Abfields: /* Licensed Entity: */

2014-12-14T23:14:58Z

‎Licensed Entity:

Abfields at 23:11, 14 December 2014

2014-12-14T23:11:08Z

Abfields: Created page with "==Licensed Entity:== See Attached HUD Sample for Additional Information [[file:delaware_HUD-1.pdf] ==Banking Information== Bank account <
2014-10-19T20:47:13Z

Created page with "==Licensed Entity:== See Attached HUD Sample for Additional Information [[file:delaware_HUD-1.pdf] ==Banking Information== Bank account <<INSERT ACCOUNT #/ROUTING #/BANK N..."

New page
==Licensed Entity:==
See Attached HUD Sample for Additional Information

[[file:delaware_HUD-1.pdf]
==Banking Information==
Bank account <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>
Checks stale dated after ___ days of issuance
Good Funds Law $10,000 de minimus
Disbursements Requirements <<INSERT IF WFG REQUIRES CD?>>
Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) Delaware attorney must participate in the disbursement - IOLTA
==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 3 years title; 5 years escrow
Is an attorney involved in the closing Yes
Who can handle loan document signing DE Attorney
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 inclusive
Up Charging Not restricted
Junk Charges Not restricted
Special HUD Requirements None
Special Disclosures None
CPL
UPL Issues
Joinder of non-titled spouse NO
Survey Required
Owners – yes;
Loan policy – no
==Audits==
Required No
==Recording Process==
E-recording
Record before disbursement Disburse then record
Special recording procedure Deed requires affidavit Gain/Value
Kent & Sussex County – special requirements
==Recording/Document Requirements==
Marital Status Stated Required
Transfer Tax Yes
Mortgage Tax No
Address for grantor/grantee/property Return to address required
Witnesses Not required
Names typed/printed Yes
Prepared by/return to Name and address of preparer required
Notary Stamp/requirements
Parcel or tax index number Required 1st page
Recitation of Consideration
Derivation Clause Yes
Corporate Signatures/Attestation
Ink Color/Font
Legal Description PIN required
Margins 2.5” 1st page, 1” all others (county variations)
Other Special Recording: Deed requires affidavit Gain/Value
Kent & Sussex County special requirements
==Document Types==
Conveyance
Security Instrument Mortgage
Release
==Tenancies==
Tenants in Common
Joint Tenants
Tenancy by Entireties
Community Property
Homestead
Joinder of Non-titled Spouse
==Taxes==
Taxes Levied Varies by county
Taxes due 9/30
Delinquent
==Commitment/Policy Special Requirements==
Who can sign Commitment/Policy Licensed Producer
Other Attorney must certify title/examine
==Post Closing Requirements==
*Recon follow up required

@@ Line 1: / Line 1: @@
 ==Licensed Entity:==
-*See Attached HUD Sample for Additional Information
+Attorney State
 ==Banking Information==
 *Bank account -- <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>

@@ Line 1: / Line 1: @@
 ==Licensed Entity:==
 *See Attached HUD Sample for Additional Information
 [[file:delaware_HUD-1.pdf]
 ==Banking Information==
-*Bank account	<<INSERT ACCOUNT #/ROUTING #/BANK NAME>>
+*Bank account -- <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>
-*Checks stale dated after 	___ days of issuance
+*Checks stale dated after  -- ___ days of issuance
-*Good Funds Law	$10,000 de minimus
+*Good Funds Law -- $10,000 de minimus
-*Disbursements Requirements	<<INSERT IF WFG REQUIRES CD?>>
+*Disbursements Requirements -- <<INSERT IF WFG REQUIRES CD?>>
-*Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds)	Delaware attorney must participate in the disbursement - IOLTA
+*Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- Delaware attorney must participate in the disbursement - IOLTA
 ==Escrow/Settlement==
-*Who can prepare the HUD	Not restricted
+*Who can prepare the HUD -- Not restricted
-*Who can sign the HUD (EO/LTP/Attorney)	Not restricted
+*Who can sign the HUD (EO/LTP/Attorney) -- Not restricted
-*Who orders hazard insurance	Customary -
+*Who orders hazard insurance -- Customary -
-*When is transaction consummated for new HUDS
+*When is transaction consummated for new HUDS --
-*Record before/after disburse	Disburse then record
+*Record before/after disburse -- Disburse then record
-*Filed/restricted escrow rates	No
+*Filed/restricted escrow rates -- No
-*Record retention requirements	3 years title; 5 years escrow
+*Record retention requirements -- 3 years title; 5 years escrow
-*Is an attorney involved in the closing	Yes
+*Is an attorney involved in the closing -- Yes
-*Who can handle loan document signing	DE Attorney
+*Who can handle loan document signing -- DE Attorney
-*Doc  Prep Restrictions	Doc Prep is UPL
+*Doc  Prep Restrictions --Doc Prep is UPL.  A licensed Delaware attorney must conduct the settlement and must make the disbursements.  The attorney should also examine the title.
-*Use Escrow Instructions or not	No
+*Use Escrow Instructions or not -- No
-*Use Estimated HUD or Final	Final
+*Use Estimated HUD or Final -- Final
-*Pass-thru charges	Not restricted
+*Pass-thru charges -- Not restricted
-*Rates Inclusive or not	Not inclusive
+*Rates Inclusive or not -- Not inclusive
-*Up Charging 	Not restricted
+*Up Charging  -- Not restricted
-*Junk Charges	Not restricted
+*Junk Charges -- Not restricted.  Customary to charge search & exam fees
-*Special HUD Requirements	None
+*Special HUD Requirements -- None
-*Special Disclosures	None
+*Special Disclosures -- None
-*CPL
+*CPL --
-*UPL Issues
+*UPL Issues -- Doc Prep is UPL.  A licensed Delaware attorney must conduct settlement and disburse.  The attorney should also examine the title.
-*Joinder of non-titled spouse	NO
+*Joinder of non-titled spouse -- NO
-*Survey Required
+*Survey Required --
 **Owners – yes;
 **Loan policy – no
 ==Audits==
-*Required	No
+*Required -- No
 ==Recording Process==
-*E-recording
+*E-recording  --
-*Record before disbursement	Disburse then record
+*Record before disbursement -- Disburse then record
-*Special recording procedure	Deed requires affidavit Gain/Value
+*Special recording procedure -- Deed requires affidavit Gain/Value
 Kent & Sussex County – special requirements
 ==Recording/Document Requirements==
-*Marital Status Stated	Required
+*Marital Status Stated -- Required
-*Transfer Tax	Yes
+*Transfer Tax – Yes, 3% statewide
-*Mortgage Tax	No
+*Mortgage Tax -- No
-*Address for grantor/grantee/property	Return to address required
+*Address for grantor/grantee/property -- Return to address required
-*Witnesses 	Not required
+*Witnesses  -- Not required
-*Names typed/printed	Yes
+*Names typed/printed -- Yes
-*Prepared by/return to	Name and address of preparer required
+*Prepared by/return to -- Name and address of preparer required
-*Notary Stamp/requirements
+*Notary Stamp/requirements --
-*Parcel or tax index number	Required 1st page
+*Parcel or tax index number -- Required 1st page
-*Recitation of Consideration
+*Recitation of Consideration --
-*Derivation Clause	Yes
+*Derivation Clause -- Yes
-*Corporate Signatures/Attestation
+*Corporate Signatures/Attestation --
-*Ink Color/Font
+*Ink Color/Font --
-*Legal Description 	PIN required
+*Legal Description  -- PIN required
-*Margins	2.5” 1st page, 1” all others (county variations)
+*Margins -- 2.5” 1st page, 1” all others (county variations)
-*Other Special Recording:	Deed requires affidavit Gain/Value
+*Other Special Recording: -- Deed requires affidavit Gain/Value
 Kent & Sussex County special requirements
 ==Document Types==
-*Conveyance
+*Conveyance --
-*Security Instrument	Mortgage
+*Security Instrument -- Mortgage
-*Release
+*Release -- attorney who has paid off mortgage has the authority to release and satisfy [http://codes.lp.findlaw.com/decode/25/21/2120 25 Del. C. §2120]
 ==Tenancies==
-*Tenants in Common
+*Tenants in Common --
-*Joint Tenants
+*Joint Tenants --
-*Tenancy by Entireties
+*Tenancy by Entireties --
-*Community Property
+*Community Property --
-*Homestead
+*Homestead --
-*Joinder of Non-titled Spouse
+*Joinder of Non-titled Spouse --
 ==Taxes==
-*Taxes Levied 	Varies by county
+*Taxes Levied  -- Varies by county as does fiscal year – presenting a proration issue.
-*Taxes due	9/30
+**New Castle County – Tax Year is July 1- June 30
-*Delinquent
+**Kent County – Tax Year is June 1 – May 31
 ==Commitment/Policy Special Requirements==
-*Who can sign Commitment/Policy	Licensed Producer
+*Who can sign Commitment/Policy -- Licensed Producer.    Do not have to be an attorney to get licensed and there are no residency requirements.
-*Other	Attorney must certify title/examine
+*Other -- Attorney must certify title/examine
 ==Post Closing Requirements==
 *Recon follow up required

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Abfields: /* Licensed Entity: */

Abfields at 23:11, 14 December 2014