Difference between revisions of "IN Underwriting References"
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==State Law Reservations== | ==State Law Reservations== | ||
==Streets== | ==Streets== | ||
− | ===Streets Exception | + | ===Streets Exception=== |
+ | ====Metes & Bounds==== | ||
We must take exception to it on all metes and bounds because the streets may have either shifted over time or more land is being used for it than how large the road legally is. The only way to remove it would be to require a staked survey that accurately depicts the road and research the roads chain to see if it can be removed. | We must take exception to it on all metes and bounds because the streets may have either shifted over time or more land is being used for it than how large the road legally is. The only way to remove it would be to require a staked survey that accurately depicts the road and research the roads chain to see if it can be removed. | ||
+ | |||
===Vesting=== | ===Vesting=== | ||
===Usage Rights=== | ===Usage Rights=== |
Revision as of 04:59, 8 June 2021
Contents
- 1 Agency
- 2 Agreement for Deed
- 3 Agreement Not to Transfer or Encumber
- 4 Agreements
- 5 Agricultural Lands
- 6 Alien Land Ownership
- 7 Aliens Ineligible To Citizenship
- 8 Alteration of Instruments
- 9 Bankruptcy
- 10 Cemeteries
- 11 Chattel and Crop Mortgages
- 12 Churches
- 13 Common Law Syndicates or Trusts
- 14 Community and Separate Real Property
- 15 Condominiums, Homeowners’ Associations and Common Interest Developments
- 16 Construction Liens
- 17 Contracts for Sale
- 18 Conveyances
- 19 Corporations
- 20 Courts
- 21 Covenants, Conditions and Restrictions
- 22 Creditors’ Rights & Fraudulent Transfers
- 23 Deeds
- 24 Descriptions
- 25 Dissolution of Marriage
- 26 Easements
- 27 Eminent Domain
- 28 Entities
- 29 Escrows
- 30 Estates of Decedents
- 31 Federal Estate Tax
- 32 Federal Housing Administration Loans
- 33 Federal Land Bank Loans
- 34 Federal Tax Liens
- 35 Fissionable Materials Reservations
- 36 Flexible Purpose Corporations
- 37 Foreclosure Of Mortgages
- 38 Forfeiture
- 39 General Partnerships
- 40 Generally
- 41 Guardianship, Conservatorships and Other Protective Proceedings
- 42 Homestead
- 43 Identity of Persons
- 44 Incompetents & Minors
- 45 Indian Titles
- 46 Judgments and Liens
- 47 Land Trust
- 48 Leases
- 49 Letters of Indemnity Between Title Companies, Reliance on Mutual Indemnification Agreement
- 50 Life Estates
- 51 Litigation Issues
- 52 Maps
- 53 Marital Homestead in Probate Proceedings
- 54 Marital Property
- 55 Marketable Record Title Act & Curative Acts
- 56 Minerals
- 57 Missing Persons
- 58 Mobile homes, Manufactured Homes And Commercial Coaches
- 59 Mortgages & Deeds of Trust
- 60 Notary & Acknowledgments
- 61 Plats & Subdivisions
- 62 Plats And Streets
- 63 Pre-U.S. Land Grants (British, Spanish, Mexican, French, Russian)
- 64 Probate & Estates
- 65 Public Lands
- 66 Restrictions And Reverters
- 67 Servicemembers Civil Relief Act
- 68 Special Risks/Ultra-Hazardous Risks
- 69 Spousal Interests
- 70 State and Local Transfer Taxes
- 71 State Law Reservations
- 72 Streets
- 73 Surveys And Title Insurance
- 74 Tax Liens
- 75 Tax Sales
- 76 Taxes And Assessments
- 77 Tenancies
- 78 Trusts And Trustees
- 79 Truth-In-Lending
- 80 Unauthorized Practice of Law
- 81 Uniform Commercial Code (UCC)
- 82 Uniform Federal Lien Registration Act
- 83 Usury
- 84 Utilities
- 85 Water And Water Rights
- 86 Waters And Watercourses
- 87 Zoning
Agency
Powers of Attorney
Corporate Authority
Agreement for Deed
Agreement Not to Transfer or Encumber
Agreements
Agricultural Lands
Alien Land Ownership
Aliens Ineligible To Citizenship
Alteration of Instruments
Bankruptcy
State Specific
General
Cemeteries
Chattel and Crop Mortgages
Churches
Common Law Syndicates or Trusts
Community and Separate Real Property
Condominiums, Homeowners’ Associations and Common Interest Developments
Construction Liens
Contracts for Sale
Conveyances
Corporations
Courts
Actions affecting Title
Due Process
Lis Pendens
Documenting the Record
Enforcement of Judgments
Servicemembers Civil Relief Act (Soldiers & Sailors)
Covenants, Conditions and Restrictions
Creditors’ Rights & Fraudulent Transfers
Deeds
Descriptions
Dissolution of Marriage
Easements
Eminent Domain
Entities
Escrows
State Licensure
In Indiana, any employee who has the authority to initiate wires, cut checks, or prepare, edit, or sign CD’s and ALTA Settlement Statements has to have an Indiana Title Producers License.
Estates of Decedents
Federal Estate Tax
Federal Housing Administration Loans
Federal Land Bank Loans
Federal Tax Liens
Fissionable Materials Reservations
Flexible Purpose Corporations
Foreclosure Of Mortgages
Forfeiture
General Partnerships
Generally
Guardianship, Conservatorships and Other Protective Proceedings
Homestead
Identity of Persons
Incompetents & Minors
Indian Titles
Judgments and Liens
Land Trust
Leases
Letters of Indemnity Between Title Companies, Reliance on Mutual Indemnification Agreement
Life Estates
Indiana has a Transfer on Death Act that covers real estate. You’re correct, they TOD beneficiaries do not need to join in the execution of a deed/mortgage as by statute, they have no present interest in the property. The owner has to die first.
That said, you’ll find many attorneys will screw up the TOD declaration. It needs to be checked against the statute to ensure complete compliance:
https://law.justia.com/codes/indiana/2012/title32/article17/chapter14/
TOD section is IC 32-17-14-11
Creation & Recognition
Lady Bird Deeds
Litigation Issues
Ex Parte Orders
I would not be comfortable insuring this one. The Judge’s order is an Ex Parte Order, becomes a temporary order and is subject to being rescinded should she show up and object. That’s not a good situation for us to insure the buyer when potentially the court could rescind the order in its entirety. Nothing says reversal like an Ex Parte Order where the affected party has no idea what’s going on and has been denied their 14th Amendment Due Process rights.
Maps
Marital Homestead in Probate Proceedings
Marital Property
Marketable Record Title Act & Curative Acts
Minerals
Missing Persons
Mobile homes, Manufactured Homes And Commercial Coaches
Mortgages & Deeds of Trust
Notary & Acknowledgments
Plats & Subdivisions
Plats And Streets
Pre-U.S. Land Grants (British, Spanish, Mexican, French, Russian)
Probate & Estates
TODI: Indiana has a Transfer on Death Act that covers real estate. You’re correct, they TOD beneficiaries do not need to join in the execution of a deed/mortgage as by statute, they have no present interest in the property. The owner has to die first.
That said, you’ll find many attorneys will screw up the TOD declaration. It needs to be checked against the statute to ensure complete compliance:
https://law.justia.com/codes/indiana/2012/title32/article17/chapter14/
TOD section is IC 32-17-14-11
Public Lands
Restrictions And Reverters
Servicemembers Civil Relief Act
Special Risks/Ultra-Hazardous Risks
Spousal Interests
Divorce
Joinder Requirements
State and Local Transfer Taxes
State Law Reservations
Streets
Streets Exception
Metes & Bounds
We must take exception to it on all metes and bounds because the streets may have either shifted over time or more land is being used for it than how large the road legally is. The only way to remove it would be to require a staked survey that accurately depicts the road and research the roads chain to see if it can be removed.
Vesting
Usage Rights
Abandonment & Vacation
Surveys And Title Insurance
Tax Liens
Federal Income and Other Taxes
Federal Estate Tax
State Income Tax
Property Tax
Other State and Local Taxes
Tax Sales
Effective immediately, we have revised our Indiana tax sale requirements. You will recall, that previous underwriting guidelines required a quiet title action if a tax deed was found within the past 10 years. One of the basic changes in our new guidelines is a reduction in the time frame after execution of a tax deed from 10 years to 3 years. After 3 years have passed since the execution of the tax deed, we will no longer require a quiet title to insure the tax sale.
Additionally, we have eliminated the quiet title requirement within the 3 years period when presented with a smaller liability owner’s policy from another underwriter if substantial improvements have been made to the property. Note: use of the substantial improvements option requires underwriter approval.
Our new tax sale requirements are as follows:
TAX SALE REQUIREMENTS: A search of the Land revealed a tax deed within the past 3 years. In order to insure the proposed transaction, we require one of the following:
A copy of a prior Owners Policy insuring the Seller/Borrower; OR
Quitclaim Deeds/Releases from:
All parties with an interest in the Land at the date of tax sale; and
All parties who acquired an interest between date of tax sale and date of commitment but have not conveyed or released their interest; OR
A prior Owner’s Policy from another underwriter insuring the Seller/Borrower in an amount within 90% of, equal to, or greater than the amount of insurance on the current transaction. Seller in the current transaction must convey by general warranty deed; OR
A prior Owner’s Policy from another underwriter insuring the Seller/Borrower for less than an amount within 90% of the proposed amount of insurance in the current transaction if Seller/Borrower has proof of having added substantial improvements the value of which combined with the liability amount of the prior policy is sufficient to support the proposed amount of insurance. Seller in the current transaction must convey by general warranty deed. (NOTE: Use of this option requires underwriter approval); OR
A Quiet Title suit in which the following parties are properly named and served:
All parties with an interest in the Land at the date of tax sale; and
All parties who acquired an interest between the date of tax sale and the date of the Quiet Title complaint but have not conveyed or released their interest.
If the Quiet Title option is chosen, the current transaction cannot close until the occurrence of one of the following:
The expiration of the appeal period (30 days after the quiet title judgment) if service was personal, copy, registered or certified mail, or if an appearance was filed by a party.
The expiration of the period for filing a TR 60(B)(4) motion (1 year after quiet title judgment) if service was by publication only; OR
Passage of 3 years from date of tax deed.