Abfields: Created page with "==Licensed Entity:== See Attached [http://wiki.wfgstaging.com/images/2/24/Oklahoma_HUD-1.pdf HUD Sample] for Additional Information ==Banking Information == Bank account --..."

2014-11-30T04:23:31Z

Created page with "==Licensed Entity:== *See Attached [http://wiki.wfgstaging.com/images/2/24/Oklahoma_HUD-1.pdf HUD Sample] for Additional Information ==Banking Information == *Bank account --..."

New page

==Licensed Entity:==
*See Attached [http://wiki.wfgstaging.com/images/2/24/Oklahoma_HUD-1.pdf HUD Sample] for Additional Information
==Banking Information ==
*Bank account -- <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>
*Checks stale dated after -- ___ days of issuance
*Good Funds Law -- No
*Disbursements Requirements -- None
*Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- No
==Escrow/Settlement==
*Who can prepare the HUD -- Not restricted
*Who can sign the HUD (EO/LTP/Attorney) -- Not restricted
*Who orders hazard insurance --
*When is transaction consummated for new HUDS --
*Record before/after disburse -- Disburse first
*Filed/restricted escrow rates -- No
*Record retention requirements --
*Is an attorney involved in the closing -- No
*Who can handle loan document signing -- Notary is permissible
*Doc/Deed Prep Restrictions -- No
*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 --
*Special Disclosures --
*CPL --
*UPL Issues -- Attorney must examine title and sign commitment/policy
*Joinder of non-titled spouse -- Yes --
*Survey Required --
**Purchase – yes for extended coverage
**Refinance – no
==Audits==
*Required -- Policy inventory every 2 years
==Recording Process==
*E-recording -- County list of e-recording attached
*Record before disbursement -- Disburse then record
*Special recording procedure -- Mortgage Tax Form must accompany mortgages
==Recording/Document Requirements==
*Marital Status Stated -- Not required
*Transfer Tax -- Yes
*Mortgage Tax -- Yes
*Address for grantor/grantee/property -- Address for all parties required
*Witnesses -- No
*Names typed/printed -- Yes
*Prepared by/return to -- Preparer name and address required; Return to address required on 1st page
*Notary Stamp/requirements --
*Parcel or tax index number --
*Recitation of Consideration -- Yes
*Derivation Clause --
*Corporate Signatures/Attestation --
*Ink Color/Font -- Black/10 pt minimum
*Legal Description -- Must include state, county & municipality in 1st paragraph
*Margins -- 1st page 3” top margin
*Other Special Recording: --
==Document Types==
*Conveyance -- Warranty Deed, Quitclaim Deed
*Security Instrument -- Mortgage
*Release -- Release of Mortgage or Quitclaim Deed
==Tenancies==
*Tenants in Common -- Yes
*Joint Tenants -- Yes
*Tenancy by Entireties -- Yes
*Community Property -- No
*Homestead -- Yes
*Joinder of Non-titled Spouse – Yes as to homestead property 16 O.S. § 4; 31 O.S. § 2
==Taxes==
*Taxes Levied -- In arrears
*Taxes due -- 11/1
*Delinquent -- 1/1
==Commitment/Policy Special Requirements==
*Who can sign Commitment/Policy -- Licensed OK attorney or Licensed OK abstractor who are appointed as an agent for a Title Insurance Company. 36 O.S. § 5001 (c).
*Other –
==Payment Customs==
*Owner’s/Loan Policy: The Purchaser typically pays for both the Owner’s and Loan Policies.
*Transfer Tax and Recording Fees: Paid by the Seller.
*Survey Charges: The Seller pays for the Mortgage Inspection report required by the lender, per contract. If the Purchaser requests a “PIN” Survey, he pays for the Survey. Sometimes negotiable.
*Closing/Settlement fees: Typically each pay 1/2 of the Closing/Settlement fees, But negotiable.
*The Seller customarily pays for the abstracting and examination fees. These fees must be charged as a separate fee on the HUD. All-Inclusive fees are prohibited by statute.
==Post Closing Requirements==
*Recon follow up required –

==Withholding Taxes==
There is no statutory provision for withholding proceeds from a sale on transactions similar to FIRPTA.

OK Operations Summary - Revision history

Abfields: Created page with "==Licensed Entity:== *See Attached [http://wiki.wfgstaging.com/images/2/24/Oklahoma_HUD-1.pdf HUD Sample] for Additional Information ==Banking Information == *Bank account --..."

Abfields: Created page with "==Licensed Entity:== See Attached [http://wiki.wfgstaging.com/images/2/24/Oklahoma_HUD-1.pdf HUD Sample] for Additional Information ==Banking Information == Bank account --..."