CO Operations Summary - Revision history

Davidjenkins: /* Escrow/Settlement */

2019-07-22T16:21:43Z

‎Escrow/Settlement

Alanfields: /* Document Types */

2018-06-28T18:31:57Z

‎Document Types

Alanfields at 18:31, 28 June 2018

2018-06-28T18:31:01Z

Alanfields: /* Escrow/Settlement */

2018-06-28T18:01:03Z

‎Escrow/Settlement

Alanfields: Created page with "==Licensed Entity:== ==Banking Information== Bank account/CD Bank account/LS Good Funds Law Disbursements Requirements *Special Bank Requirements (IOLTA or IOTA or..."

2018-06-28T18:00:30Z

Created page with "==Licensed Entity:== ==Banking Information== *Bank account/CD *Bank account/LS *Good Funds Law *Disbursements Requirements *Special Bank Requirements (IOLTA or IOTA or..."

New page

==Licensed Entity:==

==Banking Information==

*Bank account/CD
*Bank account/LS
*Good Funds Law
*Disbursements Requirements
*Special Bank Requirements (IOLTA or IOTA or account specific to that state’s funds)

==Escrow/Settlement ==
(2/11/2015)
*Who can prepare the HUD --
*Who can sign the HUD (EO/LTP/Attorney) --
*Who orders hazard insurance
*When is transaction consummated for new HUDs
*Record before/after disburse --
*Filed/restricted escrow rates -- Yes
*Record retention requirements --
*Is an attorney involved in the closing -- Title searches, examinations, closings and policy production are, ordinarily, performed by non-attorneys. Non-attorney title professionals are permitted to prepare form deeds provided that they are instructed to do so by a licensed realtor or attorney.
*Who can handle loan document signing --
*Doc Prep Required by Attorney per State Statute -- Non-attorney title professionals are permitted to prepare form deeds provided that they are instructed to do so by a licensed realtor or attorney.
*Use Escrow Instructions or not --
*Use Estimated HUD or Final -- Final only
*Pass-thru charges --
*Rates Inclusive or not -- The rates are all-inclusive. Thus, separate charges are not assessed.
*Up Charging --
*Junk Charges --
*Special HUD Requirements --
*Special Disclosures --
*CPL -- Yes
*Joinder of non-titled spouse --
*Survey state
**Purchase –
**Refinance –

==Audits==
(02/11/2015)
*Required

==Recording Process==
(02/11/2015)
*E-recording County list of e-recording attached
*Record before disbursement Disburse then record
*Special recording procedure

==Recording/Document Requirements==
(02/11/2015)
*Marital Status Stated --
*Transfer Tax -- Yes.
**State documentary fee, which applies to real estate transfers in the amount of 10 cents per $1,000 on consideration exceeding $500, and is collected from the buyer(s).
**Real Estate Transfer Tax is assessed by certain local governments. Amounts Vary. [https://uww.wfgnationaltitle.com/images/a/ac/CO_Real_Estate_Transfer_Tax_6-28-18.xlsx Table as of 6-28-18]
*Mortgage Tax -- None
*Address for grantor/grantee/property --
*Witnesses --
*Names typed/printed --
*Prepared by/return to --
*Notary Stamp/requirements -- Name typed/printed under signature; date of expiration of commission and seal or stamp
*Parcel or tax index number
*Recitation of Consideration
*Derivation Clause --
*Corporate Signatures/Attestation
*Ink Color/Font
*Legal Description -- Must contain the plat or reference the plat book/page if description references a plat
*Margins
*Other Special Recording: -- Recordings are done in the office of the Judge of Probate; Tuscaloosa County requires derivation statement

==Document Types==
(02/11/2015)
*Conveyance Warranty Deed, Limited Warranty Deed, Special Warranty Deed aka Statutory Warranty Deed and Quit Claim Deed
*Security Instrument Mortgage or Deed of Trust
*Release Satisfaction or Release

==Tenancies==
(02/11/2015)
*Tenants in Common Yes
*Joint Tenants Yes
*Tenancy by Entireties No
*Community Property No
*Homestead -- Yes exempt from levy up to 160 acres or $5,000.
*Joinder of Non-titled Spouse Yes. A spouse not in title to the property must join in the conveyance/mortgage if the property is their homestead property. Ala.Code 1975 § 6-10-3. There are a number of older cases -- cited in AL UW section -- indicating that Purchase Money Mortgage does not require spousal signature on theory that at instant of purchase it was not homestead property. These should not be relied upon without underwriting approval based on the specific facts.

==Taxes==
The general tax year extends from January 1 to December 31. Taxes for the previous year are due on January 1. If those taxes are not paid on or before June 15, they shall be deemed delinquent on June 16. The public auction of tax liens on lands upon which taxes remain delinquent shall commence on or before the second Monday in December of each year.

==Commitment/Policy Special Requirements==

*Who can sign Commitment/Policy -- Counter-signature required by title licensee/individual resident producer.

==Payment Customs==

Left to negotiation and contract

==Post Closing Requirements==
*Recon follow up required

@@ Line 71: / Line 71: @@
 *Security Instrument	Mortgage or Deed of Trust  -- Deed of Trust
 *Release	-- Reconveyance
 ==Tenancies==

@@ Line 15: / Line 15: @@
 *Who orders hazard insurance
 *When is transaction consummated for new HUDs
-*Record before/after disburse	--
+*Record before/after disburse -- Disburse then record by custom.
 *Filed/restricted escrow rates	-- Yes
 *Record retention requirements	--

@@ Line 36: / Line 36: @@
 ==Audits==
-(02/11/2015)
 *Required
 ==Recording Process==
-(02/11/2015)
 *E-recording 	County list of e-recording attached
 *Record before disbursement	Disburse then record
@@ Line 46: / Line 46: @@
 ==Recording/Document Requirements==
-(02/11/2015)
 *Marital Status Stated	--
 *Transfer Tax	-- Yes.
@@ Line 53: / Line 53: @@
 *Mortgage Tax	-- None
 *Address for grantor/grantee/property	--
-*Witnesses 	--
+*Witnesses 	-- None
 *Names typed/printed	--
 *Prepared by/return to	--
@@ Line 62: / Line 62: @@
 *Corporate Signatures/Attestation
 *Ink Color/Font
-*Legal Description 	-- Must contain the plat or reference the plat book/page if description references a plat
+*Legal Description 	--
 *Margins
-*Other Special Recording:	-- Recordings are done in the office of the Judge of Probate; Tuscaloosa County requires derivation statement
+*Other Special Recording:	--
 ==Document Types==
-(02/11/2015)
-*Conveyance	Warranty Deed, Limited Warranty Deed, Special Warranty Deed aka Statutory Warranty Deed and Quit Claim Deed
+*Conveyance	Warranty Deed, Special Warranty Deed,  bargain & sale deed, and Quit Claim Deed   Residential sellers usually use a general warranty deed.  Commercial sellers usually use a special warranty deed.
-*Security Instrument	Mortgage or Deed of Trust
+*Security Instrument	Mortgage or Deed of Trust  -- Deed of Trust
-*Release	Satisfaction or Release
+*Release	-- Reconveyance
 ==Tenancies==
-(02/11/2015)
-*Tenants in Common	Yes
+*Tenants in Common
-*Joint Tenants	Yes
+*Joint Tenants
-*Tenancy by Entireties	No
+*Tenancy by Entireties
-*Community Property	No
+*Community Property
-*Homestead -- Yes exempt from levy up to 160 acres or $5,000.
+*Homestead --
-*Joinder of Non-titled Spouse	Yes. A spouse not in title to the property must join in the conveyance/mortgage if the property is their homestead property.  Ala.Code 1975 § 6-10-3.   There are a number of older cases -- cited in AL UW section -- indicating that Purchase Money Mortgage does not require spousal signature on theory that at instant of purchase it was not homestead property. These should not be relied upon without underwriting approval based on the specific facts.
+*Joinder of Non-titled Spouse	A non-title holding spouse is not required to join in the execution of a deed or a security instrument unless he/she recorded a declaration of homestead. If a declaration of homestead is recorded, the title commitment must contain a requirement calling for the execution of the deed, and/or security instrument, by the non-titled spouse.
 ==Taxes==
@@ Line 95: / Line 97: @@
 ==Post Closing Requirements==