Difference between revisions of "NV Operations Summary"
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WFG NATIONAL TITLE INSURANCE COMPANY | WFG NATIONAL TITLE INSURANCE COMPANY | ||
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WFG Lender Services, LLC | WFG Lender Services, LLC | ||
*See [http://wiki.wfgstaging.com/images/8/8c/Nevada_HUD-1.pdf Attached HUD] Sample for Additional Information | *See [http://wiki.wfgstaging.com/images/8/8c/Nevada_HUD-1.pdf Attached HUD] Sample for Additional Information | ||
==Banking Information== | ==Banking Information== | ||
− | + | (02/11/20115) | |
*Bank account/Charleston Blvd -- 4125366534/Wells Fargo Bank | *Bank account/Charleston Blvd -- 4125366534/Wells Fargo Bank | ||
*Bank account/Eastern Ave -- 033122796/Bank of the West | *Bank account/Eastern Ave -- 033122796/Bank of the West | ||
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*Disbursements Requirements -- After confirmation of recording | *Disbursements Requirements -- After confirmation of recording | ||
*Special Bank Requirements (IOLTA or IOTA or account specific to that state’s funds) -- NO | *Special Bank Requirements (IOLTA or IOTA or account specific to that state’s funds) -- NO | ||
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==Escrow/Settlement == | ==Escrow/Settlement == | ||
+ | (02/11/2015) | ||
*Who can prepare the HUD -- No restrictions | *Who can prepare the HUD -- No restrictions | ||
*Who can sign the HUD (EO/LTP/Attorney) -- Licensed Resident Agent (from NV Ops) | *Who can sign the HUD (EO/LTP/Attorney) -- Licensed Resident Agent (from NV Ops) | ||
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**Purchase – on high liability | **Purchase – on high liability | ||
**Refinance – No | **Refinance – No | ||
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==Audits== | ==Audits== | ||
+ | (02/11/2015) | ||
*Required -- Yes – annual CPA audit now required or state audit will be performed (NRSA 692A.100(4) | *Required -- Yes – annual CPA audit now required or state audit will be performed (NRSA 692A.100(4) | ||
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==Recording Process== | ==Recording Process== | ||
+ | (02/11/2015) | ||
*E-recording -- Yes | *E-recording -- Yes | ||
*Record before disbursement -- Yes | *Record before disbursement -- Yes | ||
*Special recording procedure -- N/A | *Special recording procedure -- N/A | ||
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==Recording/Document Requirements== | ==Recording/Document Requirements== | ||
+ | (02/11/2015) | ||
*Marital Status Stated -- Yes | *Marital Status Stated -- Yes | ||
*Transfer Tax -- Yes | *Transfer Tax -- Yes | ||
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*Other Special Recording: -- Mailing address of party requesting recording must be on document; Declaration of Value Affidavit w/Deed | *Other Special Recording: -- Mailing address of party requesting recording must be on document; Declaration of Value Affidavit w/Deed | ||
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==Document Types== | ==Document Types== | ||
+ | (02/11/2015) | ||
*Conveyance -- Grant Bargain and Sale Deed is the customary form in Nevada; Warranty deeds and quitclaim deeds recognized | *Conveyance -- Grant Bargain and Sale Deed is the customary form in Nevada; Warranty deeds and quitclaim deeds recognized | ||
*Security Instrument -- Deed of Trust | *Security Instrument -- Deed of Trust | ||
*Release -- Reconveyance | *Release -- Reconveyance | ||
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==Tenancies== | ==Tenancies== | ||
+ | (02/11/2015) | ||
*Tenants in Common -- Yes | *Tenants in Common -- Yes | ||
*Joint Tenants -- By express language only | *Joint Tenants -- By express language only | ||
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*Homestead -- Yes | *Homestead -- Yes | ||
*Joinder of Non-titled Spouse -- Yes w/exceptions Community Property State | *Joinder of Non-titled Spouse -- Yes w/exceptions Community Property State | ||
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==Taxes== | ==Taxes== | ||
+ | (02/11/2015) | ||
*Taxes Levied -- 7/1 to 6/30 | *Taxes Levied -- 7/1 to 6/30 | ||
*Taxes due – Quarterly -- 3rd Monday August | *Taxes due – Quarterly -- 3rd Monday August | ||
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1st Monday March | 1st Monday March | ||
*Delinquent -- 10 days after due date | *Delinquent -- 10 days after due date | ||
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==Commitment/Policy Special Requirements== | ==Commitment/Policy Special Requirements== | ||
+ | (02/11/2015) | ||
*Who can sign Commitment/Policy -- Licensed resident title officer (NV op) | *Who can sign Commitment/Policy -- Licensed resident title officer (NV op) | ||
− | *Other -- | + | *Other -- |
==Payment Customs== | ==Payment Customs== | ||
+ | (02/11/2015) | ||
*Seller typically pays for owners policy, unless contract provided otherwise. | *Seller typically pays for owners policy, unless contract provided otherwise. | ||
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*Nevada does not require surveys; if the purchaser requires a survey, then the contract will reflect the terms for payment. | *Nevada does not require surveys; if the purchaser requires a survey, then the contract will reflect the terms for payment. | ||
*Settlement fees typically split 50/50, unless contract terms provide otherwise | *Settlement fees typically split 50/50, unless contract terms provide otherwise | ||
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==Post Closing Requirements== | ==Post Closing Requirements== | ||
*Recon follow up required -- | *Recon follow up required -- |
Latest revision as of 10:46, 11 February 2015
Contents
Licensed Entity:
(02/11/2015)
WFG NATIONAL TITLE INSURANCE COMPANY
WFG Lender Services, LLC
- See Attached HUD Sample for Additional Information
Banking Information
(02/11/20115)
- Bank account/Charleston Blvd -- 4125366534/Wells Fargo Bank
- Bank account/Eastern Ave -- 033122796/Bank of the West
- Bank account/CD -- 4120780168/Wells Fargo Bank
- Bank account/LS -- 934084476/Chase Bank
- Good Funds Law -- Yes
- Disbursements Requirements -- After confirmation of recording
- Special Bank Requirements (IOLTA or IOTA or account specific to that state’s funds) -- NO
Escrow/Settlement
(02/11/2015)
- Who can prepare the HUD -- No restrictions
- Who can sign the HUD (EO/LTP/Attorney) -- Licensed Resident Agent (from NV Ops)
- Who orders hazard insurance -- Customary - Lender
- When is transaction consummated for new HUDS -- Upon confirmation of Recording
- Record before/after disburse -- Record first by practice
- Filed/restricted escrow rates -- Filed Escrow Rates
- Record retention requirements -- 5 years title; 6 years escrow
- Is an attorney involved in the closing -- No
- Who can handle loan document signing -- Notary signing is acceptable
- Doc/Deed Prep Restrictions -- No
- Use Escrow Instructions or not -- Yes / general provisions attached to RPA
- Use Estimated HUD or Final -- Estimated is customary
- Pass-thru charges -- Yes
- Rates Inclusive or not -- Generally Inclusive of Search and Exam.
- In commercial, If the initial review of the records discloses that the property has never been insured, then a separate fee may be negotiated. Typically, the search and examination fees are included in the title policy premium, unless prior negotiation for extensive research negotiated prior to issuance of policy.
- Up Charging -- No – charge filed rates (Flat fee/standard charging permitted if filed, such as overnight at $25, or wire fee at $25)
- Junk Charges -- Filed rates only
- Special HUD Requirements -- Licensed Resident Agent must sign (NV Ops)
- Special Disclosures -- No
- CPL -- Yes
- UPL Issues -- Not restricted – title/escrow can complete standard forms
- Joinder of non-titled spouse -- Yes, generally Community Property State.
- Survey Required --
- Purchase – on high liability
- Refinance – No
Audits
(02/11/2015)
- Required -- Yes – annual CPA audit now required or state audit will be performed (NRSA 692A.100(4)
Recording Process
(02/11/2015)
- E-recording -- Yes
- Record before disbursement -- Yes
- Special recording procedure -- N/A
Recording/Document Requirements
(02/11/2015)
- Marital Status Stated -- Yes
- Transfer Tax -- Yes
- Mortgage Tax -- No
- Address for grantor/grantee/property -- Grantor address required
- Witnesses -- Not required. But must be acknowledged by notary
- Names typed/printed -- Yes
- Prepared by/return to -- Return To only
- Notary Stamp/requirements -- Stamp or seal required
- Parcel or tax index number -- On top left corner of first page
- Recitation of Consideration -- For a Value Consideration, Receipt of which is hereby acknowledged
- Derivation Clause --
- Corporate Signatures/Attestation --
- Ink Color/Font -- Documents submitted for recording should be in text that is no smaller than a 10 point similar to Times New Roman font or no more than 9 lines of text per vertical inch. No cursive, print only. (NRS 247.110)
- Legal Description -- Yes
- Margins -- First Page Margins: A document should have a margin of 1 inch on the left and right sides and at the bottom of each page, and must have a space of 3 X 3 inches at the upper right corner of the first page. Multiple Page Margins: The first page must have the margins listed above. All succeeding pages should have a margin of 1 inch on the left and right sides, and at the top and bottom of each page. (NRS 247.110)
- Other Special Recording: -- Mailing address of party requesting recording must be on document; Declaration of Value Affidavit w/Deed
Document Types
(02/11/2015)
- Conveyance -- Grant Bargain and Sale Deed is the customary form in Nevada; Warranty deeds and quitclaim deeds recognized
- Security Instrument -- Deed of Trust
- Release -- Reconveyance
Tenancies
(02/11/2015)
- Tenants in Common -- Yes
- Joint Tenants -- By express language only
- Tenancy by Entireties -- No
- Community Property -- Yes
- Homestead -- Yes
- Joinder of Non-titled Spouse -- Yes w/exceptions Community Property State
Taxes
(02/11/2015)
- Taxes Levied -- 7/1 to 6/30
- Taxes due – Quarterly -- 3rd Monday August
1st Monday October 1st Monday January 1st Monday March
- Delinquent -- 10 days after due date
Commitment/Policy Special Requirements
(02/11/2015)
- Who can sign Commitment/Policy -- Licensed resident title officer (NV op)
- Other --
Payment Customs
(02/11/2015)
- Seller typically pays for owners policy, unless contract provided otherwise.
- Transfer tax usually split, depending on purchase contract terms; recording fees allocated to seller for deed, purchaser for new encumbrance documents.
- Nevada does not require surveys; if the purchaser requires a survey, then the contract will reflect the terms for payment.
- Settlement fees typically split 50/50, unless contract terms provide otherwise
Post Closing Requirements
- Recon follow up required --