Difference between revisions of "DC Regulatory Summary"

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(Created page with " == Document Requirements == The Recorder of Deeds reviews to confirm and may reject documents presented for recording that don't comply with the following requirements:<ref>s...")
 
 
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==Licensed Entity: ==
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*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 -- $3,000 de minimus
 +
*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 -- No restrictions
 +
*Who can sign the HUD (EO/LTP/Attorney) -- No restrictions
 +
*Who orders hazard insurance -- Customary -
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*When is transaction consummated for new HUDS --
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*Record before/after disburse -- Disburse then record
 +
*Filed/restricted escrow rates -- No
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*Record retention requirements -- No
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*Is an attorney involved in the closing -- No
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*Who can handle loan document signing -- Notary
 +
*Doc  Prep Restrictions -- Doc prep is OK
 +
*Use Escrow Instructions or not -- No
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*Use Estimated HUD or Final -- Final
 +
*Pass-thru charges -- Not regulated
 +
*Rates Inclusive or not -- Not inclusive
 +
*Up Charging  -- Not regulated
 +
*Junk Charges -- Not regulated
 +
*Special HUD Requirements -- No
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*Special Disclosures -- No
 +
*CPL -- Yes
 +
*UPL Issues -- No
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*Joinder of non-titled spouse -- No
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*Survey Required -- Owners – Yes; Loan – NO
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==Audits==
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*Required -- Yes
 +
==Recording Process==
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*E-recording  --
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*Record before disbursement -- Disburse then record
 +
*Special recording procedure -- Form FP7/C
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==Recording/Document Requirements
 +
*Marital Status Stated -- No
 +
*Transfer Tax – Yes  1.1% up to $400,000,  1.45%  if consideration over.  Computed on entire amount.  ADDITIONAL 5% transfer tax for retail service stations. § 47-903.  These taxes imposed on Seller. Recordation tax in same amounts charged to buyer.
 +
*Mortgage Tax – Yes – Commercial at 1.45%, Residential below $400,000 at 1.1% otherwise 1.45%. Tax forms required to record.
  
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== Document Requirements ==
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*Address for grantor/grantee/property -- All parties addresses required
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The Recorder of Deeds reviews to confirm and may reject documents presented for recording that don't comply with the following requirements:<ref>source:</ref>
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*Witnesses  -- No
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*Names typed/printed -- Yes
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*A complete legal description is required on each document, which includes the lot number, square number, subdivision and reference information as recorded with the Office of the Surveyor.
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*Prepared by/return to -- YES
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*Notary Stamp/requirements --
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*The Assessment and Taxation (A & T) Lot number is required as part of legal description for all properties that are assigned such a number.
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*Parcel or tax index number -- The Assessment and Taxation (A & T) Lot number is required as part of legal description for all properties that are assigned such a number.
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*Recitation of Consideration --
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*Names and/or signatures of all grantors (party giving title) and/or grantees (party receiving title) must be listed in the document and names must be in print. All signatures must be acknowledged and notarized.
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*Derivation Clause -- Not required
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*Corporate Signatures/Attestation --
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*"Return to" mailing address must be legibly printed on every document brought in for recording.
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*Ink Color/Font -- Black/10 pt
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*Legal Description  -- State/county/municipality – 1st paragraph
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*DC ST § 47-1433(c) - a $250.00 penalty is due for all Deeds of Title that are submitted for recording later than (30) thirty calendar days from its execution date.
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*Margins -- 3.5” x 5” top right; 1” all other
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*Other Special Recording: --
 +
*DC ST § 47-1433(c) - a $250.00 penalty is due for all Deeds of Title that are submitted for recording later than (30) thirty calendar days from its execution date
 
*A completed [http://otr.cfo.dc.gov/node/393192 Tax Form (FP7C)] is required for all Deeds, Trusts, Modifications and Amendments to a Deed of Trust; Memorandum of Leases; Easement Agreements.
 
*A completed [http://otr.cfo.dc.gov/node/393192 Tax Form (FP7C)] is required for all Deeds, Trusts, Modifications and Amendments to a Deed of Trust; Memorandum of Leases; Easement Agreements.
−
 
 
*A [http://otr.cfo.dc.gov/node/393382 Security Affidavit] is required on all Residential Deeds of Trust and Modifications.
 
*A [http://otr.cfo.dc.gov/node/393382 Security Affidavit] is required on all Residential Deeds of Trust and Modifications.
  
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*All Judgments, Orders, etc. must be certified by the DC Superior Court.
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==Document Types==
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*Conveyance -- Warranty Deed, Special WD, Limited WD, Quitclaim
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*All notarized documents must include the notary seal (if applicable), signature, name and expiration date.
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*Security Instrument -- Deed of Trust
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*Release --
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*All documents or attachments must be completely legible for recording.
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==Tenancies==
 +
*Tenants in Common -- Yes
 +
*Joint Tenants -- Recognized
 +
*Tenancy by Entireties -- By express language
 +
*Community Property -- No
 +
*Homestead -- No
 +
*Joinder of Non-titled Spouse -- No
 +
==Taxes==
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*Tax Year  October 1 through September 30.  
 +
*Taxes Levied  --
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*Taxes due -- March 31 and September 15
 +
*Delinquent –
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*DC aggressively pursues tax sales of properties in the year following any delinquency. See Office of Tax and Revenue web site:
  
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*All checks must be for the exact amount of fees and/or taxes due at the time of recording, completed and made payable to the DC Treasurer.
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==Commitment/Policy Special Requirements==
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*Who can sign Commitment/Policy -- Licensed Title Producer
 +
*Other –
 +
==Payment Customs==
 +
*Owner’s Policy paid by Buyer.
 +
*Transfer Tax & Recording Fee are customarily split per contract.  If not addressed in contract, seller pays the Transfer Tax on the Deed and the purchaser pays the Recording Tax on the Deed and Deed of Trust.
 +
*Survey paid by Buyer.
 +
*Closing/Settlement Fees usually paid by buyer.
 +
==Post Closing Requirements==
 +
*Recon follow up required –
 +
==Withholding Requirements==
 +
No withholding requirement

Latest revision as of 19:02, 15 December 2014

Licensed Entity:

  • 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 -- $3,000 de minimus
  • 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 -- No restrictions
  • Who can sign the HUD (EO/LTP/Attorney) -- No restrictions
  • 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 -- No
  • Is an attorney involved in the closing -- No
  • Who can handle loan document signing -- Notary
  • Doc Prep Restrictions -- Doc prep is OK
  • Use Escrow Instructions or not -- No
  • Use Estimated HUD or Final -- Final
  • Pass-thru charges -- Not regulated
  • Rates Inclusive or not -- Not inclusive
  • Up Charging -- Not regulated
  • Junk Charges -- Not regulated
  • Special HUD Requirements -- No
  • Special Disclosures -- No
  • CPL -- Yes
  • UPL Issues -- No
  • Joinder of non-titled spouse -- No
  • Survey Required -- Owners – Yes; Loan – NO

Audits

  • Required -- Yes

Recording Process

  • E-recording --
  • Record before disbursement -- Disburse then record
  • Special recording procedure -- Form FP7/C

==Recording/Document Requirements

  • Marital Status Stated -- No
  • Transfer Tax – Yes 1.1% up to $400,000, 1.45% if consideration over. Computed on entire amount. ADDITIONAL 5% transfer tax for retail service stations. § 47-903. These taxes imposed on Seller. Recordation tax in same amounts charged to buyer.
  • Mortgage Tax – Yes – Commercial at 1.45%, Residential below $400,000 at 1.1% otherwise 1.45%. Tax forms required to record.
  • Address for grantor/grantee/property -- All parties addresses required
  • Witnesses -- No
  • Names typed/printed -- Yes
  • Prepared by/return to -- YES
  • Notary Stamp/requirements --
  • Parcel or tax index number -- The Assessment and Taxation (A & T) Lot number is required as part of legal description for all properties that are assigned such a number.
  • Recitation of Consideration --
  • Derivation Clause -- Not required
  • Corporate Signatures/Attestation --
  • Ink Color/Font -- Black/10 pt
  • Legal Description -- State/county/municipality – 1st paragraph
  • Margins -- 3.5” x 5” top right; 1” all other
  • Other Special Recording: --
  • DC ST § 47-1433(c) - a $250.00 penalty is due for all Deeds of Title that are submitted for recording later than (30) thirty calendar days from its execution date
  • A completed Tax Form (FP7C) is required for all Deeds, Trusts, Modifications and Amendments to a Deed of Trust; Memorandum of Leases; Easement Agreements.
  • A Security Affidavit is required on all Residential Deeds of Trust and Modifications.

Document Types

  • Conveyance -- Warranty Deed, Special WD, Limited WD, Quitclaim
  • Security Instrument -- Deed of Trust
  • Release --

Tenancies

  • Tenants in Common -- Yes
  • Joint Tenants -- Recognized
  • Tenancy by Entireties -- By express language
  • Community Property -- No
  • Homestead -- No
  • Joinder of Non-titled Spouse -- No

Taxes

  • Tax Year October 1 through September 30.
  • Taxes Levied --
  • Taxes due -- March 31 and September 15
  • Delinquent –
  • DC aggressively pursues tax sales of properties in the year following any delinquency. See Office of Tax and Revenue web site:

Commitment/Policy Special Requirements

  • Who can sign Commitment/Policy -- Licensed Title Producer
  • Other –

Payment Customs

  • Owner’s Policy paid by Buyer.
  • Transfer Tax & Recording Fee are customarily split per contract. If not addressed in contract, seller pays the Transfer Tax on the Deed and the purchaser pays the Recording Tax on the Deed and Deed of Trust.
  • Survey paid by Buyer.
  • Closing/Settlement Fees usually paid by buyer.

Post Closing Requirements

  • Recon follow up required –

Withholding Requirements

No withholding requirement

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