Difference between revisions of "SC Operations Summary"

Revision as of 16:21, 10 December 2014

MUST BE CLOSED THROUGH A S.C. ATTORNEY

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

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
Filed/restricted escrow rates -- No
Record retention requirements -- 5 years title; 3 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

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

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 --

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

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.

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.