Difference between revisions of "SC Underwriting Summary"
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==Time Limitations== | ==Time Limitations== | ||
*US Judgment Liens -- 20 years, renewable for 20 years | *US Judgment Liens -- 20 years, renewable for 20 years | ||
| − | *State Court Judgment Liens -- 10 years | + | *State Court Judgment Liens -- 10 years (unless appeal pending -- case has "active energy") |
| + | *Lis Pendens -- 5 Years | ||
*Federal Tax Liens -- 10 years (+30 days); can be refiled | *Federal Tax Liens -- 10 years (+30 days); can be refiled | ||
*State Tax Liens -- 10 years | *State Tax Liens -- 10 years | ||
| Line 48: | Line 49: | ||
*State Inheritance Tax Liens -- | *State Inheritance Tax Liens -- | ||
*Mechanics Liens -- 6 months if suit is not filed | *Mechanics Liens -- 6 months if suit is not filed | ||
| − | *Financing Statements -- 5 years, can be renewed for 5 year | + | *Financing Statements -- 5 years + 6 Months, can be renewed for additional 5 year terms |
*Mortgages -- 20 years from maturity | *Mortgages -- 20 years from maturity | ||
*HOA Liens -- 10 years | *HOA Liens -- 10 years | ||
*Condominium assessments -- | *Condominium assessments -- | ||
| − | *Child Support Liens – | + | *DSS for Child Support Liens – 6 years |
| + | *Mental Health Liens -- 10 years (may be perpetual) | ||
| + | Some Counties have hospital liens, environmental liens and Miscellaneous liens | ||
| + | |||
| + | |||
| + | Updated per Clint Yarborough 7-12-17 | ||
==Odd Stuff== | ==Odd Stuff== | ||
Revision as of 18:39, 2 August 2017
Contents
Search/Exam
- Minimum Search Requirements -- No statutory minimum, most attorneys search 40 – 60 years
- Plant or other search restrictions -- No
- Additional Requirements for REO Searches -- N/A
- Foreclosure Checklist -- N/A
- Special Searches Required (Code, HOA, Utilities)? --
- Survey Requirements --
- Purchase – yes if new construction
- Refinance – no
- UPL Hot Button Issues -- Extreme caution required for SC Transactions; WFG approved attorney is Mark Keegan; closing with any other attorney requires written approval from Compliance.
UPL
South Carolina is a traditional attorney-state which defines the closing of real estate transactions as the practice of law. The SC Supreme Court has identified five functions which constitute the practice of law:
- Supervision of the title search and title examination;
- Review of closing documents;
- Supervision of the closing (Note: paralegals may not conduct closings);
- Supervision of the recording of documents;
- Supervision of the disbursement of funds.
In Matrix Financial Services Corp. v. Frazer, 394 S.C. 134; 714 S.E.2d 532 (2011) the Supreme Court held that a mortgage loan not closed by a South Carolina licensed attorney could be denied equitable relief in a foreclosure action.
Vesting
- S.C. does not recognize Tenancy by the Entirety.
- Statute recognizes JTROS. Specific creation language recognized per SC 27-7-40 "as joint tenants with rights of survivorship, and not as tenants in common"
- Also recognizes tenants in common
Witness Requirements
- Deeds, mortgages, and powers of attorney require two witnesses and must be notarized.
- Notary may serve as one of witnesses
- The notary may use either an acknowledgment or probate (the probate being a South Carolina method of authenticating a document whereby the witnesses attest to the validity).
Spousal Joinder Requirements/Homestead
- Spouses not in title not required to join in the execution of deeds or mortgages.
- South Carolina does not recognized civil unions.
Power Of Attorney
Construction Liens
Foreclosure Review
Instrument Requirements
Who May Serve As Trustee On Deed Of Trust
- S.C. is a mortgage state. Deeds of trust are not permitted.
Time Limitations
- US Judgment Liens -- 20 years, renewable for 20 years
- State Court Judgment Liens -- 10 years (unless appeal pending -- case has "active energy")
- Lis Pendens -- 5 Years
- Federal Tax Liens -- 10 years (+30 days); can be refiled
- State Tax Liens -- 10 years
- Estate Tax Lien -- Federal 10 years
- State Inheritance Tax Liens --
- Mechanics Liens -- 6 months if suit is not filed
- Financing Statements -- 5 years + 6 Months, can be renewed for additional 5 year terms
- Mortgages -- 20 years from maturity
- HOA Liens -- 10 years
- Condominium assessments --
- DSS for Child Support Liens – 6 years
- Mental Health Liens -- 10 years (may be perpetual)
Some Counties have hospital liens, environmental liens and Miscellaneous liens
Updated per Clint Yarborough 7-12-17
Odd Stuff
- The attorney who paid off a mortgage loan may satisfy the mortgage by affidavit if he or she has a written payoff statement from the lender and the cancelled check or proof of wire transfer for the proceeds paid to the lender.
- There is no general usury limits on non-consumer transactions. Interest on consumer credit transactions are limited by S.C. Code Ann. Section 37-2-201.
