Abfields: /* Tenancies */

2015-05-27T16:23:21Z

‎Tenancies

Abfields: Created page with "==Licensed Entity:== See Attached [http://wiki.wfgstaging.com/images/8/8d/West_Virginia_HUD-1.pdf HUD Sample] for Additional Information ==Banking Information == Bank acco..."

2014-12-15T22:55:28Z

Created page with "==Licensed Entity:== *See Attached [http://wiki.wfgstaging.com/images/8/8d/West_Virginia_HUD-1.pdf HUD Sample] for Additional Information ==Banking Information == *Bank acco..."

New page

==Licensed Entity:==
*See Attached [http://wiki.wfgstaging.com/images/8/8d/West_Virginia_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 -- Attorney must supervise disbursement
*Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- No
==Escrow/Settlement ==
*Who can prepare the HUD -- Under attorney supervision
*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 then record
*Filed/restricted escrow rates -- No
*Record retention requirements -- 3 years
*Is an attorney involved in the closing -- Yes – attorney must close and supervise disbursement
*Who can handle loan document signing -- Attorney
*Doc/Deed Prep Restrictions -- Attorney must prepare legal documents
*Use Escrow Instructions or not -- No
*Use Estimated HUD or Final -- Final
*Pass-thru charges -- Not restricted
*Rates Inclusive or not -- Not
*Up Charging -- Not restricted
*Junk Charges -- Not restricted
*Special HUD Requirements --
*Special Disclosures --
*CPL -- Yes
*UPL Issues -- Yes – activities of title agent must be under supervision of WV Attorney. APPROVED LAW FIRM IS PCN – KEN SMOLAR; USE OF ANY OTHER LAW FIRM REQUIRES WRITTEN CONSENT FROM THE COMPLIANCE DEPARTMENT
*Joinder of non-titled spouse -- Yes
*Survey Required -- Purchase – no
Refinance – no
==Audits==
*Required -- No
==Recording Process==
*E-recording -- County list of e-recording attached
*Record before disbursement -- Disburse then record
*Special recording procedure -- Sales listing form and declaration of consideration with all deeds
==Recording/Document Requirements==
*Marital Status Stated -- Not required
*Transfer Tax -- Yes
*Mortgage Tax -- No
*Address for grantor/grantee/property --
*Witnesses --
*Names typed/printed -- Required
*Prepared by/return to -- Prepared by name and signature required at end of document; return to address required
*Notary Stamp/requirements --
*Parcel or tax index number -- Required/ Auditor’s filed number
*Recitation of Consideration --
*Derivation Clause -- Required
*Corporate Signatures/Attestation --
*Ink Color/Font -- Black/10 pt minimum
*Legal Description -- Include state, county, municipality in 1st paragraph of legal description
*Margins -- 1st page top right 3.5” x 5”
*Other Special Recording: --
==Document Types==
*Conveyance -- Warranty Deed
*Security Instrument -- Deed of Trust
*Release -- Release of Deed of Trust
==Tenancies==
*Tenants in Common – Yes -- presumed
*Joint Tenants -- Yes if clearly stated. Survivorship is created only by express language (W. Va. Code § 36-1-20)
*Tenancy by Entireties – Not recognized W. Va.Code § 36-1-19, as construed in McNeely v. South Penn Oil Co.)
*Community Property -- No
*Homestead -- Yes
*Joinder of Non-titled Spouse – Yes
** Dower/curtesy abolished on June 5, 1992 (W. Va. Code § 43-1-1) Prior to June 5, 1992, surviving spouse entitled to one-third life estate in the decedent’s real estate.
==Taxes==
*Taxes Levied -- 7/1
*Taxes due -- 9/1 & 3/1
*Delinquent -- 10/1 & 4/1
==Commitment/Policy Special Requirements==
*Who can sign Commitment/Policy -- Countersignature requirement?
*Other –
==Payment Customs==
*Buyer pays Owners Policy
*Seller pays transfer privilege tax; buyer pays all other taxes
*Buyer pays survey
*Each pays for closing services provided them.
==Post Closing Requirements==
*Recon follow up required –

==Withholding Requirements==
*Tax must be withheld on sales by non-residents.
*[http://www.state.wv.us/taxrev/publications/tsd/tsd389.pdf W.V. Summary]
*[http://www.wva.state.wv.us/wvtax/withholdingtaxforms.aspx Webpage with forms]

@@ Line 61: / Line 61: @@
 *Tenants in Common – Yes -- presumed
 *Joint Tenants -- Yes if clearly stated.   Survivorship is created only by express language (W. Va. Code § 36-1-20)
-*Tenancy by Entireties – Not recognized  W. Va.Code § 36-1-19, as construed in McNeely v. South Penn Oil Co.)
+*Tenancy by Entireties – Not recognized  W. Va.Code § [http://www.legis.state.wv.us/wvcode/ChapterEntire.cfm?chap=36 36-1-19], as construed in McNeely v. South Penn Oil Co.)
 *Community Property -- No
 *Homestead -- Yes
 *Joinder of Non-titled Spouse – Yes
 ** Dower/curtesy abolished on June 5, 1992 (W. Va. Code § 43-1-1) Prior to June 5, 1992, surviving spouse entitled to one-third life estate in the decedent’s real estate.
 ==Taxes==
 *Taxes Levied  -- 7/1

WV Operations Summary - Revision history

Abfields: /* Tenancies */

Abfields: Created page with "==Licensed Entity:== *See Attached [http://wiki.wfgstaging.com/images/8/8d/West_Virginia_HUD-1.pdf HUD Sample] for Additional Information ==Banking Information == *Bank acco..."

Abfields: Created page with "==Licensed Entity:== See Attached [http://wiki.wfgstaging.com/images/8/8d/West_Virginia_HUD-1.pdf HUD Sample] for Additional Information ==Banking Information == Bank acco..."