WV Underwriting Summary

From WFG Wiki

Search/Exam

  • Minimum Search Requirements -- No act
  • Plant or other search restrictions -- Attorney opinion required; search must be under attorney supervision
  • Additional Requirements for REO Searches -- N/A
  • Foreclosure Checklist -- N/A
  • Special Searches Required (Code, HOA, Utilities)? --
  • Survey Requirements --
    • Purchase – no
    • Refinance – no
  • UPL Hot Button Issues --

UPL

Unauthorized Practice of Law opinion (UPL) states that attorneys must be directly or indirectly involved with all aspects of closings, including the search of the public records; contract searches should be done by or under the supervision of a West Virginia attorney. Title insurance may only be issued upon an opinion by a licensed West Virginia attorney.

Vesting

Witness Requirements

Acknowledgment only; witnesses are not required on any deed or security instrument.

Mortgage/Transfer Tax

Privilege tax paid by seller, uniform throughout the state.

There is no mortgage tax and no deed tax to grantees.

Spousal Joinder Requirements/Homestead

Power Of Attorney

  • Must contain express power to deal in real estate Durable Power of Attorney Act adopted in 1986 (W. Va. Code § 39-4-1 et seq.)

Construction Liens

Foreclosure Review

Instrument Requirements

Who May Serve As Trustee On Deed Of Trust

Time Limitations

  • US Judgment Liens -- 20 years, renewable for 20 years
  • State Court Judgment Liens -- 10 years
  • Federal Tax Liens -- 10 years (+30 days); can be refiled
  • State Tax Liens -- 10 years
  • Estate Tax Lien -- Federal 10 years
  • State Inheritance Tax Liens -- Enforcement of tax claim against devisees/heirs barred after two years from distribution or filing of appraisement.
  • Mechanics Liens -- 6 months unless suit filed
  • Financing Statements -- 5 years, renewable for 5 years
  • Mortgages -- 1921-1998 20 years after maturity: 1998 – 5 years after maturity; no maturity then 35 year after date of lien
  • HOA Liens -- 3 years to file suit
  • Condominium assessments --
  • Child Support Liens –

Odd Stuff