation. §3.1 of the Pennsylvania Rate Manual
*Up Charging -- No
*Junk Charges -- No
*Special HUD Requirements --
*Special Disclosures -- Yes – Rate Manual Section 2.9 & 5.1A
*CPL -- $125, remitted entirely to underwriter
*UPL Issues -- No
*Joinder of non-titled spouse – No, unless pending divorce
*Survey Required -- No

==Audits==
*Required -- No; Insurance Department may conduct a random audit
==Recording Process==
*E-recording -- County list of e-recording attached
*Record before disbursement --
*Special recording procedure -- <<WALK THRU??>>
==Recording/Document Requirements==
*Marital Status Stated -- Not Required (but customary)
*Transfer Tax -- 2% - 4% purchase price depending on county. Customary to divide the tax equally between buyer and seller. If one of the parties is exempt from the tax, the other party must pay the entire tax (tax is imposed on the transaction, not the parties). If both parties are exempt, no tax due.
*Mortgage Tax -- No
*Address for grantor/grantee/property -- Required for grantee and mortgagee
*Witnesses -- Not required
*Names typed/printed -- Yes-under all signatories
*Prepared by/return to -- Required
*Notary Stamp/requirements -- Ink stamp with name of municipality and county in which notary maintains an office and the expiration date of the notary’s commission
*Parcel or tax index number -- Required
*Recitation of Consideration -- Required
*Derivation Clause -- Not required but customary
*Corporate Signatures/Attestation -- Corporate Officer
*Ink Color/Font -- No specific requirement
*Legal Description -- State, County, Municipality, Uniform Parcel ID, (filed map or metes & bounds description generally required for insurability).
*Margins -- Most counties require 1 inch margin on all sides with first page of document also having a 3 inch margin at the top.
*Other Special Recording: --
==Document Types==
*Conveyance -- Warranty Deed, Quit Claim Deed, Executors or Administrator’s Deed. Special Warranty Deeds are customary. Quit Claim Deeds are generally not insurable. Consider a "Warrantless, Conveyance Deed" be used instead of a Quit Claim Deed
*Security Instrument -- Mortgage
*Release -- Satisfaction of Mortgage (Partial Release if applicable)
==Tenancies==
*Tenants in Common -- Yes & presumed
*Joint Tenants -- Yes
*Tenancy by Entireties -- Yes
*Community Property -- No
*Homestead -- No
*Joinder of Non-titled Spouse -- Only if pending divorce
==Taxes==

----
Caution
Tax Years, assessment dates and due dates may vary depending on the assessing body – Care should be exercised in computing pro-rations

----

*Tax Year -- Local: Calendar; County: Calendar; School: Fiscal (July 1 through June 30) except for school districts of the first class, which are calendar year.
*Due Dates - County and Local taxes or Philadelphia, Pittsburgh and Scranton City taxes--By April 31 of the taxing year; October 31 of the taxing year for School Districts other than Philadelphia, after which time the taxes are considered delinquent and an automatic lien dating as the first day of the taxing year.
*Lien Date: If not paid, taxes become a lien against the property as of the first day of the taxing year.
*Lien Duration: Once filed, the lien endures until paid or 20 years from the date of filing the claim, if not revived within that time for an additional 20 year period.
==Commitment/Policy Special Requirements==
*Who can sign Commitment/Policy -- Pennsylvania Licensed Producer
*Other --
==Payment Customs==
*Owner’s Policy? Purchaser
*Transfer Tax & Recording Fee? Transfer tax costs are split evenly between the parties. Recording fees are split as follows: purchaser for deed; seller for releases/satisfactions
*Survey Charges? Purchaser
*Closing/Settlement Fees? Purchaser; seller for municipal certificates
==Post Closing Requirements==
*Recon follow up required –
==Withholding Requirements==
*No State law withholding required for out of state property sellers

Tenancies in New Jersey

2018-07-12T22:26:10Z

Jimclarke: /* Creation */

=Tenancy by the Entirety=
:A tenancy by entirety shall be created when:
a. A husband and wife together take title to an interest in real property or personal property under a written instrument designating both of their names as husband and wife; or
b. A husband and wife become the lessees of real property or personal property under a written instrument containing an option to purchase designating both of their names as husband and wife; or
c. An owner spouse conveys or transfers an interest in real property or personal property to the non-owner spouse and the owner spouse jointly under written instrument designating both of their names as husband and wife.
Language which states “...... and ......, his wife” or “.......... and .........., her husband” shall be deemed to create a tenancy by the entirety. NJSA 46:3-17.2

=Joint Tenants with Right of Survivorship=

==Creation==

46:3-17. Tenancies in common; joint tenancies

From and after February fourth, one thousand eight hundred and twelve, no estate shall be considered and adjudged to be an estate in joint tenancy, except it be expressly set forth in the grant or devise creating such estate that it was or is the intention of the parties to create an estate in joint tenancy and not an estate of tenancy in common, any law, usage, or decision theretofore made, to the contrary notwithstanding.

=Tenancy in Common=

Tenancies in New Jersey

2018-07-12T22:15:31Z

Jimclarke: /* Tenancy by the Entirety */

Tenancies in New Jersey

2018-07-12T22:14:45Z

Jimclarke:

Tenancies in New Jersey

2018-07-12T22:14:17Z

Jimclarke: /* Tenancy by the Entirety */

Tenancies in New Jersey

2018-07-12T22:11:33Z

Jimclarke:

=Tenancy by the Entirety=

=Joint Tenants with Right of Survivorship=

==Creation==

=Tenancy in Common=

Tenancies in New Jersey

2018-07-12T22:09:08Z

Jimclarke: Created page with "=Tenancy by the Entirety= Joint Tenants with Right of Survivorship ==Creation== =Tenancy in Common="

=Tenancy by the Entirety=

Joint Tenants with Right of Survivorship
==Creation==

=Tenancy in Common=

Tenancies

2018-07-12T21:56:47Z

Jimclarke:

=Tenancy by the Entirety=

=Joint Tenants with Right of Survivorship=
==Creation==

=Tenancy in Common=

==Overview==
Tenancies are the way in which one or more grantees hold title. They originally existed at common law, but several states have modified these by statute and case law.

==Common Types==
There are several forms of tenancy recognized at common law. Below are the most common that are still in use today although not all exist in every state.

===Tenancy in Severalty===
This is the common law name for when a property is owned by one individual or company. Although the term is not common, this form of tenancy is common.

===Tenancy by the Entirety===
This is common law tenancy reserved for married couples. It has been abolished in about half of the states. In the state where it still exists, married couples are usually presumed to take title this way. A few states require specific language to create this tenancy between married couples.

In this form of tenancy, spouses are considered to exist as a single undivided entity unique and different from each spouse. In most states that recognize this tenancy, this has the effect of barring debts incurred solely by one spouse from attaching to property owned as tenants by the entirety. The other advantage of this tenancy is that upon the death of one spouse, the entire estate automatically vests in the surviving spouse.

===Joint Tenancy with Right of Survivorship===
This is a common law tenancy for two or more individuals and/or companies. It still exists in most states. It was presumed at common law. This presumption has been abolished in most states and so this form of tenancy usually cannot be created unless there is specific language expressing the intent to create this tenancy between two or more owners.

===Tenancy in Common===
This is a common law tenancy for two or more individuals and/or companies. It does not, however, come with a right of survivorship and therefore the interest of any decease person must pass through probate in order to be conveyed. Unlike the two tenancies listed above, this form of tenancy typically allows unequal shares in the property to be assigned to the various co-owners.

==State Specifics==

{| class="wikitable" style="width: 100%;"
|-
| style="width: 25%;"| [[Tenancies in Alabama | Alabama]]
| style="width: 25%;"| [[Tenancies in Illinois | Illinois]]
| style="width: 25%;"| [[Tenancies in Montana | Montana]]
| style="width: 25%;"| [[Tenancies in Rhode Island | Rhode Island]]
|-
| style="width: 25%;"| [[Tenancies in Alaska | Alaska]]
| style="width: 25%;"| [[Tenancies in Indiana | Indiana]]
| style="width: 25%;"| [[Tenancies in Nebraska | Nebraska]]
| style="width: 25%;"| [[Tenancies in South Carolina | South Carolina]]
|-
| style="width: 25%;"| [[Tenancies in Arizona | Arizona]]
| style="width: 25%;"| [[Tenancies in Iowa | Iowa]]
| style="width: 25%;"| [[Tenancies in Nevada | Nevada]]
| style="width: 25%;"| [[Tenancies in South Dakota | South Dakota]]
|-
| style="width: 25%;"| [[Tenancies in Arkansas | Arkansas]]
| style="width: 25%;"| [[Tenancies in Kansas | Kansas]]
| style="width: 25%;"| [[Tenancies in New Hampshire | New Hampshire]]
| style="width: 25%;"| [[Tenancies in Tennessee | Tennessee]]
|-
| style="width: 25%;"| [[Tenancies in California | California]]
| style="width: 25%;"| [[Tenancies in Kentucky | Kentucky]]
| style="width: 25%;"| [[Tenancies in New Jersey | New Jersey]]
| style="width: 25%;"| [[Tenancies in Texas | Texas]]
|-
| style="width: 25%;"| [[Tenancies in Colorado | Colorado]]
| style="width: 25%;"| [[Tenancies in Louisiana | Louisiana]]
| style="width: 25%;"| [[Tenancies in New Mexico | New Mexico]]
| style="width: 25%;"| [[Tenancies in Utah | Utah]]
|-
| style="width: 25%;"| [[Tenancies in Connecticut | Connecticut]]
| style="width: 25%;"| [[Tenancies in Maine | Maine]]
| style="width: 25%;"| [[Tenancies in New York | New York]]
| style="width: 25%;"| [[Tenancies in Vermont | Vermont]]
|-
| style="width: 25%;"| [[Tenancies in Delaware | Delaware]]
| style="width: 25%;"| [[Tenancies in Maryland | Maryland]]
| style="width: 25%;"| [[Tenancies in North Carolina | North Carolina]]
| style="width: 25%;"| [[Tenancies in Virginia | Virginia]]
|-
| style="width: 25%;"| [[Tenancies in District of Columbia | District of Columbia]]
| style="width: 25%;"| [[Tenancies in Massachusetts | Massachusetts]]
| style="width: 25%;"| [[Tenancies in North Dakota | North Dakota]]
| style="width: 25%;"| [[Tenancies in Washington | Washington]]
|-
| style="width: 25%;"| [[Tenancies in Florida | Florida]]
| style="width: 25%;"| [[Tenancies in Michigan | Michigan]]
| style="width: 25%;"| [[Tenancies in Ohio | Ohio]]
| style="width: 25%;"| [[Tenancies in West Virginia | West Virginia]]
|-
| style="width: 25%;"| [[Tenancies in Georgia | Georgia]]
| style="width: 25%;"| [[Tenancies in Minnesota | Minnesota]]
| style="width: 25%;"| [[Tenancies in Oklahoma | Oklahoma]]
| style="width: 25%;"| [[Tenancies in Wisconsin | Wisconsin]]
|-
| style="width: 25%;"| [[Tenancies in Hawaii | Hawaii]]
| style="width: 25%;"| [[Tenancies in Mississippi | Mississippi]]
| style="width: 25%;"| [[Tenancies in Oregon | Oregon]]
| style="width: 25%;"| [[Tenancies in Wyoming | Wyoming]]
|-
| style="width: 25%;"| [[Tenancies in Idaho | Idaho]]
| style="width: 25%;"| [[Tenancies in Missouri | Missouri]]
| style="width: 25%;"| [[Tenancies in Pennsylvania | Pennsylvania]]
| style="width: 25%;"| [[Tenancies in US Territories | US Territories]]
|}

Tenancies

2018-07-12T21:54:53Z

Jimclarke:

*Tenancy by the Entirety

*Joint Tenants with Right of Survivorship
**Creation

*Tenancy in Common

==Overview==
Tenancies are the way in which one or more grantees hold title. They originally existed at common law, but several states have modified these by statute and case law.

==Common Types==
There are several forms of tenancy recognized at common law. Below are the most common that are still in use today although not all exist in every state.

===Tenancy in Severalty===
This is the common law name for when a property is owned by one individual or company. Although the term is not common, this form of tenancy is common.

===Tenancy by the Entirety===
This is common law tenancy reserved for married couples. It has been abolished in about half of the states. In the state where it still exists, married couples are usually presumed to take title this way. A few states require specific language to create this tenancy between married couples.

In this form of tenancy, spouses are considered to exist as a single undivided entity unique and different from each spouse. In most states that recognize this tenancy, this has the effect of barring debts incurred solely by one spouse from attaching to property owned as tenants by the entirety. The other advantage of this tenancy is that upon the death of one spouse, the entire estate automatically vests in the surviving spouse.

===Joint Tenancy with Right of Survivorship===
This is a common law tenancy for two or more individuals and/or companies. It still exists in most states. It was presumed at common law. This presumption has been abolished in most states and so this form of tenancy usually cannot be created unless there is specific language expressing the intent to create this tenancy between two or more owners.

===Tenancy in Common===
This is a common law tenancy for two or more individuals and/or companies. It does not, however, come with a right of survivorship and therefore the interest of any decease person must pass through probate in order to be conveyed. Unlike the two tenancies listed above, this form of tenancy typically allows unequal shares in the property to be assigned to the various co-owners.

==State Specifics==

{| class="wikitable" style="width: 100%;"
|-
| style="width: 25%;"| [[Tenancies in Alabama | Alabama]]
| style="width: 25%;"| [[Tenancies in Illinois | Illinois]]
| style="width: 25%;"| [[Tenancies in Montana | Montana]]
| style="width: 25%;"| [[Tenancies in Rhode Island | Rhode Island]]
|-
| style="width: 25%;"| [[Tenancies in Alaska | Alaska]]
| style="width: 25%;"| [[Tenancies in Indiana | Indiana]]
| style="width: 25%;"| [[Tenancies in Nebraska | Nebraska]]
| style="width: 25%;"| [[Tenancies in South Carolina | South Carolina]]
|-
| style="width: 25%;"| [[Tenancies in Arizona | Arizona]]
| style="width: 25%;"| [[Tenancies in Iowa | Iowa]]
| style="width: 25%;"| [[Tenancies in Nevada | Nevada]]
| style="width: 25%;"| [[Tenancies in South Dakota | South Dakota]]
|-
| style="width: 25%;"| [[Tenancies in Arkansas | Arkansas]]
| style="width: 25%;"| [[Tenancies in Kansas | Kansas]]
| style="width: 25%;"| [[Tenancies in New Hampshire | New Hampshire]]
| style="width: 25%;"| [[Tenancies in Tennessee | Tennessee]]
|-
| style="width: 25%;"| [[Tenancies in California | California]]
| style="width: 25%;"| [[Tenancies in Kentucky | Kentucky]]
| style="width: 25%;"| [[Tenancies in New Jersey | New Jersey]]
| style="width: 25%;"| [[Tenancies in Texas | Texas]]
|-
| style="width: 25%;"| [[Tenancies in Colorado | Colorado]]
| style="width: 25%;"| [[Tenancies in Louisiana | Louisiana]]
| style="width: 25%;"| [[Tenancies in New Mexico | New Mexico]]
| style="width: 25%;"| [[Tenancies in Utah | Utah]]
|-
| style="width: 25%;"| [[Tenancies in Connecticut | Connecticut]]
| style="width: 25%;"| [[Tenancies in Maine | Maine]]
| style="width: 25%;"| [[Tenancies in New York | New York]]
| style="width: 25%;"| [[Tenancies in Vermont | Vermont]]
|-
| style="width: 25%;"| [[Tenancies in Delaware | Delaware]]
| style="width: 25%;"| [[Tenancies in Maryland | Maryland]]
| style="width: 25%;"| [[Tenancies in North Carolina | North Carolina]]
| style="width: 25%;"| [[Tenancies in Virginia | Virginia]]
|-
| style="width: 25%;"| [[Tenancies in District of Columbia | District of Columbia]]
| style="width: 25%;"| [[Tenancies in Massachusetts | Massachusetts]]
| style="width: 25%;"| [[Tenancies in North Dakota | North Dakota]]
| style="width: 25%;"| [[Tenancies in Washington | Washington]]
|-
| style="width: 25%;"| [[Tenancies in Florida | Florida]]
| style="width: 25%;"| [[Tenancies in Michigan | Michigan]]
| style="width: 25%;"| [[Tenancies in Ohio | Ohio]]
| style="width: 25%;"| [[Tenancies in West Virginia | West Virginia]]
|-
| style="width: 25%;"| [[Tenancies in Georgia | Georgia]]
| style="width: 25%;"| [[Tenancies in Minnesota | Minnesota]]
| style="width: 25%;"| [[Tenancies in Oklahoma | Oklahoma]]
| style="width: 25%;"| [[Tenancies in Wisconsin | Wisconsin]]
|-
| style="width: 25%;"| [[Tenancies in Hawaii | Hawaii]]
| style="width: 25%;"| [[Tenancies in Mississippi | Mississippi]]
| style="width: 25%;"| [[Tenancies in Oregon | Oregon]]
| style="width: 25%;"| [[Tenancies in Wyoming | Wyoming]]
|-
| style="width: 25%;"| [[Tenancies in Idaho | Idaho]]
| style="width: 25%;"| [[Tenancies in Missouri | Missouri]]
| style="width: 25%;"| [[Tenancies in Pennsylvania | Pennsylvania]]
| style="width: 25%;"| [[Tenancies in US Territories | US Territories]]
|}

Tenancies

2018-07-12T21:53:18Z

Jimclarke:

*Tenancy by the Entirety

*Joint Tenants with Right of Survivorship

*Tenancy in Common

==Overview==
Tenancies are the way in which one or more grantees hold title. They originally existed at common law, but several states have modified these by statute and case law.

==Common Types==
There are several forms of tenancy recognized at common law. Below are the most common that are still in use today although not all exist in every state.

===Tenancy in Severalty===
This is the common law name for when a property is owned by one individual or company. Although the term is not common, this form of tenancy is common.

===Tenancy by the Entirety===
This is common law tenancy reserved for married couples. It has been abolished in about half of the states. In the state where it still exists, married couples are usually presumed to take title this way. A few states require specific language to create this tenancy between married couples.

In this form of tenancy, spouses are considered to exist as a single undivided entity unique and different from each spouse. In most states that recognize this tenancy, this has the effect of barring debts incurred solely by one spouse from attaching to property owned as tenants by the entirety. The other advantage of this tenancy is that upon the death of one spouse, the entire estate automatically vests in the surviving spouse.

===Joint Tenancy with Right of Survivorship===
This is a common law tenancy for two or more individuals and/or companies. It still exists in most states. It was presumed at common law. This presumption has been abolished in most states and so this form of tenancy usually cannot be created unless there is specific language expressing the intent to create this tenancy between two or more owners.

===Tenancy in Common===
This is a common law tenancy for two or more individuals and/or companies. It does not, however, come with a right of survivorship and therefore the interest of any decease person must pass through probate in order to be conveyed. Unlike the two tenancies listed above, this form of tenancy typically allows unequal shares in the property to be assigned to the various co-owners.

==State Specifics==

{| class="wikitable" style="width: 100%;"
|-
| style="width: 25%;"| [[Tenancies in Alabama | Alabama]]
| style="width: 25%;"| [[Tenancies in Illinois | Illinois]]
| style="width: 25%;"| [[Tenancies in Montana | Montana]]
| style="width: 25%;"| [[Tenancies in Rhode Island | Rhode Island]]
|-
| style="width: 25%;"| [[Tenancies in Alaska | Alaska]]
| style="width: 25%;"| [[Tenancies in Indiana | Indiana]]
| style="width: 25%;"| [[Tenancies in Nebraska | Nebraska]]
| style="width: 25%;"| [[Tenancies in South Carolina | South Carolina]]
|-
| style="width: 25%;"| [[Tenancies in Arizona | Arizona]]
| style="width: 25%;"| [[Tenancies in Iowa | Iowa]]
| style="width: 25%;"| [[Tenancies in Nevada | Nevada]]
| style="width: 25%;"| [[Tenancies in South Dakota | South Dakota]]
|-
| style="width: 25%;"| [[Tenancies in Arkansas | Arkansas]]
| style="width: 25%;"| [[Tenancies in Kansas | Kansas]]
| style="width: 25%;"| [[Tenancies in New Hampshire | New Hampshire]]
| style="width: 25%;"| [[Tenancies in Tennessee | Tennessee]]
|-
| style="width: 25%;"| [[Tenancies in California | California]]
| style="width: 25%;"| [[Tenancies in Kentucky | Kentucky]]
| style="width: 25%;"| [[Tenancies in New Jersey | New Jersey]]
| style="width: 25%;"| [[Tenancies in Texas | Texas]]
|-
| style="width: 25%;"| [[Tenancies in Colorado | Colorado]]
| style="width: 25%;"| [[Tenancies in Louisiana | Louisiana]]
| style="width: 25%;"| [[Tenancies in New Mexico | New Mexico]]
| style="width: 25%;"| [[Tenancies in Utah | Utah]]
|-
| style="width: 25%;"| [[Tenancies in Connecticut | Connecticut]]
| style="width: 25%;"| [[Tenancies in Maine | Maine]]
| style="width: 25%;"| [[Tenancies in New York | New York]]
| style="width: 25%;"| [[Tenancies in Vermont | Vermont]]
|-
| style="width: 25%;"| [[Tenancies in Delaware | Delaware]]
| style="width: 25%;"| [[Tenancies in Maryland | Maryland]]
| style="width: 25%;"| [[Tenancies in North Carolina | North Carolina]]
| style="width: 25%;"| [[Tenancies in Virginia | Virginia]]
|-
| style="width: 25%;"| [[Tenancies in District of Columbia | District of Columbia]]
| style="width: 25%;"| [[Tenancies in Massachusetts | Massachusetts]]
| style="width: 25%;"| [[Tenancies in North Dakota | North Dakota]]
| style="width: 25%;"| [[Tenancies in Washington | Washington]]
|-
| style="width: 25%;"| [[Tenancies in Florida | Florida]]
| style="width: 25%;"| [[Tenancies in Michigan | Michigan]]
| style="width: 25%;"| [[Tenancies in Ohio | Ohio]]
| style="width: 25%;"| [[Tenancies in West Virginia | West Virginia]]
|-
| style="width: 25%;"| [[Tenancies in Georgia | Georgia]]
| style="width: 25%;"| [[Tenancies in Minnesota | Minnesota]]
| style="width: 25%;"| [[Tenancies in Oklahoma | Oklahoma]]
| style="width: 25%;"| [[Tenancies in Wisconsin | Wisconsin]]
|-
| style="width: 25%;"| [[Tenancies in Hawaii | Hawaii]]
| style="width: 25%;"| [[Tenancies in Mississippi | Mississippi]]
| style="width: 25%;"| [[Tenancies in Oregon | Oregon]]
| style="width: 25%;"| [[Tenancies in Wyoming | Wyoming]]
|-
| style="width: 25%;"| [[Tenancies in Idaho | Idaho]]
| style="width: 25%;"| [[Tenancies in Missouri | Missouri]]
| style="width: 25%;"| [[Tenancies in Pennsylvania | Pennsylvania]]
| style="width: 25%;"| [[Tenancies in US Territories | US Territories]]
|}

Tenancies

2018-07-12T21:51:17Z

Jimclarke:

#Tenancy by the Entirety

#Joint Tenants with Right of Survivorship

#Tenancy in Common

==Overview==
Tenancies are the way in which one or more grantees hold title. They originally existed at common law, but several states have modified these by statute and case law.

==Common Types==
There are several forms of tenancy recognized at common law. Below are the most common that are still in use today although not all exist in every state.

===Tenancy in Severalty===
This is the common law name for when a property is owned by one individual or company. Although the term is not common, this form of tenancy is common.

===Tenancy by the Entirety===
This is common law tenancy reserved for married couples. It has been abolished in about half of the states. In the state where it still exists, married couples are usually presumed to take title this way. A few states require specific language to create this tenancy between married couples.

In this form of tenancy, spouses are considered to exist as a single undivided entity unique and different from each spouse. In most states that recognize this tenancy, this has the effect of barring debts incurred solely by one spouse from attaching to property owned as tenants by the entirety. The other advantage of this tenancy is that upon the death of one spouse, the entire estate automatically vests in the surviving spouse.

===Joint Tenancy with Right of Survivorship===
This is a common law tenancy for two or more individuals and/or companies. It still exists in most states. It was presumed at common law. This presumption has been abolished in most states and so this form of tenancy usually cannot be created unless there is specific language expressing the intent to create this tenancy between two or more owners.

===Tenancy in Common===
This is a common law tenancy for two or more individuals and/or companies. It does not, however, come with a right of survivorship and therefore the interest of any decease person must pass through probate in order to be conveyed. Unlike the two tenancies listed above, this form of tenancy typically allows unequal shares in the property to be assigned to the various co-owners.

==State Specifics==

{| class="wikitable" style="width: 100%;"
|-
| style="width: 25%;"| [[Tenancies in Alabama | Alabama]]
| style="width: 25%;"| [[Tenancies in Illinois | Illinois]]
| style="width: 25%;"| [[Tenancies in Montana | Montana]]
| style="width: 25%;"| [[Tenancies in Rhode Island | Rhode Island]]
|-
| style="width: 25%;"| [[Tenancies in Alaska | Alaska]]
| style="width: 25%;"| [[Tenancies in Indiana | Indiana]]
| style="width: 25%;"| [[Tenancies in Nebraska | Nebraska]]
| style="width: 25%;"| [[Tenancies in South Carolina | South Carolina]]
|-
| style="width: 25%;"| [[Tenancies in Arizona | Arizona]]
| style="width: 25%;"| [[Tenancies in Iowa | Iowa]]
| style="width: 25%;"| [[Tenancies in Nevada | Nevada]]
| style="width: 25%;"| [[Tenancies in South Dakota | South Dakota]]
|-
| style="width: 25%;"| [[Tenancies in Arkansas | Arkansas]]
| style="width: 25%;"| [[Tenancies in Kansas | Kansas]]
| style="width: 25%;"| [[Tenancies in New Hampshire | New Hampshire]]
| style="width: 25%;"| [[Tenancies in Tennessee | Tennessee]]
|-
| style="width: 25%;"| [[Tenancies in California | California]]
| style="width: 25%;"| [[Tenancies in Kentucky | Kentucky]]
| style="width: 25%;"| [[Tenancies in New Jersey | New Jersey]]
| style="width: 25%;"| [[Tenancies in Texas | Texas]]
|-
| style="width: 25%;"| [[Tenancies in Colorado | Colorado]]
| style="width: 25%;"| [[Tenancies in Louisiana | Louisiana]]
| style="width: 25%;"| [[Tenancies in New Mexico | New Mexico]]
| style="width: 25%;"| [[Tenancies in Utah | Utah]]
|-
| style="width: 25%;"| [[Tenancies in Connecticut | Connecticut]]
| style="width: 25%;"| [[Tenancies in Maine | Maine]]
| style="width: 25%;"| [[Tenancies in New York | New York]]
| style="width: 25%;"| [[Tenancies in Vermont | Vermont]]
|-
| style="width: 25%;"| [[Tenancies in Delaware | Delaware]]
| style="width: 25%;"| [[Tenancies in Maryland | Maryland]]
| style="width: 25%;"| [[Tenancies in North Carolina | North Carolina]]
| style="width: 25%;"| [[Tenancies in Virginia | Virginia]]
|-
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NJ Operations Summary

2017-03-24T17:00:54Z

Jimclarke: /* Escrow/Settlement */

==Licensed Entity: ==
WFG National Title Insurance Co.
*See [http://wiki.wfgstaging.com/images/4/4a/NewJersey_HUD-1.pdf Attached HUD] Sample for Additional Information
==Banking Information==
*Bank account -- <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>
*Checks stale dated after -- ___ days of issuance
*Good Funds Law -- $1,000
*Disbursements Requirements -- <<INSERT IF WFG REQUIRES CD?>>
*Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- NO
==Escrow/Settlement ==
*Who can prepare the HUD -- Not restricted
*Who can sign the HUD (EO/LTP/Attorney) -- Not restricted
*Who orders hazard insurance -- Customary -
*When is transaction consummated for new HUDS --
*Record before/after disburse -- Disburse then record
*Filed/restricted escrow rates -- Restricted – see notes below
*Record retention requirements -- 15 years regarding insurability
*Is an attorney involved in the closing -- Attorney close is customary in North NJ;
*Who can handle loan document signing -- Notary is acceptable
*Doc Prep Restrictions -- Attorney must prepare legal documents
*Use Escrow Instructions or not -- No
*Use Estimated HUD or Final -- Final
*Pass-thru charges -- Restricted
*Rates Inclusive or not -- Not inclusive
*Cancellation Fee – Required. N.J. Rate Manual Section 3.1.6: When an application for title insurance is canceled prior to closing or when the proposed transaction is not consummated, the cancellation fee shall be the examination charge plus other charges which have been incurred.
*Up Charging -- Prohibited
*Junk Charges -- Prohibited – listed charges only
*Special HUD Requirements --
*Special Disclosures --
*CPL -- Yes - $75
*UPL Issues -- Doc prep
*Joinder of non-titled spouse -- Yes for refinance
*Survey Required --
** Purchase – Yes
**Refinance – No

== New Jersey – Fee Restrictions==
*Search -- See Examination below. Separate charge can be made for Upper Court Searches, Tax Searches, UCC Searches, etc.
*Examination -- Yes. $100 for one chain for Basic county search, $100 for each additional chain. Can charge more for examinations requiring extraordinary expenditures of time and/or expertise. Can also pass through copy charges. ($45 for second continuation search prior to closing)
*Settlement fee --
** Settlement with disbursement: $300 Settlement outside of agent's office: additional $25<ref> Additional charge not applicable if agent does not have an office in NJ available for the customer to sign in; has to be at customer’s request. Mail away/electronic closing is charged as “in office”</ref>
** Settlement outside regular business hours: additional $50<ref> Additional charge not applicable if agent does not have an office in NJ available for the customer to sign in; has to be at customer’s request. Mail away/electronic closing is charged as “in office”</ref>
**Settlements longer than 90 minutes: $25 added for each additional hour or fraction thereof
* Settlement without disbursements: $150
**Outside of office: $175 plus $25 for each hour of travel time and mileage, tolls, parking fees, lodging, etc.
**Outside regular business hours: $200
**Greater than 90 minutes: Add $25 for each additional hour
*Wire fees -- Yes. Charge at cost
*Escrow fees -- Yes. Must be written Escrow Agreement. Charge must be reasonable for administering account. – Escrow does not mean settlement; holding funds for an extended period to secure performance or as indemnity.
*Disbursement fee -- See Settlement fee above
*Document preparation -- Not addressed in rate manual
*Courier/overnight fees -- Yes. Charge at cost
*Receipt and printing of documents (lender's package) transmitted electronically -- Yes. $25 for first set and up to a total of $50 for printing additional sets;
*Recording Service fee; Satisfaction/Partial Release Fee; Subordination Fee -- $5 for each instrument to be recorded except for satisfaction pieces. $75 charge for each mortgage satisfied plus recording fee. Subordinations - $35
*Other charges -- $50 to prepare legal description from survey; $25 for issuance of duplicate policy; Except for settlement statement, deed, mortgage, and mortgage note or bond, can charge $.50 per page for first ten pages, $.25 per page for next ten pages and $.10 per page for all pages over twenty.

----

<references/>

==Audits==
*Required -- No
==Recording Process==
*E-recording -- County list of e-recording attached
*Record before disbursement -- Disburse first
*Special recording procedure --
==Recording/Document Requirements==
*Marital Status Stated -- Not required
*Transfer Tax -- Yes
*Mortgage Tax -- No
*Address for grantor/grantee/property --
*Witnesses -- Not required, but customary for the Notary taking the acknowledgment to act as a witness as well.
*Names typed/printed -- Yes
*Prepared by/return to -- Deeds – Prepared by on 1st page w/signature of preparer
*Notary Stamp/requirements -- Attorney can act as notary – no stamp required for attorney
*Parcel or tax index number -- Required in deeds
*Recitation of Consideration --
*Derivation Clause --
*Corporate Signatures/Attestation --
*Ink Color/Font -- Black, 10 pt minimum
*Legal Description -- Must include state, county & municipality in first paragraph
*Margins -- 4” top right corner 1st page
*Other Special Recording: -- Tax forms required for deeds

==Document Types==
*Conveyance -- Bargain and Sale Deed with covenants against grantor’s acts is typical
*Security Instrument -- Mortgage
*Release -- Satisfaction
==Tenancies==
*Tenants in Common -- Yes
*Joint Tenants -- Yes
*Tenancy by Entireties -- Yes
*Community Property -- No
*Homestead -- Yes
*Joinder of Non-titled Spouse -- Non titled spouse must join in the deed or mortgage if the PIQ is the principal marital residence. Same for same sex couple joined in a civil union. See: N.J.S.A. 3B:28-3: During life every married individual shall be entitled to joint possession with his spouse of any real property which they occupy jointly as their principal matrimonial residence and to which neither dower nor curtesy applies. One who acquires an estate or interest in real property from an individual whose spouse is entitled to joint possession thereof does so subject to such right of possession, unless such right of possession has been released, extinguished or subordinated by such spouse or has been terminated by order or judgment of a court of competent jurisdiction or otherwise.
==Taxes==
*Taxes Levied --
*Taxes due -- 2/1, 5/1, 8/1, 11/1
*Delinquent -- 10 days after due date
==Commitment/Policy Special Requirements==
*Who can sign Commitment/Policy -- NJ Licensed Title Producer N.J.S.A. 11:17A-1.4
*Other --

==Payment Customs==
Buyer typically pays for owners policy, survey and settlement. Seller pays for the realty transfer and recording fees. However the parties may agree to any alternate arrangements.
==Post Closing Requirements==
*Recon follow up required --

NJ Underwriting Summary

2016-12-16T21:03:19Z

Jimclarke: /* Time Limitations */

==Search/Exam==
*Minimum Search Requirements -- No act; customary 60 years back to a deed to a bona fide purchaser. NJ has a 60 year statutory adverse possession period for wild and unimproved lands (20 and 30 year periods for other lands).
*Plant or other search restrictions -- No
*Additional Requirements for REO Searches -- N/A
*Foreclosure Checklist -- N/A
*Special Searches Required (Code, HOA, Utilities)? -- Yes – Upper Court, Tax, Municipal Assessments, Chancery Abstracts, Water Charges, Tidelands
*Survey Requirements --

==UPL==
You do not need to be an attorney to conduct a search, perform an examination of title or conduct settlement functions. Title agents are however prohibited from the unauthorized practice of law and non attorneys may not prepare deeds.
N.J.S.A. 17:46B-13. Prohibition against the practice of law: No title insurance company and no title insurance agent shall engage in the practice of law or render legal services, legal advice or legal opinions.

==Vesting==

New Jersey recognizes tenancy by the entireties and it happens automatically when both spouses take title, unless a contrary intention is expressed. N.J.S.A. 46:3-17.2 and N.J.S.A. 46:3-17.3

==Witness Requirements==
Witnesses are not required although it is customary for the party taking the acknowledgment to act as a witness as well.

==Property Tax ==
Taxes are due quarterly on the following dates:

*First Quarter: February 1.
*Second Quarter: May 1.
*Third Quarter: August 1.
*Fourth Quarter: November 1.

==Mortgage/Transfer Tax==

NJ Realty Transfer Fees:
*Where consideration is less than $350,000:
**$2.00 per $500 or fraction thereof of consideration up to $150,000
**$3.35 per $500 or fraction thereof of consideration in excess of $150,000 but not in excess of $200,000
**$3.90 per $500 or fraction thereof of consideration in excess of $200,000 but not in excess of $350,000
*Where Consideration is GREATER than $350,000:
**$2.90 per $500 or fraction thereof of consideration up to $150,000
**$4.25 per $500 or fraction thereof of consideration in excess of $150,000 but not in excess of $200,000
**$4.80 per $500 or fraction thereof of consideration in excess of $200,000 but not in excess of $550,000
**$5.30 per $500 or fraction thereof of consideration in excess of $550,000 but not in excess of $850,000
**$5.80 per $500 or fraction thereof of consideration in excess of $850,000 but not in excess of $1,000,000
**$6.05 per $500 or fraction thereof of consideration in excess of $1,000,000

Reduced fees for Senior Citizens, Blind Persons, Disabled Persons or property which is low or moderate income:
*Consideration of less than $350,000:
**$ .50 per $500 or fraction thereof of consideration up to $150,000
**$1.25 per $500 or fraction thereof of consideration over $150,000 but not in excess of $350,000
*Consideration Greater than $350,000:
**$1.40 per $500 or fraction thereof of consideration not in excess of $150,000
**$2.15 per $500 or fraction thereof of consideration in excess of $150,000 but not in excess of $550,000
**$2.65 per $500 or fraction thereof of consideration in excess of $550,000 but not in excess of $850,000
**$3.15 per $500 or fraction thereof of consideration in excess of $850,000 but not in excess of $1,000,000
**$3.40 per $500 or fraction thereof of consideration in excess of $1,000,000

"Mansion Tax" There is also due from the buyer 1% of the total consideration for all residential transfers and commercial transactions involving class 4A property where the consideration is in excess of $1,000,000.

non-resident sellers to make an Estimated Gross Income Tax payment upon the sale/transfer of real property located in NJ. This is shown on the settlement statement.

==Spousal Joinder Requirements/Homestead==

Non titled spouse must join in the deed or mortgage if the PQ is the principal marital residence. Similar rights would apply to a same sex couple joined in a civil union. See: N.J.S.A. 3B:28-3: During life every married individual shall be entitled to joint possession with his spouse of any real property which they occupy jointly as their principal matrimonial residence and to which neither dower nor curtesy applies. One who acquires an estate or interest in real property from an individual whose spouse is entitled to joint possession thereof does so subject to such right of possession, unless such right of possession has been released, extinguished or subordinated by such spouse or has been terminated by order or judgment of a court of competent jurisdiction or otherwise.

There is one clear case where a non-title spouse need not join in a mortgage made by the spouse in title. Where a married person is buying property and granting a purchase money mortgage, the nontitle spouse need not join in such a purchase money mortgage. [http://law.justia.com/codes/new-jersey/2013/title-3b/section-3b-28-3.1/ N.J.S.A. 3B:28-3.1] (c) specifically grants such mortgages priority over the right of possession.

==Power Of Attorney==

==Construction Liens==

==Foreclosure Review==

==Instrument Requirements ==

==Who May Serve As Trustee On Deed Of Trust==
Mortgages are customary in N.J.

==Time Limitations==

*US Judgment Liens -- 20 years, renewable for 20 years
*State Court Judgment Liens -- 20 years
*Federal Tax Liens -- 10 years (+30 days); can be refiled
*State Tax Liens -- 20 years
*Estate Tax Lien -- Federal 10 years
*State Inheritance Tax Liens --
*Mechanics Liens -- 1 year
*Financing Statements -- 5 years, can be renewed for 5 year terms
*Mortgages -- 20 years from default
*HOA Liens --
*Condominium assessments --
*Child Support Liens --

==Odd Stuff==

*N.J.S.A. 46:18-11.7 allows for a NJ attorney or title insurance producer, who has made payment in full on a mortgage, to submit for recording a discharge executed as attorney in fact for the owner or holder of the mortgage provided that it is accompanied by an affidavit setting forth the circumstances of payment. The form of affidavit is provided in the statute.