Difference between revisions of "IN Operations Summary"
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==Payment Custom== | ==Payment Custom== | ||
| + | (02/11/2015) | ||
*Seller pays for Owners Policy, in most but not all areas of the state. | *Seller pays for Owners Policy, in most but not all areas of the state. | ||
*No transfer tax in Indiana. Seller customarily pays for recording fees for deed and title clearing. *Purchaser customarily pays for recording fees for mortgage. | *No transfer tax in Indiana. Seller customarily pays for recording fees for deed and title clearing. *Purchaser customarily pays for recording fees for mortgage. | ||
*Payment of survey charge is negotiated in purchase agreement. | *Payment of survey charge is negotiated in purchase agreement. | ||
*Closing/Settlement Fees customarily split between Seller and Purchaser or negotiated in purchase agreement. | *Closing/Settlement Fees customarily split between Seller and Purchaser or negotiated in purchase agreement. | ||
| + | |||
==Audits== | ==Audits== | ||
| + | (02/11/2015) | ||
*Required -- Title Division of the DOI does conduct audits | *Required -- Title Division of the DOI does conduct audits | ||
| + | |||
==Recording Process== | ==Recording Process== | ||
| + | (02/11/2015) | ||
*E-recording -- County list of e-recording attached | *E-recording -- County list of e-recording attached | ||
*Record before disbursement -- Disburse first | *Record before disbursement -- Disburse first | ||
*Special recording procedure -- <<WALK THRU??>> | *Special recording procedure -- <<WALK THRU??>> | ||
| + | |||
==Recording/Document Requirements== | ==Recording/Document Requirements== | ||
| − | *Marital Status Stated -- | + | (02/11/2015) |
| + | *Marital Status Stated -- Not required | ||
*Transfer Tax -- No | *Transfer Tax -- No | ||
*Mortgage Tax -- Yes | *Mortgage Tax -- Yes | ||
*Address for grantor/grantee/property -- | *Address for grantor/grantee/property -- | ||
*Witnesses -- Not required | *Witnesses -- Not required | ||
| − | *Names typed/printed -- Required | + | *Names typed/printed -- Required -- must be identical throughout document |
| − | *Prepared by/return to -- Preparer’s name must appear at end of document (grantor or licensed | + | *Prepared by/return to -- Individual Preparer’s name and address must appear at end of document - special statement required (grantor or licensed attorney) |
| − | *Notary Stamp/requirements -- Stamp or seal required | + | *Notary Stamp/requirements -- Stamp or seal required; County of residence beneath signature |
*Parcel or tax index number -- Not required | *Parcel or tax index number -- Not required | ||
*Recitation of Consideration -- | *Recitation of Consideration -- | ||
| − | *Derivation Clause -- | + | *Derivation Clause -- Required |
*Corporate Signatures/Attestation -- | *Corporate Signatures/Attestation -- | ||
| − | *Ink Color/Font -- | + | *Ink Color/Font -- Black/10 pt. |
| − | *Legal Description -- | + | *Legal Description -- State/County/Municipality 1st paragraph |
| − | *Margins -- | + | *Margins -- 2" top/bottom 1st & last page; 1/2" all others |
| − | *Other Special Recording: -- | + | *Other Special Recording: -- Sales Disclosure Form for Deeds; Auditor Fee |
| + | *Some Counties have multiple "Recording Districts" which require separate deeds and places of recording. | ||
| + | |||
==Document Types== | ==Document Types== | ||
| + | (02/11/2015) | ||
*Conveyance -- Warranty Deeds, Quit Claim Deeds | *Conveyance -- Warranty Deeds, Quit Claim Deeds | ||
*Security Instrument -- Mortgage | *Security Instrument -- Mortgage | ||
*Release -- Release | *Release -- Release | ||
| + | |||
==Tenancies== | ==Tenancies== | ||
| + | (02/11/2015) | ||
*Tenants in Common -- Presumed unless Husband and Wife | *Tenants in Common -- Presumed unless Husband and Wife | ||
*Joint Tenants -- Must be expressly stated and negate TBE for married persons | *Joint Tenants -- Must be expressly stated and negate TBE for married persons | ||
| Line 78: | Line 90: | ||
*Homestead -- No | *Homestead -- No | ||
*Joinder of Non-titled Spouse -- No joinder required. No dower or curtsey, or marital rights laws. Civil union is not recognized. | *Joinder of Non-titled Spouse -- No joinder required. No dower or curtsey, or marital rights laws. Civil union is not recognized. | ||
| + | |||
==Taxes== | ==Taxes== | ||
| + | (02/11/2015) | ||
*Indiana real property taxes are taxed in arrears. | *Indiana real property taxes are taxed in arrears. | ||
*Taxes Levied -- 3/1 | *Taxes Levied -- 3/1 | ||
*Taxes due -- 5/10 & 11/10 | *Taxes due -- 5/10 & 11/10 | ||
*Delinquent -- 5/11 & 11/11 | *Delinquent -- 5/11 & 11/11 | ||
| + | |||
==Commitment/Policy Special Requirements== | ==Commitment/Policy Special Requirements== | ||
| + | (02/11/2015) | ||
*Who can sign Commitment/Policy -- Licensed Title Producer | *Who can sign Commitment/Policy -- Licensed Title Producer | ||
| − | *Other -- | + | *Other -- |
| + | |||
==Post Closing Requirements== | ==Post Closing Requirements== | ||
*Recon follow up required -- | *Recon follow up required -- | ||
Latest revision as of 15:32, 27 June 2016
Contents
Licensed Entity:
(02/11/2015)
WFG LENDER SERVICES, LLC (All entities must have a IN licensed title producers to handle transactions)
- See Attached HUD Sample for Additional Information: File:Indiana HUD-1.pdf
Banking Information
(02/11/2015)
- Bank account/LS -- 934084476/Chase Bank
- Good Funds Law -- <<INSERT ANY DE MINIMUS AMOUNT>>
- Disbursements Requirements -- <<INSERT IF WFG REQUIRES CD?>>
- Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- NO
Escrow/Settlement
(02/11/2015)
- Who can prepare the HUD -- Licensed Title Producer
- Who can sign the HUD (EO/LTP/Attorney) -- Licensed Title Producer
- Who orders hazard insurance -- Customary -
- When is transaction consummated for new HUDS --
- Record before/after disburse -- Disburse then record
- Filed/restricted escrow rates -- No
- Record retention requirements --
- Is an attorney involved in the closing -- No
- Who can handle loan document signing -- Notary signing is permissible
- Doc Prep Restrictions -- Doc prep is UPL
- Use Escrow Instructions or not -- No
- Use Estimated HUD or Final -- Final
- Pass-thru charges -- Not restricted
- Rates Inclusive or not -- Not inclusive. Indiana is not a filed rate state. It is permissible to charge a separate search and/or exam fee.
- Up Charging -- Not restricted by state law
- Junk Charges -- Not restricted but should not be used
- Special HUD Requirements -- No
- Special Disclosures -- No
- CPL -- Yes
- UPL Issues -- Doc Prep is UPL
- Joinder of non-titled spouse -- No
- Survey Required --
- Yes for purchase
- No for refinance
Payment Custom
(02/11/2015)
- Seller pays for Owners Policy, in most but not all areas of the state.
- No transfer tax in Indiana. Seller customarily pays for recording fees for deed and title clearing. *Purchaser customarily pays for recording fees for mortgage.
- Payment of survey charge is negotiated in purchase agreement.
- Closing/Settlement Fees customarily split between Seller and Purchaser or negotiated in purchase agreement.
Audits
(02/11/2015)
- Required -- Title Division of the DOI does conduct audits
Recording Process
(02/11/2015)
- E-recording -- County list of e-recording attached
- Record before disbursement -- Disburse first
- Special recording procedure -- <<WALK THRU??>>
Recording/Document Requirements
(02/11/2015)
- Marital Status Stated -- Not required
- Transfer Tax -- No
- Mortgage Tax -- Yes
- Address for grantor/grantee/property --
- Witnesses -- Not required
- Names typed/printed -- Required -- must be identical throughout document
- Prepared by/return to -- Individual Preparer’s name and address must appear at end of document - special statement required (grantor or licensed attorney)
- Notary Stamp/requirements -- Stamp or seal required; County of residence beneath signature
- Parcel or tax index number -- Not required
- Recitation of Consideration --
- Derivation Clause -- Required
- Corporate Signatures/Attestation --
- Ink Color/Font -- Black/10 pt.
- Legal Description -- State/County/Municipality 1st paragraph
- Margins -- 2" top/bottom 1st & last page; 1/2" all others
- Other Special Recording: -- Sales Disclosure Form for Deeds; Auditor Fee
- Some Counties have multiple "Recording Districts" which require separate deeds and places of recording.
Document Types
(02/11/2015)
- Conveyance -- Warranty Deeds, Quit Claim Deeds
- Security Instrument -- Mortgage
- Release -- Release
Tenancies
(02/11/2015)
- Tenants in Common -- Presumed unless Husband and Wife
- Joint Tenants -- Must be expressly stated and negate TBE for married persons
- Tenancy by Entireties -- Presumed if Husband and Wife
- Community Property -- No
- Homestead -- No
- Joinder of Non-titled Spouse -- No joinder required. No dower or curtsey, or marital rights laws. Civil union is not recognized.
Taxes
(02/11/2015)
- Indiana real property taxes are taxed in arrears.
- Taxes Levied -- 3/1
- Taxes due -- 5/10 & 11/10
- Delinquent -- 5/11 & 11/11
Commitment/Policy Special Requirements
(02/11/2015)
- Who can sign Commitment/Policy -- Licensed Title Producer
- Other --
Post Closing Requirements
- Recon follow up required --
