ID Underwriting Summary - Revision history

Ambersowell: /* Probate */

2021-07-13T16:52:56Z

‎Probate

Ambersowell: /* Probate */

2021-07-13T16:51:39Z

‎Probate

Ambersowell: /* Probate */

2021-07-13T16:50:52Z

‎Probate

Ambersowell: /* Probate */

2021-07-13T16:50:25Z

‎Probate

Ambersowell: /* Probate */

2021-07-13T16:41:31Z

‎Probate

Ambersowell: /* Purchase Money Deeds of Trust */

2021-07-13T16:33:38Z

‎Purchase Money Deeds of Trust

Ambersowell: /* Purchase Money Deeds of Trust */

2021-07-13T16:33:18Z

‎Purchase Money Deeds of Trust

Ambersowell: /* Purchase Money Deeds of Trust */

2021-07-13T16:32:50Z

‎Purchase Money Deeds of Trust

Ambersowell: /* Escrow */

2021-07-13T16:30:13Z

‎Escrow

Ambersowell: /* Escrow */

2021-07-13T16:29:26Z

‎Escrow

@@ Line 100: / Line 100: @@
 *Idaho does not have a separate estate tax or inheritance or gift tax.
 *WFG will consider accepting an Affidavit of Heirships in lieu of a formal probate proceeding for a conveyance of heirs under the following considerations:
-**where there are no creditors or a minimal number of creditors
+**Where there are no creditors or a minimal number of creditors
-**where heirs are readily ascertainable
+**Where heirs are readily ascertainable
 *Summary Administration
-**available probate alternative
+**Available probate alternative
 **Pursuant to [https://law.justia.com/codes/idaho/2019/title-15/chapter-3/part-12/section-15-3-1205/ ID Code 15-3-1205] when a surviving spouse is the sole beneficiary, Summary Administration is available to vest in surviving spouse
-***must assume and be liable for any and all indebtedness
+***Must assume and be liable for any and all indebtedness
-***must review court documentation to ensure followed statutory process
+***Must review court documentation to ensure followed statutory process
-****motion by petitioner leaving a surviving spouse as the sole devisee or heir. Include will if there was one.
+****Motion by petitioner leaving a surviving spouse as the sole devisee or heir. Include will if there was one.
-****review petition & confirm they remained sole devisee with no objections.
+****Review petition & confirm they remained sole devisee with no objections.
-****affidavit must be submitted.
+****Affidavit must be submitted.
-****liens must be paid out of the closing if a sale or refinance.
+****Liens must be paid out of the closing if a sale or refinance.
 *Small Estates - [https://law.justia.com/codes/idaho/2019/title-15/chapter-3/part-12/section-15-3-1203/ ID code 15-3-1203] and [https://law.justia.com/codes/idaho/2019/title-15/chapter-3/part-12/section-15-3-1204/ 1204].
 **If the value of the entire estate less liens is not more than homestead allowance less administration costs and reasonable funeral/hospital costs, the personal representative may immediately, without notice, disburse the estate to the persons entitled to and file a closing statement with the requirements listed in [https://law.justia.com/codes/idaho/2019/title-15/chapter-3/part-12/section-15-3-1204/ ID Code 15-3-1204].

@@ Line 112: / Line 112: @@
 ****liens must be paid out of the closing if a sale or refinance.
 *Small Estates - [https://law.justia.com/codes/idaho/2019/title-15/chapter-3/part-12/section-15-3-1203/ ID code 15-3-1203] and [https://law.justia.com/codes/idaho/2019/title-15/chapter-3/part-12/section-15-3-1204/ 1204].
-**If the value of the entire estate less liens is not more than homestead allowance less administration costs and reasonable funeral/hospital costs, the personal representative may immediately, without notice, disburse the estate to the persons entitled to and file a closing statement like in [https://law.justia.com/codes/idaho/2019/title-15/chapter-3/part-12/section-15-3-1204/ ID Code 15-3-1204].
+**If the value of the entire estate less liens is not more than homestead allowance less administration costs and reasonable funeral/hospital costs, the personal representative may immediately, without notice, disburse the estate to the persons entitled to and file a closing statement with the requirements listed in [https://law.justia.com/codes/idaho/2019/title-15/chapter-3/part-12/section-15-3-1204/ ID Code 15-3-1204].
 *Intestate succession
 **Spousal rule: if no surviving issue or parent, spouse gets entire estate. If no surviving issue but a parent, spouse gets 1/2 of the intestate proceeding estate (50%). If surviving issue, spouse gets 1/2 of the intestate proceeding estate. But if community property, the community property passes to the surviving spouse. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-102/ ID Code § 15-2-102].

@@ Line 112: / Line 112: @@
 ****liens must be paid out of the closing if a sale or refinance.
 *Small Estates - [https://law.justia.com/codes/idaho/2019/title-15/chapter-3/part-12/section-15-3-1203/ ID code 15-3-1203] and [https://law.justia.com/codes/idaho/2019/title-15/chapter-3/part-12/section-15-3-1204/ 1204].
-**If the value of the entire estate less liens is not more than homestead allowance less administration costs and reasonable funeral/hospital costs, the personal representative may immediately, without notice, disburse the estate to the persons entitled to and file a closing statement like in ID Code 15-3-1204.
+**If the value of the entire estate less liens is not more than homestead allowance less administration costs and reasonable funeral/hospital costs, the personal representative may immediately, without notice, disburse the estate to the persons entitled to and file a closing statement like in [https://law.justia.com/codes/idaho/2019/title-15/chapter-3/part-12/section-15-3-1204/ ID Code 15-3-1204].
 *Intestate succession
 **Spousal rule: if no surviving issue or parent, spouse gets entire estate. If no surviving issue but a parent, spouse gets 1/2 of the intestate proceeding estate (50%). If surviving issue, spouse gets 1/2 of the intestate proceeding estate. But if community property, the community property passes to the surviving spouse. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-102/ ID Code § 15-2-102].

@@ Line 111: / Line 111: @@
 ****affidavit must be submitted.
 ****liens must be paid out of the closing if a sale or refinance.
-*Small Estates - [https://law.justia.com/codes/idaho/2019/title-15/chapter-3/part-12/section-15-3-1203/ ID code 15-3-1203 and 1204.]
+*Small Estates - [https://law.justia.com/codes/idaho/2019/title-15/chapter-3/part-12/section-15-3-1203/ ID code 15-3-1203] and [https://law.justia.com/codes/idaho/2019/title-15/chapter-3/part-12/section-15-3-1204/ 1204].
 *Intestate succession
 **Spousal rule: if no surviving issue or parent, spouse gets entire estate. If no surviving issue but a parent, spouse gets 1/2 of the intestate proceeding estate (50%). If surviving issue, spouse gets 1/2 of the intestate proceeding estate. But if community property, the community property passes to the surviving spouse. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-102/ ID Code § 15-2-102].

@@ Line 111: / Line 111: @@
 ****affidavit must be submitted.
 ****liens must be paid out of the closing if a sale or refinance.
-*Small Estates - [https://law.justia.com/codes/idaho/2019/title-15/chapter-3/part-12/section-15-3-1203/ ID code]
+*Small Estates - [https://law.justia.com/codes/idaho/2019/title-15/chapter-3/part-12/section-15-3-1203/ ID code 15-3-1203 and 1204.]
 *Intestate succession
 **Spousal rule: if no surviving issue or parent, spouse gets entire estate. If no surviving issue but a parent, spouse gets 1/2 of the intestate proceeding estate (50%). If surviving issue, spouse gets 1/2 of the intestate proceeding estate. But if community property, the community property passes to the surviving spouse. [https://law.justia.com/codes/idaho/2019/title-15/chapter-2/part-1/section-15-2-102/ ID Code § 15-2-102].

@@ Line 130: / Line 130: @@
 *[https://uww.wfgnationaltitle.com/images/7/7a/Idaho_Recorder%27s_Manual.pdf Idaho Recorder's Manual]
-==Purchase Money Deeds of Trust==
+==Purchase Money Financing==
 *[https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112] – Priority of Purchase Money Financing – Deed of Trust/Mortgage given for the price of real property at time of conveyance has priority over all other liens against the purchaser.
 *Applies whether a deed of trust or mortgage is used.

← Older revision		Revision as of 16:33, 13 July 2021
Line 132:		Line 132:
	==Purchase Money Deeds of Trust==		==Purchase Money Deeds of Trust==
	*[https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112] – Priority of Purchase Money Financing – Deed of Trust/Mortgage given for the price of real property at time of conveyance has priority over all other liens against the purchaser.		*[https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112] – Priority of Purchase Money Financing – Deed of Trust/Mortgage given for the price of real property at time of conveyance has priority over all other liens against the purchaser.
		+	*Applies whether a deed of trust or mortgage is used.

← Older revision		Revision as of 16:32, 13 July 2021
Line 131:		Line 131:

	==Purchase Money Deeds of Trust==		==Purchase Money Deeds of Trust==
−	*[https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112] – Priority of Purchase Money ~~Mortgage~~ – Mortgage given for the price of real property at time of conveyance has priority over all other liens against the purchaser.	+	*[https://law.justia.com/codes/idaho/2019/title-45/chapter-1/section-45-112/ ID Code § 45-112] – Priority of Purchase Money Financing – Deed of Trust/Mortgage given for the price of real property at time of conveyance has priority over all other liens against the purchaser.

@@ Line 118: / Line 118: @@
 ==Escrow==
 *[https://legislature.idaho.gov/statutesrules/idstat/Title30/T30CH9/ Idaho Escrow Act] makes it illegal to conduct any escrows from within the state of Idaho or any escrow transaction effecting the sale, transfer, encumbrance or lease to another person of any real or personal property located in Idaho without a license. [https://law.justia.com/codes/idaho/2019/title-30/chapter-9/section-30-903/ ID Code 30-903]
 ==Property Tax ==