AZ Operations Summary - Revision history

Abfields at 18:24, 12 December 2014

2014-12-12T18:24:33Z

Abfields: /* Search/Exam */

2014-12-12T18:17:02Z

‎Search/Exam

Abfields: /* UPL */

2014-12-12T18:14:25Z

‎UPL

Abfields: /* UPL */

2014-11-07T00:22:24Z

‎UPL

Abfields: /* Licensed Entity */

2014-10-18T23:11:18Z

‎Licensed Entity

Abfields: /* AUDITS */

2014-10-18T23:10:37Z

‎AUDITS

Abfields: Created page with "==Licensed Entity== WFG NATIONAL TITLE INSURANCE COMPANY See Attached HUD Sample for Additional Information ==Banking Information == *Bank account/AZ 4129635173/Wells Fargo B..."

2014-10-18T23:06:08Z

Created page with "==Licensed Entity== WFG NATIONAL TITLE INSURANCE COMPANY See Attached HUD Sample for Additional Information ==Banking Information == *Bank account/AZ 4129635173/Wells Fargo B..."

New page

==Licensed Entity==
WFG NATIONAL TITLE INSURANCE COMPANY
See Attached HUD Sample for Additional Information
==Banking Information ==

*Bank account/AZ 4129635173/Wells Fargo Bank

*Bank account/CD 4126925320/Wells Fargo Bank

*Bank account/LS Waiting for response from LS

*Good Funds Law Yes

*Disbursements Requirements

*Special Bank Requirements (IOLTA or IOTA or account specific to that state’s funds) Bank must be domiciled in Arizona
==Escrow/Settlement==

*Who can prepare the HUD Escrow Officer

*Who can sign the HUD (EO/LTP/Attorney) Escrow Officer

*Who orders hazard insurance Customarily - Lender

*When is transaction consummated for new HUDs

*Record before/after disburse Record first by custom

*Filed/restricted escrow rates Yes, see HUD Sample/rates info

*Record retention requirements 7 years

*Is an attorney involved in the closing No

*Who can handle loan document signing Notary signing permissible

*Doc/Deed Prep Restrictions Legal docs must be prepared by AZ licensed attorney

*Use Escrow Instructions or not Yes

*Use Estimated HUD or Final Estimated customary

*Pass-thru charges Yes

*Rates Inclusive or not Inclusive of Search and Exam

*Up Charging No – filed escrow rates

*Junk Charges No – filed escrow rates

*Special HUD Requirements No

*Special Disclosures Yes – CPL availability; Yes – regarding no insurance on monies in escrow accounts; Yes – right to earn interest;

*CPL Yes

*UPL Issues Legal docs must be prepared by AZ licensed attorney

*Joinder of non-titled spouse Yes for community property

*Survey Required Purchase – no
Refinance - no
==AUDITS==

*Required Yes - Title and Escrow subject to state audits
Annual CPA Audit of Escrow Accounts required
==Recording Process==

*E-recording Yes

*Record before disbursement Record then disburse customary

*Special recording procedure
==Recording/Document Requirements==

*Marital Status Stated Yes

*Transfer Tax No

*Mortgage Tax No

*Address for grantor/grantee/property Grantee address required

*Witnesses No

*Names typed/printed Yes

*Prepared by/return to Return to address required

*Notary Stamp/requirements Name printed or typed, date of acknowledgment, date commission expires and stamp or seal.

*Parcel or tax index number Not required on Deed

*Recitation of Consideration Not required on Deed

*Derivation Clause No

*Corporate Signatures/Attestation Not required, use corporate resolution

*Ink Color/Font Black/Minimum 10 point

*Legal Description Required

*Margins ½” margins top bottom and sides; top page must have 2” top margin or cover page

*Other Special Recording: None
==Document Types==

*Conveyance Warranty Deed and Grant Deed (Aff. Of Property Value or Exemption code required)

*Security Instrument Deed of Trust

*Release
==Tenancies==
*Tenants in Common YES
*Joint Tenants YES
*Tenancy by Entireties NO

*Community Property YES

*Homestead

*Joinder of Non-titled Spouse YES for Community Property
==Taxes==

*Taxes Levied Yes

*Taxes due 1st installment 10/1, 2nd installment 3/1

*Delinquent 1st installment 11/1; 2nd installment 5/1
==Commitment/Policy Special Requirements==

*Who can sign Commitment/Policy Title Officer or officer of the company

*Other
==Post Closing Requirements==

*Recon follow up required If charged

==Search/Exam==

*Minimum Search Requirements

*Plant or other search restrictions Yes if over 100k population in county

*Additional Requirements for REO Searches No

*Special Searches Required (Code, HOA, Utilities)? Included in normal search

*Survey Requirements
**Purchase – no
**Refinance - no

==UPL==
* Doc prep is UPL

@@ Line 160: / Line 160: @@
 ==UPL==
 * Doc prep is UPL
 **[http://wiki.wfgstaging.com/images/0/07/Arizona_Supreme_Ct_Rule_31_Practice_of_Law.docx Rule 31, Rules of the Supreme Court of Arizona]
 **[http://wiki.wfgstaging.com/images/9/9e/State_Bar_of_Ariz_v_Arizona_Land_Title_And_Trust_Co_%282%29.pdf State Bar of Ariz. v. Arizona Land Title & Trust Co., 366 P.2d 1, 12 (Ariz. 1961)]

← Older revision		Revision as of 00:22, 7 November 2014
Line 160:		Line 160:
	==UPL==		==UPL==
	* Doc prep is UPL		* Doc prep is UPL
		+	**[http://wiki.wfgstaging.com/images/0/07/Arizona_Supreme_Ct_Rule_31_Practice_of_Law.docx Rule 31, Rules of the Supreme Court of Arizona]
		+	**[http://wiki.wfgstaging.com/images/9/9e/State_Bar_of_Ariz_v_Arizona_Land_Title_And_Trust_Co_%282%29.pdf State Bar of Ariz. v. Arizona Land Title & Trust Co., 366 P.2d 1, 12 (Ariz. 1961)]

@@ Line 3: / Line 3: @@
 WFG NATIONAL TITLE INSURANCE COMPANY
-See Attached HUD Sample for Additional Information
+See Attached [http://wiki.wfgstaging.com/index.php/File:Arizona_HUD-1.pdf  HUD Sample] for Additional Information
-[[File:Arizona_HUD-1.pdf]]
 ==Banking Information ==
@@ Line 114: / Line 114: @@
 *Conveyance	Warranty Deed and Grant Deed (Aff. Of Property Value or Exemption code required)
-*Security Instrument	Deed of Trust
+*Security Instrument	 -- Deed of Trust is typical.  Mortgages are permitted under AZ law.
 *Release
@@ Line 139: / Line 139: @@
 *Other
 ==Post Closing Requirements==
 *Recon follow up required	If charged
-==Search/Exam==
+Arizona has no state withholding requirements in addition to FIRPTA.

@@ Line 148: / Line 148: @@
 *Minimum Search Requirements
-*Plant or other search restrictions	Yes if over 100k population in county
+*Plant or other search restrictions	-- Yes if over 100k population in county.   [http://www.id.state.az.us/index.html Department of Insurance Link].  Title plant maintenance includes being a lessee or joint owner of a title plant. Alternatively, you may base your title policy on a title policy issued to you from a title insurer who does maintain such a title plant in the respective county or counties.
-*Additional Requirements for REO Searches	No
+*Additional Requirements for REO Searches	-- No
 *Special Searches Required (Code, HOA, Utilities)?	Included in normal search

@@ Line 61: / Line 61: @@
 *Survey Required	Purchase – no
 Refinance - no
-==AUDITS==
+==Audits==
 *Required	Yes - Title and Escrow subject to state audits
 Annual CPA Audit of Escrow Accounts required
 ==Recording Process==