Difference between revisions of "ID Operations Summary"
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==Escrow/Settlement == | ==Escrow/Settlement == | ||
| + | (02/11/2015) | ||
* Who can prepare the HUD -- Escrow Officer | * Who can prepare the HUD -- Escrow Officer | ||
* Who can sign the HUD (EO/LTP/Attorney) -- Escrow Officer | * Who can sign the HUD (EO/LTP/Attorney) -- Escrow Officer | ||
| Line 40: | Line 41: | ||
==Audits== | ==Audits== | ||
| + | (02/11/2015) | ||
* Required -- ID DOI requires a DOI audit every 3 years – paid for by agent | * Required -- ID DOI requires a DOI audit every 3 years – paid for by agent | ||
| + | |||
==Recording Process== | ==Recording Process== | ||
| + | (02/11/2015) | ||
* E-recording -- | * E-recording -- | ||
* Record before disbursement -- Yes | * Record before disbursement -- Yes | ||
| − | * Special recording procedure -- | + | * Special recording procedure -- |
| + | |||
==Recording/Document Requirements== | ==Recording/Document Requirements== | ||
| + | (02/11/2015) | ||
* Marital Status Stated -- Yes | * Marital Status Stated -- Yes | ||
* Transfer Tax -- No | * Transfer Tax -- No | ||
| Line 61: | Line 67: | ||
* Legal Description -- | * Legal Description -- | ||
* Margins -- Space for recorders stamp on 1st page | * Margins -- Space for recorders stamp on 1st page | ||
| − | * Other Special Recording: -- | + | * Other Special Recording: -- |
| + | |||
==Document Types== | ==Document Types== | ||
| + | (02/11/2015) | ||
* Conveyance -- Warranty Deed, Special Warranty Deed, Quit Claim Deed, Grant Deed | * Conveyance -- Warranty Deed, Special Warranty Deed, Quit Claim Deed, Grant Deed | ||
* Security Instrument -- Mortgage or Trust Deed (DT under 80 acres IC 45-1502(5)) | * Security Instrument -- Mortgage or Trust Deed (DT under 80 acres IC 45-1502(5)) | ||
* Release -- Release or Satisfaction | * Release -- Release or Satisfaction | ||
| + | |||
==Payment Customs== | ==Payment Customs== | ||
| − | Under terms of the standard Purchase Contract, seller pays for the owner’s policy. The seller and buyer will pay for their respective recording fees and escrow fees. | + | (02/11/2015) |
| + | Under terms of the standard Purchase Contract, seller pays for the owner’s policy. The seller and buyer will pay for their respective recording fees and escrow fees. | ||
| + | |||
==Tenancies== | ==Tenancies== | ||
| + | (02/11/2015) | ||
* Tenants in Common -- Yes | * Tenants in Common -- Yes | ||
* Joint Tenants -- Yes | * Joint Tenants -- Yes | ||
| Line 75: | Line 87: | ||
* Homestead -- Yes | * Homestead -- Yes | ||
* Joinder of Non-titled Spouse -- Yes | * Joinder of Non-titled Spouse -- Yes | ||
| − | Idaho is a community property state, so non-title spouse must join in the execution of deeds or security instruments on all community property. Because of difficulty in determining community property status, custom to have a non-title spouse either join in the execution of a deed or security instrument or separately convey. | + | Idaho is a community property state, so non-title spouse must join in the execution of deeds or security instruments on all community property. Because of difficulty in determining community property status, custom to have a non-title spouse either join in the execution of a deed or security instrument or separately convey. |
| + | |||
==Taxes== | ==Taxes== | ||
| + | (02/11/2015) | ||
* Taxes Levied -- 1/1 | * Taxes Levied -- 1/1 | ||
* Taxes due -- 1st half due Nov. 20th/2nd half due June 20th | * Taxes due -- 1st half due Nov. 20th/2nd half due June 20th | ||
* Delinquent -- 1st half delinquent Dec. 20th/2nd half June 20th | * Delinquent -- 1st half delinquent Dec. 20th/2nd half June 20th | ||
| + | |||
==Commitment/Policy Special Requirements== | ==Commitment/Policy Special Requirements== | ||
| + | (02/11/2015) | ||
* Who can sign Commitment/Policy -- A person, partnership, corporation or agency owning & maintaining a complete set of tract indexes or abstract records of the County in which such property is located. IC 41-2702 | * Who can sign Commitment/Policy -- A person, partnership, corporation or agency owning & maintaining a complete set of tract indexes or abstract records of the County in which such property is located. IC 41-2702 | ||
| − | * Other -- | + | * Other -- |
| + | |||
==Post Closing Requirements== | ==Post Closing Requirements== | ||
| + | (02/11/2015) | ||
* Recon follow up required -- Yes | * Recon follow up required -- Yes | ||
Latest revision as of 08:46, 11 February 2015
Contents
Licensed Entity:
(02/11/2015)
WFG National Title Insurance Company (closing only - must be an insured transaction) WFG Lender Services, LLC (ID licensed escrow company)
- See Attached HUD Sample for Additional Information File:Idaho HUD-1.pdf
Banking Information
(02/11/2015)
- Bank account -- <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>
- Checks stale dated after -- ___ days of issuance
- Good Funds Law -- Yes
- Disbursements Requirements -- <<INSERT IF WFG REQUIRES CD?>>
- Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- Must be domestic bank
Escrow/Settlement
(02/11/2015)
- Who can prepare the HUD -- Escrow Officer
- Who can sign the HUD (EO/LTP/Attorney) -- Escrow Officer
- Who orders hazard insurance -- Customary – consumer
- When is transaction consummated for new HUDS -- Recording
- Record before/after disburse -- Record first
- Filed/restricted escrow rates -- Yes – filed by agents
- Record retention requirements -- 5 years for title and escrow
- Is an attorney involved in the closing -- No
- Who can handle loan document signing -- Notary
- Doc Prep Restrictions -- Doc prep is not UPL
- Use Escrow Instructions or not -- Yes
- Use Estimated HUD or Final -- Final
- Pass-thru charges -- Filed rates
- Rates Inclusive or not -- Inclusive of search and exam
- Up Charging -- Filed rates
- Junk Charges -- Filed rates
- Special HUD Requirements -- No
- Special Disclosures --
- CPL -- No charges for CPL
- UPL Issues -- No
- Joinder of non-titled spouse -- Yes
- Survey Required -- Purchase – yes for extended coverage
Refinance – no
Audits
(02/11/2015)
- Required -- ID DOI requires a DOI audit every 3 years – paid for by agent
Recording Process
(02/11/2015)
- E-recording --
- Record before disbursement -- Yes
- Special recording procedure --
Recording/Document Requirements
(02/11/2015)
- Marital Status Stated -- Yes
- Transfer Tax -- No
- Mortgage Tax -- No
- Address for grantor/grantee/property -- Property – Yes
- Witnesses -- -- Not required on deed or security instrument. document must be properly acknowledged for recording. IC 55-805.
- Names typed/printed -- Yes
- Prepared by/return to -- Yes
- Notary Stamp/requirements -- Stamp required
- Parcel or tax index number --
- Recitation of Consideration --
- Derivation Clause --
- Corporate Signatures/Attestation --
- Ink Color/Font -- Blue – no specific font
- Legal Description --
- Margins -- Space for recorders stamp on 1st page
- Other Special Recording: --
Document Types
(02/11/2015)
- Conveyance -- Warranty Deed, Special Warranty Deed, Quit Claim Deed, Grant Deed
- Security Instrument -- Mortgage or Trust Deed (DT under 80 acres IC 45-1502(5))
- Release -- Release or Satisfaction
Payment Customs
(02/11/2015) Under terms of the standard Purchase Contract, seller pays for the owner’s policy. The seller and buyer will pay for their respective recording fees and escrow fees.
Tenancies
(02/11/2015)
- Tenants in Common -- Yes
- Joint Tenants -- Yes
- Tenancy by Entireties -- Not recognized
- Community Property -- Yes
- Homestead -- Yes
- Joinder of Non-titled Spouse -- Yes
Idaho is a community property state, so non-title spouse must join in the execution of deeds or security instruments on all community property. Because of difficulty in determining community property status, custom to have a non-title spouse either join in the execution of a deed or security instrument or separately convey.
Taxes
(02/11/2015)
- Taxes Levied -- 1/1
- Taxes due -- 1st half due Nov. 20th/2nd half due June 20th
- Delinquent -- 1st half delinquent Dec. 20th/2nd half June 20th
Commitment/Policy Special Requirements
(02/11/2015)
- Who can sign Commitment/Policy -- A person, partnership, corporation or agency owning & maintaining a complete set of tract indexes or abstract records of the County in which such property is located. IC 41-2702
- Other --
Post Closing Requirements
(02/11/2015)
- Recon follow up required -- Yes
