Difference between revisions of "MI Underwriting Summary"

Revision as of 16:42, 28 October 2014

Search/Exam

Minimum Search Requirements -- No Statute. Marketable Title Act – 40 years
Plant or other search restrictions -- No
Additional Requirements for REO Searches --
Foreclosure Checklist --
Special Searches Required (Code, HOA, Utilities)? -- WARNING – property tax issues -
Survey Requirements -- No

UPL

Attorney involvement is not required for title searches or issuance of policies. However, an attorney must draft “non-form” instruments if the seller is unwilling to act as drafter.

Vesting

Witness Requirements

No longer required.

Property Tax

Mortgage/Transfer Tax

No Mortgage Tax. Deed transfer taxes are provided by statute and uniform across the state. The taxes are based upon the total value of the property being conveyed. The rates are:

$7.50 per thousand for State; plus $1.10 per thousand for County

Spousal Joinder Requirements/Homestead

Power Of Attorney

Construction Liens

Foreclosure Review

Instrument Requirements

Who May Serve As Trustee On Deed Of Trust

Mortgages only. Deeds of Trust may not be recognized.

Time Limitations

US Judgment Liens -- 20 years
State Court Judgment Liens --
Federal Tax Liens -- 10 years (+ 30 days)
State Tax Liens --
Estate Tax Lien -- 10 years
State Inheritance Tax Liens --
Mechanics Liens --
Financing Statements --
Mortgages --
HOA Liens --
Condominium assessments --
Child Support Liens --

Odd Stuff

Usury coverage through an endorsement is available. The usury statute is MCL § 438.31 et sec.

@@ Line 1: / Line 1: @@
 ==Search/Exam==
+*Minimum Search Requirements	--   No Statute.   Marketable Title Act – 40 years
+*Plant or other search restrictions	--  No
+*Additional Requirements for REO Searches	--
+*Foreclosure Checklist	--
+*Special Searches Required (Code, HOA, Utilities)?	--  WARNING – property tax issues -
+*Survey Requirements 	--  No
-----
-===Minimum Search Requirements===
+==UPL==
-Marketable Title Act – 40 years
+Attorney involvement is not required for title searches or issuance of policies. However, an attorney must draft “non-form” instruments if the seller is unwilling to act as drafter.
-===Plant or other search restrictions===
+==Vesting==
-No
+==Witness Requirements==
-===Additional Requirements for REO Searches===
+No longer required.
-===Foreclosure Checklist===
-===Special Searches Required (Code, HOA, Utilities)?===
-	WARNING – property tax issues -
-===Survey Requirements=== 	No
-===UPL Hot Button Issues===
-==Statutes of Limitations==
+==Property Tax ==
-===US Judgment Liens===
-years
-===State Court Judgment Liens===
-===Federal Tax Liens===
-years (+ 30 days)
-===State Tax Liens===
-===Estate Tax Lien===
-years
-===State Inheritance Tax Liens===
-===Mechanics Liens===
-===Financing Statements===
-===Mortgages===
-===HOA Liens===
-===Condominium assessments===
-===Child Support Liens===
-Prepared by Deborah Everett, Esq.  Summer 2014
+==Mortgage/Transfer Tax==
+No Mortgage Tax.   Deed transfer taxes are provided by statute and  uniform across the state. The taxes are based upon the total value of the property being conveyed.
+The rates are:
+$7.50 per thousand for State; plus
+$1.10 per thousand for County
+==Spousal Joinder Requirements/Homestead==
+==Power Of Attorney==
+==Construction Liens==
+==Foreclosure Review==
+==Instrument Requirements ==
+==Who May Serve As Trustee On Deed Of Trust==
+Mortgages only.   Deeds of Trust may not be recognized.
+==Time Limitations==
+*US Judgment Liens	--  20 years
+*State Court Judgment Liens	--
+*Federal Tax Liens	--  10 years (+ 30 days)
+*State Tax Liens	--
+*Estate Tax Lien	--  10 years
+*State Inheritance Tax Liens	--
+*Mechanics Liens	--
+*Financing Statements	--
+*Mortgages	--
+*HOA Liens	--
+*Condominium assessments	--
+*Child Support Liens	--
+==Odd Stuff==
+*Usury coverage through an endorsement is available. The usury statute is MCL § 438.31 et sec.