SC Operations Summary

Licensed Entity:

MUST BE CLOSED THROUGH A S.C. ATTORNEY

• See Attached HUD Sample for Additional Information

Banking Information

• Bank account -- <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>
• Checks stale dated after -- ___ days of issuance
• Good Funds Law -- No
• Disbursements Requirements -- <<INSERT IF WFG REQUIRES CD?>>
• Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- No

Escrow/Settlement

• Who can prepare the HUD -- Not restricted
• Who can sign the HUD (EO/LTP/Attorney) -- Not restricted
• Who orders hazard insurance -- Customary -
• When is transaction consummated for new HUDS --
• Record before/after disburse -- Disburse then record except Horry County, Record then disburse
• Filed/restricted escrow rates -- No
• Record retention requirements -- 7 years title; 7 years escrow
• Is an attorney involved in the closing -- Yes –required; Attorney must supervise all aspects: search, close, fund/disbursement and recording
• Who can handle loan document signing -- Attorney
• Doc/Deed Prep Restrictions -- Attorney must prepare all legal documents
• Use Escrow Instructions or not -- No
• Use Estimated HUD or Final -- Final
• Pass-thru charges -- Yes
• Rates Inclusive or not -- Not
• Up Charging -- No
• Junk Charges -- No
• Special HUD Requirements -- Attorney payments for closing and title opinion must appear on HUD
• Special Disclosures --
• CPL -- Yes
• UPL Issues -- Yes, very aggressive unauthorized practice of law enforcement. Attorney must certify title/provide opinion of title, be “present” at signing, supervise disbursement and recording.
• Joinder of non-titled spouse -- No
• Survey Required --
  • Purchase – yes if new construction
  • Refinance – no

AUDITS

• Required -- No

Recording Process

• E-recording -- County list of e-recording attached
• Record before disbursement -- Record first
• Special recording procedure --

Recording/Document Requirements

• Marital Status Stated -- Required
• Transfer Tax – Yes Deed stamps at $3.70 per thousand rounded up to the next $500. These rates are uniform state-wide.
• Mortgage Tax -- No
• Address for grantor/grantee/property -- Grantee & Mortgagee address required in mortgage
• Witnesses -- 2 required, notary can be 1 of the witnesses
• Names typed/printed -- Required
• Prepared by/return to -- Preparer name, address & signature required
• Notary Stamp/requirements --
• Parcel or tax index number -- Required – 1st page
• Recitation of Consideration -- Required
• Derivation Clause -- Required
• Corporate Signatures/Attestation --
• Ink Color/Font -- Black/10 pt minimum
• Legal Description -- State, county and municipality required in 1st paragraph
• Margins -- Top of 1st page – 3 1/5” x 5”
• Other Special Recording: -- Fair Market Value required for deeds

Document Types

• Conveyance -- Residential property customarily conveyed by general warranty deed. Commercial property customarily conveyed by limited warranty deed.
• General warranty, limited warranty, and quit claim deeds are insurable.
• Security Instrument -- Mortgage
• Release --

Tenancies

• Tenants in Common -- Yes
• Joint Tenants -- Yes if expressly stated
• Tenancy by Entireties -- No
• Community Property -- No
• Homestead -- Yes
• Joinder of Non-titled Spouse – Not required

Taxes

• Taxes Levied -- 1/1
• Taxes due -- 12/31
• Delinquent -- 1/15 the following year

Commitment/Policy Special Requirements

• Who can sign Commitment/Policy -- Licensed Title Producer Signing party must be licensed in S.C. even for direct policy issuance.
• Other --

Payment Customs

Subject to negotiation:

• Owner’s Policy: customarily paid by Buyer
• Transfer Taxes (Deed Stamps) are customarily paid by the seller;
• Recording: Seller customarily pays for recording of satisfactions of mortgages and liens; other recording fees customarily paid by the buyer.
• Survey Charges: Buyer
• Closing/Settlement Fees to the attorney are customarily a buyer’s charge.

Post Closing Requirements

• Recon follow up required --

Withholding Requirements

• Closing attorneys are required to withhold a percentage of the gain recognized by non-resident sellers. The amount of gain is specified by the seller in an affidavit, which the attorney and buyer may rely upon. The withholding rate is 7% of gain for individuals and 5% of gain for corporations and other entities.