NY Underwriting Summary - Revision history

Bartbodkin: /* Time Limitations */

2019-07-18T17:04:54Z

‎Time Limitations

Bartbodkin: /* Mortgage/Transfer Tax */

2019-07-18T17:02:09Z

‎Mortgage/Transfer Tax

Bartbodkin: /* Odd Stuff */

2019-07-18T17:01:55Z

‎Odd Stuff

Bartbodkin: /* Odd Stuff */

2019-07-18T17:01:03Z

‎Odd Stuff

Bartbodkin: /* Time Limitations */

2019-07-18T16:59:51Z

‎Time Limitations

Bartbodkin: /* Spousal Joinder Requirements/Homestead */

2019-07-18T16:56:18Z

‎Spousal Joinder Requirements/Homestead

Bartbodkin: /* Witness Requirements */

2019-07-18T16:55:16Z

‎Witness Requirements

Bartbodkin: /* Search/Exam */

2019-07-18T16:54:26Z

‎Search/Exam

Bartbodkin: /* Odd Stuff */

2019-07-18T13:14:09Z

‎Odd Stuff

Bartbodkin: /* Time Limitations */

2019-07-18T13:11:10Z

‎Time Limitations

@@ Line 49: / Line 49: @@
 *HOA and Condo Liens -- 6 years from date of recording the notice.  HOAs have no statutory basis, so apply contract law - 6 years. Foreclosure of first mortgages can divest HOA and COA liens, but second mortgages cannot.
 *Condominium assessments -- Not applicable
-*Child Support Liens -- Not applicable
+*Child Support Liens -- No information.
 *Lis Pendens is valid for 3 years and renewable for another 3 years by court order.  LP’s in a foreclosure action do not need court approval to renew.

@@ Line 23: / Line 23: @@
 ==Mortgage/Transfer Tax==
+*CEMA is a mortgage agreement that consolidates, extends, and modifies prior mortgages, and is used to reduce mortgage tax. Documents should recite all previous mortgages, and if properly prepared, will act as a single mortgage after the consolidation. Mortgage Tax is charged on the new money only. Lien priority is as of the date of the new money, or most recent new money.
 ==Spousal Joinder Requirements/Homestead==
 *Non-titled spouse does not have to join in the mortgage.

@@ Line 54: / Line 54: @@
 *The "Supreme Court" is trial-level court of general jurisdiction.  Highest court in the state is the Court of Appeals.
 *Tax sale with recorded deed over ten years old is insurable without quiet title, unless the tax for that year was paid prior to the sale.
-*CEMA is a mortgage agreement that consolidates, extends, and modifies prior mortgages, and is used to reduce mortgage tax. Documents should recite all previous mortgages, and if properly prepared, will act as a single mortgage after the consolidation. Mortgage Tax is charged on the new money only. Lien priority is as of the date of the new money, or most recent new money..
+*CEMA is a mortgage agreement that consolidates, extends, and modifies prior mortgages, and is used to reduce mortgage tax. Documents should recite all previous mortgages, and if properly prepared, will act as a single mortgage after the consolidation. Mortgage Tax is charged on the new money only. Lien priority is as of the date of the new money, or most recent new money.
 *NYC Code Violations and Building Department Liens are "in personam."  If the city expends funds to repair the violation, then the liens will have a "super-priority" status over mortgage foreclosures.
 *"Co-ops" are a popular form of ownership, and are considered personal property, not real property.
 *Rates are set by TIRSA.  WFG is a member of the Title Insurance Rate Service Association, Inc.
 *CPLs are prohibited in NY.

@@ Line 54: / Line 54: @@
 *The "Supreme Court" is trial-level court of general jurisdiction.  Highest court in the state is the Court of Appeals.
 *Tax sale with recorded deed over ten years old is insurable without quiet title, unless the tax for that year was paid prior to the sale.
-*CEMA is a mortgage agreement that consolidates, extends, and modifies prior mortgages, and is used to reduce mortgage tax. Documents should recite all previous mortgages, and if properly prepared, will act as a single mortgage after the consolidation. They are a bit expensive to prepare, so not all transactions will have a CEMA. Tax is charged on the new money only. Lien priority is as of the date of the new money, or most recent new money.
+*CEMA is a mortgage agreement that consolidates, extends, and modifies prior mortgages, and is used to reduce mortgage tax. Documents should recite all previous mortgages, and if properly prepared, will act as a single mortgage after the consolidation. Mortgage Tax is charged on the new money only. Lien priority is as of the date of the new money, or most recent new money..
 *NYC Code Violations and Building Department Liens are "in personam."  If the city expends funds to repair the violation, then the liens will have a "super-priority" status over mortgage foreclosures.
-*"Co-ops" are a popular form of ownership, and are considered personal property, not real property. Insuring is risky.
+*"Co-ops" are a popular form of ownership, and are considered personal property, not real property.
 *Rates are set by TIRSA.  WFG is a member of the Title Insurance Rate Service Association, Inc.
 *CPLs are prohibited in NY.

@@ Line 38: / Line 38: @@
 ==Time Limitations==
 *US Judgment Liens -- 20 years, renewable for 20 years
-*State Court Judgment Liens -- 10 years, can be renewed for up to 10 additional years.  Attaches to after-acquired property.
+*State Court Judgment Liens -- 10 years, can be renewed for up to 10 additional years by court order.  Attaches to after-acquired property.
 *Federal Tax Liens -- 10 years (+30 days); can be refiled
 *State Tax Liens -- 10 years
-*Estate Tax Lien -- NY Estate tax is 10 years. (Federal 10 years.)  NY has no inheritance tax.
+*Estate Tax Lien -- NY Estate tax is 15 years. (Federal 10 years.)
-*State Inheritance Tax Liens -- Until paid. State Estate Tax may be disregarded in sale from TbE or JT to a BFP; and in a mortgage by surviving TbE or JT; and generally against surviving spouse as TbE; and upon sale or mortgage by heirs, devisees, or distributees of decedent.
+*State Inheritance Tax Liens -- NY has no inheritance tax.
 *Mechanics Liens -- 1 year, and can be extended for one additional year ((Paul to send ML info))
 *Financing Statements -- 5 years +30 days
-*Mortgages -- Statute of limitations to foreclose mortgage is 6 years. Ancient mortgage custom (not a statute) is to remove after 12 years.
+*Mortgages -- Statute of limitations to foreclose mortgage is 6 years. Ancient mortgage custom (not a statute) is to remove after 12 years after maturity of the loan which was less than $50,000.
-*HOA Liens -- 6 years from date of recording for condos.  HOAs have no statutory basis, so apply contract law - 6 years. Foreclosure of first mortgages can divest HOA and COA liens, but second mortgages cannot.
+*HOA and Condo Liens -- 6 years from date of recording the notice.  HOAs have no statutory basis, so apply contract law - 6 years. Foreclosure of first mortgages can divest HOA and COA liens, but second mortgages cannot.
-*Condominium assessments --
+*Condominium assessments -- Not applicable
-*Child Support Liens --
+*Child Support Liens -- Not applicable
-*Lis Pendens is valid for 3 years and renewable for another 3 years, to total 6 years.  Do not remove LPs filed by the city.
+*Lis Pendens is valid for 3 years and renewable for another 3 years by court order.  LP’s in a foreclosure action do not need court approval to renew.
 ==Odd Stuff==

@@ Line 25: / Line 25: @@
+*
 ==Spousal Joinder Requirements/Homestead==
-* Non-titled spouse does not have to join in the mortgage.
+*Non-titled spouse does not have to join in the mortgage.
-*Judgment against one person in a valid tenancy by the entireties attaches to the property and must be cleared.  If the debtor spouse (or joint tenant) is deceased and spouse (or co-tenant) has taken title, the judgment may be removed.
+*Judgment against one person in a valid tenancy by the entireties attaches to the property and must be cleared. If the debtor spouse (or joint tenant) is deceased and spouse (or co-tenant) has taken title, the judgment may be removed so long as the judgment was not against the surviving spouse.
 ==Power Of Attorney==

@@ Line 16: / Line 16: @@
 *Tenants by the Entireties is recognized and is presumed when title is taken by husband and wife, and four unities are present.  Deed does not have to state that the grantees are husband and wife, nor must it state the tenancy.
 ==Witness Requirements==
-*Out of state acknowledgments are accepted, provided they are accompanied by a Certificate of Conformity.  (299-a) (CONFIRM WITH SECTION 309-B FORM TEMPLATE)
+*Deeds do not need both the Witness signatory line and the Notary.  It just needs to be witnessed by a notary.
-*Corporate seal is not required
 ==Property Tax==
+*

@@ Line 1: / Line 1: @@
 -----------DRAFT ONLY
 ==Search/Exam==
-*Minimum Search Requirements -- No Marketable Title Act.  60 years is the standard full search, and may vary by county but the minimum is 40 years. For refinances with loan policy only, it is acceptable to search to the last insured deed or developer's deed.
+*Minimum Search Requirements -- No Marketable Title Act.  60 years is the standard full search, and may vary by county but the minimum is 40 years. For refinances with loan policy only, it is acceptable to search 10 years or to the last insured deed or developer's deed, whichever is longer.
-*Plant or other search restrictions --
+*Plant or other search restrictions -- Not applicable.
 *Additional Requirements for REO Searches -- Review the foreclosure.
 *Foreclosure Checklist -- Judicial only.  Non-judicial foreclosures exist, but are not insurable. Legislation is pending that imposes additional conditions on foreclosure of reverse mortgages.  (Cannot be divested in FC:  Property taxes, assessments, water and sewer rents and sewer surcharges, emergency repair liens, pest control liens, relocation liens, and unsafe building lis pendens) ((Paul to send checklist and related materials))
-*Special Searches Required (Code, HOA, Utilities)? -- the typical search (both purchase and refinance) should include the county clerk, Housing and Building, Fire, Environmental Control Board, and Emergency Repair. ((Lisa to confirm))
+*Special Searches Required (Code, HOA, Utilities)? -- Lenders will require municipal/departmental searches to be attached to the title report.  These searches are not insured and are provided For Information Only.  The lender will typically request a Certificate of Occupancy, Street Report, Housing and Building, Fire, Environmental Control Board, and Emergency Repair Violations.
-*Survey Requirements  -- Survey is customarily required to remove exception from owner's policies and loan policies for land improved by other than 1-4 family dwellings.
+*Survey Requirements -- Survey is required to remove the standard exception from owner's policy and commercial loan policy.  For residential loan policies covering 1-4 family property, coverage is afforded to the lender by language on the policy jacket.
 ==UPL==