CT Operations Summary

From WFG Wiki

Licensed Entity:

A Connecticut Licensed Attorney

  • See 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 -- Yes, no de minimus
  • Disbursements Requirements -- <<INSERT IF WFG REQUIRES CD?>>
  • Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- IOTA if attorney is disbursing

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 -- No
  • Record retention requirements -- 10 years
  • Is an attorney involved in the closing -- Traditionally, attorney’s handle closings;
  • Who can handle loan document signing -- Traditionally – attorneys do but not required
  • Doc Prep Restrictions -- Doc Prep is UPL
  • Use Escrow Instructions or not -- No
  • Use Estimated HUD or Final -- Final
  • Pass-thru charges -- Not restricted
  • Rates Inclusive or not -- Not
  • Up Charging -- Not restricted
  • Junk Charges -- Not restricted
  • Special HUD Requirements -- None
  • Special Disclosures -- None
  • CPL --
  • UPL Issues -- Only attorneys can be agents; doc prep is UPL
  • Joinder of non-titled spouse – Not Required
  • Survey Required -- Owners – affidavit required; Loan policy – no

Audits

  • Required -- No

Recording Process

  • E-recording --
  • Record before disbursement -- Disburse then record
  • Special recording procedure -- Additional Docs required on Deeds

Recording/Document Requirements

  • Marital Status Stated -- Not required
  • Transfer Tax – Yes called a conveyance tax. State portion of the conveyance tax is uniform throughout the State but vary depending on the type of property. Refer to Conn. Gen. Stat. §12-494 et seq., and Department of Revenue Services Form OP-236.

The municipal portion of the conveyance tax varies across the State. This rate is available by contacting the town clerk’s office.

  • Mortgage Tax -- No
  • Address for grantor/grantee/property -- Grantee required
  • Witnesses -- 2 required + Notary – Deed & Mortgage
  • Names typed/printed --
  • Prepared by/return to -- Not required
  • Notary Stamp/requirements -- Attorney acknowledgment must show title
  • Parcel or tax index number -- Not required
  • Recitation of Consideration -- Not required
  • Derivation Clause -- Not Required
  • Corporate Signatures/Attestation --
  • Ink Color/Font -- Black or Blue; 10 pt minimum
  • Legal Description --
  • Margins -- 3.5” x 5” top right; 1” all others
  • Other Special Recording: -- Real Estate tax return doc for deeds – recording in each town clerk’s office – not county

Document Types

  • Conveyance --
  • Security Instrument -- Mortgage
  • Release -- * Conn. Gen. Stat. § 49-8a permits the recording of an affidavit by an attorney or an officer of a title insurer to release a lien. Specific requirements must be met.

Tenancies

  • Tenants in Common -- Yes
  • Joint Tenants -- Yes
  • Tenancy by Entireties -- Not recognized
  • Community Property -- No
  • Homestead -- No
  • Joinder of Non-titled Spouse – Not required

Taxes

  • Taxes Levied --
  • Taxes due -- 7/1 and 1/1
  • Delinquent --

Commitment/Policy Special Requirements

  • Who can sign Commitment/Policy -- CT Attorney only
  • Other -- CT Attorney only


Payment Customs

  • Buyer pays for owners policy.
  • Seller pays transfer tax. Seller pays recording fee for clearance items (e.g., release of mortgage); *Buyer pays recording fee for instruments of conveyance and financing instruments.
  • Buyer pays Survey Charges

Buyer and Seller each pay own Closing/Settlement Fees

Post Closing Requirements

  • Recon follow up required –

Withholding Requirements

None