Clintyarborough: /* Escrow/Settlement */

2015-11-04T14:08:34Z

‎Escrow/Settlement

Abfields: Created page with "==Licensed Entity:== MUST BE CLOSED THROUGH A S.C. ATTORNEY *See Attached [http://wiki.wfgstaging.com/images/7/7c/South_Carolina_HUD-1.pdf HUD Sample] for Additional Inform..."

2014-12-11T00:21:10Z

Created page with "==Licensed Entity:== MUST BE CLOSED THROUGH A S.C. ATTORNEY *See Attached [http://wiki.wfgstaging.com/images/7/7c/South_Carolina_HUD-1.pdf HUD Sample] for Additional Inform..."

New page

==Licensed Entity:==
MUST BE CLOSED THROUGH A S.C. ATTORNEY
*See Attached [http://wiki.wfgstaging.com/images/7/7c/South_Carolina_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 -- <<INSERT IF WFG REQUIRES CD?>>
*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 -- Customary -
*When is transaction consummated for new HUDS --
*Record before/after disburse -- Disburse then record
*Filed/restricted escrow rates -- No
*Record retention requirements -- 5 years title; 3 years escrow
*Is an attorney involved in the closing -- Yes –required; Attorney must supervise all aspects: search, close, fund/disbursement and recording
*Who can handle loan document signing -- Attorney
*Doc/Deed Prep Restrictions -- Attorney must prepare all legal documents
*Use Escrow Instructions or not -- No
*Use Estimated HUD or Final -- Final
*Pass-thru charges -- Yes
*Rates Inclusive or not -- Not
*Up Charging -- No
*Junk Charges -- No
*Special HUD Requirements -- Attorney payments for closing and title opinion must appear on HUD
*Special Disclosures --
*CPL -- Yes
*UPL Issues -- Yes, very aggressive unauthorized practice of law enforcement. Attorney must certify title/provide opinion of title, be “present” at signing, supervise disbursement and recording.
*Joinder of non-titled spouse -- No
*Survey Required --
**Purchase – yes if new construction
**Refinance – no
==AUDITS==
*Required -- No
==Recording Process==
*E-recording -- County list of e-recording attached
*Record before disbursement -- Record first
*Special recording procedure --
==Recording/Document Requirements==
*Marital Status Stated -- Required
*Transfer Tax – Yes Deed stamps at $3.70 per thousand rounded up to the next $500. These rates are uniform state-wide.
*Mortgage Tax -- No
*Address for grantor/grantee/property -- Grantee & Mortgagee address required in mortgage
*Witnesses -- 2 required, notary can be 1 of the witnesses
*Names typed/printed -- Required
*Prepared by/return to -- Preparer name, address & signature required
*Notary Stamp/requirements --
*Parcel or tax index number -- Required – 1st page
*Recitation of Consideration -- Required
*Derivation Clause -- Required
*Corporate Signatures/Attestation --
*Ink Color/Font -- Black/10 pt minimum
*Legal Description -- State, county and municipality required in 1st paragraph
*Margins -- Top of 1st page – 3 1/5” x 5”
*Other Special Recording: -- Fair Market Value required for deeds
==Document Types==
*Conveyance -- Residential property customarily conveyed by general warranty deed. Commercial property customarily conveyed by limited warranty deed.
*General warranty, limited warranty, and quit claim deeds are insurable.
*Security Instrument -- Mortgage
*Release --
==Tenancies==
*Tenants in Common -- Yes
*Joint Tenants -- Yes if expressly stated
*Tenancy by Entireties -- No
*Community Property -- No
*Homestead -- Yes
*Joinder of Non-titled Spouse – Not required
==Taxes==
*Taxes Levied -- 1/1
*Taxes due -- 12/31
*Delinquent -- 1/15 the following year
==Commitment/Policy Special Requirements==
*Who can sign Commitment/Policy -- Licensed Title Producer Signing party must be licensed in S.C. even for direct policy issuance.
*Other --
==Payment Customs==
Subject to negotiation:
*Owner’s Policy: customarily paid by Buyer
*Transfer Taxes (Deed Stamps) are customarily paid by the seller;
*Recording: Seller customarily pays for recording of satisfactions of mortgages and liens; other recording fees customarily paid by the buyer.
*Survey Charges: Buyer
*Closing/Settlement Fees to the attorney are customarily a buyer’s charge.

==Post Closing Requirements==
*Recon follow up required --
==Withholding Requirements==
*Closing attorneys are required to withhold a percentage of the gain recognized by non-resident sellers. The amount of gain is specified by the seller in an affidavit, which the attorney and buyer may rely upon. The withholding rate is 7% of gain for individuals and 5% of gain for corporations and other entities.

@@ Line 13: / Line 13: @@
 *Who orders hazard insurance -- Customary -
 *When is transaction consummated for new HUDS --
-*Record before/after disburse -- Disburse then record
+*Record before/after disburse -- Disburse then record except Horry County, Record then disburse
 *Filed/restricted escrow rates -- No
-*Record retention requirements -- 5 years title; 3 years escrow
+*Record retention requirements -- 7 years title; 7 years escrow
 *Is an attorney involved in the closing -- Yes –required; Attorney must supervise all aspects:  search, close, fund/disbursement and recording
 *Who can handle loan document signing -- Attorney
@@ Line 33: / Line 33: @@
 **Purchase – yes if new construction
 **Refinance – no
 ==AUDITS==
 *Required -- No

SC Operations Summary - Revision history

Clintyarborough: /* Escrow/Settlement */

Abfields: Created page with "==Licensed Entity:== MUST BE CLOSED THROUGH A S.C. ATTORNEY *See Attached [http://wiki.wfgstaging.com/images/7/7c/South_Carolina_HUD-1.pdf HUD Sample] for Additional Inform..."