Difference between revisions of "DE Underwriting Summary"
From WFG Wiki
(Created page with "==Search/Exam== *Minimum Search Requirements Reasonable search – customary 60 years *Plant or other search restrictions Attorney certification *Additional Requirements for R...") |
Alanfields (talk | contribs) (→Time Limitations) |
||
| (One intermediate revision by one other user not shown) | |||
| Line 1: | Line 1: | ||
==Search/Exam== | ==Search/Exam== | ||
| − | *Minimum Search Requirements Reasonable search – customary 60 years | + | *Minimum Search Requirements -- Reasonable search – customary 60 years. No minimum set by statute or MRTA |
| − | *Plant or other search restrictions Attorney certification | + | *Plant or other search restrictions -- Attorney certification |
| − | *Additional Requirements for REO Searches | + | *Additional Requirements for REO Searches -- |
| − | *Foreclosure Checklist | + | *Foreclosure Checklist -- |
| − | *Special Searches Required (Code, HOA, Utilities)? | + | *Special Searches Required (Code, HOA, Utilities)? -- |
| − | *Survey Requirements | + | *Survey Requirements -- |
**Owners – yes; | **Owners – yes; | ||
**Loan policy – no | **Loan policy – no | ||
| Line 12: | Line 12: | ||
==UPL== | ==UPL== | ||
| − | *UPL Hot Button Issues Examination is UPL, closing is UPL | + | *UPL Hot Button Issues -- Examination is UPL, closing is UPL. Doc Prep is UPL. Delaware attorney must conduct settlement and disburse. |
| − | |||
==Vesting== | ==Vesting== | ||
| Line 21: | Line 20: | ||
==Mortgage/Transfer Tax== | ==Mortgage/Transfer Tax== | ||
| − | + | No Mortgage tax, transfer tax is 3% statewide. | |
==Spousal Joinder Requirements/Homestead== | ==Spousal Joinder Requirements/Homestead== | ||
| Line 39: | Line 38: | ||
==Who May Serve As Trustee On Deed Of Trust== | ==Who May Serve As Trustee On Deed Of Trust== | ||
| − | + | Delaware is a mortgage state. | |
==Time Limitations== | ==Time Limitations== | ||
| − | *US Judgment Liens 20 years | + | *US Judgment Liens -- 20 years |
| − | *State Court Judgment Liens 10 years | + | *State Court Judgment Liens -- 10 years |
| − | *Federal Tax Liens 10 years (+ 30 days) | + | *Federal Tax Liens -- 10 years (+ 30 days) |
| − | *State Tax Liens 20 years | + | *State Tax Liens -- 20 years |
| − | *Estate Tax Lien 10 years | + | *Estate Tax Lien -- 10 years |
| − | *State Inheritance Tax Liens | + | *State Inheritance Tax Liens -- |
| − | *Mechanics Liens 1 year | + | *Mechanics Liens -- General Contractors in DE have 180 days from “final completion” to file a lien. Subs and suppliers have 120 days from that date they last performed work or provided materials. See Title 27, Section 2711. |
| − | *Financing Statements | + | **Lien lasts for 1 year after filing |
| − | *Mortgages | + | *Financing Statements -- |
| − | *HOA Liens | + | *Mortgages -- |
| − | *Condominium assessments | + | *HOA Liens -- |
| − | *Child Support Liens | + | *Condominium assessments -- |
| − | + | *Child Support Liens -- | |
==Odd Stuff== | ==Odd Stuff== | ||
| + | *Forms and rates set in Rating Manual of the Delaware Title Rating Bureau. | ||
| + | *Usury Coverage not available. | ||
Latest revision as of 08:36, 8 September 2015
Contents
Search/Exam
- Minimum Search Requirements -- Reasonable search – customary 60 years. No minimum set by statute or MRTA
- Plant or other search restrictions -- Attorney certification
- Additional Requirements for REO Searches --
- Foreclosure Checklist --
- Special Searches Required (Code, HOA, Utilities)? --
- Survey Requirements --
- Owners – yes;
- Loan policy – no
UPL
- UPL Hot Button Issues -- Examination is UPL, closing is UPL. Doc Prep is UPL. Delaware attorney must conduct settlement and disburse.
Vesting
Property Tax
Mortgage/Transfer Tax
No Mortgage tax, transfer tax is 3% statewide.
Spousal Joinder Requirements/Homestead
Power Of Attorney
Construction Liens
Foreclosure Review
Instrument Requirements
Who May Serve As Trustee On Deed Of Trust
Delaware is a mortgage state.
Time Limitations
- US Judgment Liens -- 20 years
- State Court Judgment Liens -- 10 years
- Federal Tax Liens -- 10 years (+ 30 days)
- State Tax Liens -- 20 years
- Estate Tax Lien -- 10 years
- State Inheritance Tax Liens --
- Mechanics Liens -- General Contractors in DE have 180 days from “final completion” to file a lien. Subs and suppliers have 120 days from that date they last performed work or provided materials. See Title 27, Section 2711.
- Lien lasts for 1 year after filing
- Financing Statements --
- Mortgages --
- HOA Liens --
- Condominium assessments --
- Child Support Liens --
Odd Stuff
- Forms and rates set in Rating Manual of the Delaware Title Rating Bureau.
- Usury Coverage not available.
