Difference between revisions of "IN Operations Summary"
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*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 and address must appear at end of document - special statement required (grantor or licensed attorney) | + | *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 | *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 | ||
| Line 74: | Line 74: | ||
*Margins -- 2" top/bottom 1st & last page; 1/2" all others | *Margins -- 2" top/bottom 1st & last page; 1/2" all others | ||
*Other Special Recording: -- Sales Disclosure Form for Deeds; Auditor Fee | *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== | ||
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 --
