SC Underwriting Summary - Revision history

Toryvincent: /* Foreclosure Review */

2021-12-10T20:09:40Z

‎Foreclosure Review

Randywilliams: /* Search/Exam */

2021-06-08T21:38:05Z

‎Search/Exam

Alanfields: /* Spousal Joinder Requirements/Homestead */

2020-09-29T21:03:54Z

‎Spousal Joinder Requirements/Homestead

Clintyarborough: /* UPL */

2018-07-12T22:19:55Z

‎UPL

Alanfields: /* Search/Exam */

2017-08-03T02:51:06Z

‎Search/Exam

Alanfields: /* Search/Exam */

2017-08-03T02:50:49Z

‎Search/Exam

Alanfields: /* Time Limitations */

2017-08-03T02:39:44Z

‎Time Limitations

Alanfields: /* UPL */

2016-05-06T21:05:39Z

‎UPL

Alanfields: /* UPL */

2016-05-06T21:05:15Z

‎UPL

Abfields: Created page with "==Search/Exam== Minimum Search Requirements -- No statutory minimum, most attorneys search 40 – 60 years Plant or other search restrictions -- No *Additional Requirements..."

2014-12-11T00:22:20Z

Created page with "==Search/Exam== *Minimum Search Requirements -- No statutory minimum, most attorneys search 40 – 60 years *Plant or other search restrictions -- No *Additional Requirements..."

New page

==Search/Exam==
*Minimum Search Requirements -- No statutory minimum, most attorneys search 40 – 60 years
*Plant or other search restrictions -- No
*Additional Requirements for REO Searches -- N/A
*Foreclosure Checklist -- N/A
*Special Searches Required (Code, HOA, Utilities)? --
*Survey Requirements --
**Purchase – yes if new construction
**Refinance – no
*UPL Hot Button Issues -- Extreme caution required for SC Transactions; WFG approved attorney is Mark Keegan; closing with any other attorney requires written approval from Compliance.
==UPL==
South Carolina is a traditional attorney-state which defines the closing of real estate transactions as the practice of law. The SC Supreme Court has identified five functions which constitute the practice of law:
*Supervision of the title search and title examination;
*Review of closing documents;
*Supervision of the closing (Note: paralegals may not conduct closings);
*Supervision of the recording of documents;
*Supervision of the disbursement of funds.
In Matrix Financial Services Corp. v. Frazer, 394 S.C. 134; 714 S.E.2d 532 (2011) the Supreme Court held that a mortgage loan not closed by a South Carolina licensed attorney could be denied equitable relief in a foreclosure action.

[http://wiki.wfgstaging.com/images/0/0d/SC_Cases_and_Summary.pdf More details on SC UPL]

==Vesting==
*S.C. does not recognize Tenancy by the Entirety.
*Statute recognizes JTROS. Specific creation language recognized per SC 27-7-40 "as joint tenants with rights of survivorship, and not as tenants in common"
*Also recognizes tenants in common
==Witness Requirements==
*Deeds, mortgages, and powers of attorney require two witnesses and must be notarized.
*Notary may serve as one of witnesses
*The notary may use either an acknowledgment or probate (the probate being a South Carolina method of authenticating a document whereby the witnesses attest to the validity).

==Spousal Joinder Requirements/Homestead==
*Spouses not in title not required to join in the execution of deeds or mortgages.

*South Carolina does not recognized civil unions.
==Power Of Attorney==
==Construction Liens==
==Foreclosure Review==
==Instrument Requirements==
==Who May Serve As Trustee On Deed Of Trust==
*S.C. is a mortgage state. Deeds of trust are not permitted.
==Time Limitations==
*US Judgment Liens -- 20 years, renewable for 20 years
*State Court Judgment Liens -- 10 years
*Federal Tax Liens -- 10 years (+30 days); can be refiled
*State Tax Liens -- 10 years
*Estate Tax Lien -- Federal 10 years
*State Inheritance Tax Liens --
*Mechanics Liens -- 6 months if suit is not filed
*Financing Statements -- 5 years, can be renewed for 5 year term
*Mortgages -- 20 years from maturity
*HOA Liens -- 10 years
*Condominium assessments --
*Child Support Liens –

==Odd Stuff==
*The attorney who paid off a mortgage loan may satisfy the mortgage by affidavit if he or she has a written payoff statement from the lender and the cancelled check or proof of wire transfer for the proceeds paid to the lender.

*There is no general usury limits on non-consumer transactions. Interest on consumer credit transactions are limited by [http://www.scstatehouse.gov/code/t37c002.php S.C. Code Ann. Section 37-2-201].

← Older revision		Revision as of 22:19, 12 July 2018
Line 22:		Line 22:

	[http://uww.wfgnationaltitle.com/images/0/0d/SC_Cases_and_Summary.pdf More details on SC UPL]		[http://uww.wfgnationaltitle.com/images/0/0d/SC_Cases_and_Summary.pdf More details on SC UPL]
		+
		+	[https://www.sccourts.org/opinions/HTMLfiles/SC/27727.pdf This is a good explanation of how to do this correctly for National Agents]

	==Vesting==		==Vesting==

@@ Line 1: / Line 1: @@
 ==Search/Exam==
-*Search and Exam are Practice of Law.  Attorney search required.
+*Search and Exam are Practice of Law.  Attorney supervised search required.
 *Minimum Search Requirements -- No statutory minimum, most attorneys search 40 – 60 years pursuant to [https://uww.wfgnationaltitle.com/images/c/cf/SC_Handbook_for_Dirt_LawyersSWFG_Nation17071213210.pdf SC Bar guidance]
 *Plant or other search restrictions -- No

← Older revision		Revision as of 21:05, 6 May 2016
Line 19:		Line 19:

	[http://wiki.wfgstaging.com/images/0/0d/SC_Cases_and_Summary.pdf More details on SC UPL]		[http://wiki.wfgstaging.com/images/0/0d/SC_Cases_and_Summary.pdf More details on SC UPL]
		+	[http://uww.wfgnationaltitle.com/images/0/0d/SC_Cases_and_Summary.pdf More details on SC UPL]

	==Vesting==		==Vesting==

@@ Line 47: / Line 47: @@
 ==Construction Liens==
 ==Foreclosure Review==
 ==Instrument Requirements==
 ==Who May Serve As Trustee On Deed Of Trust==

@@ Line 10: / Line 10: @@
 **Refinance – no
 *UPL Hot Button Issues -- Extreme caution required for SC Transactions; WFG approved attorney is Mark Keegan; closing with any other attorney requires written approval from Compliance.
 ==UPL==

@@ Line 38: / Line 38: @@
 *South Carolina does not recognized civil unions.
 ==Power Of Attorney==
 ==Construction Liens==

@@ Line 42: / Line 42: @@
 ==Time Limitations==
 *US Judgment Liens -- 20 years, renewable for 20 years
-*State Court Judgment Liens -- 10 years
+*State Court Judgment Liens -- 10 years (unless appeal pending -- case has "active energy")
 *Federal Tax Liens -- 10 years (+30 days); can be refiled
 *State Tax Liens -- 10 years
@@ Line 48: / Line 49: @@
 *State Inheritance Tax Liens --
 *Mechanics Liens -- 6 months if suit is not filed
-*Financing Statements -- 5 years, can be renewed for 5 year term
+*Financing Statements -- 5 years + 6 Months, can be renewed for additional 5 year terms
 *Mortgages -- 20 years from maturity
 *HOA Liens -- 10 years
 *Condominium assessments --
-*Child Support Liens –
+*DSS for Child Support Liens –  6 years
 ==Odd Stuff==

@@ Line 18: / Line 18: @@
 In  Matrix Financial Services Corp. v. Frazer, 394 S.C. 134; 714 S.E.2d 532 (2011) the Supreme Court held that a mortgage loan not closed by a South Carolina licensed attorney could be denied equitable relief in a foreclosure action.
-[http://wiki.wfgstaging.com/images/0/0d/SC_Cases_and_Summary.pdf More details on SC UPL]
 [http://uww.wfgnationaltitle.com/images/0/0d/SC_Cases_and_Summary.pdf More details on SC UPL]

SC Underwriting Summary - Revision history

Toryvincent: /* Foreclosure Review */

Randywilliams: /* Search/Exam */

Alanfields: /* Spousal Joinder Requirements/Homestead */

Clintyarborough: /* UPL */

Alanfields: /* Search/Exam */

Alanfields: /* Search/Exam */

Alanfields: /* Time Limitations */

Alanfields: /* UPL */

Alanfields: /* UPL */

Abfields: Created page with "==Search/Exam== *Minimum Search Requirements -- No statutory minimum, most attorneys search 40 – 60 years *Plant or other search restrictions -- No *Additional Requirements..."

Abfields: Created page with "==Search/Exam== Minimum Search Requirements -- No statutory minimum, most attorneys search 40 – 60 years Plant or other search restrictions -- No *Additional Requirements..."