Difference between revisions of "CT Operations Summary"
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| − | ==Licensed Entity:== | + | ==Licensed Entity: == |
| − | *See Attached HUD Sample for Additional Information | + | |
| + | A Connecticut Licensed Attorney | ||
| + | *See Attached [http://wiki.wfgstaging.com/images/7/73/Connecticut_HUD-1.pdf HUD Sample] for Additional Information | ||
==Banking Information== | ==Banking Information== | ||
| − | *Bank account <<INSERT ACCOUNT #/ROUTING #/BANK NAME>> | + | *Bank account -- <<INSERT ACCOUNT #/ROUTING #/BANK NAME>> |
| − | *Checks stale dated after | + | *Checks stale dated after -- ___ days of issuance |
| − | *Good Funds Law Yes, no de minimus | + | *Good Funds Law -- Yes, no de minimus |
| − | *Disbursements Requirements <<INSERT IF WFG REQUIRES CD?>> | + | *Disbursements Requirements -- <<INSERT IF WFG REQUIRES CD?>> |
| − | *Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) IOTA if attorney is disbursing | + | *Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- IOTA if attorney is disbursing |
| − | ==Escrow/Settlement == | + | ==Escrow/Settlement== |
| − | *Who can prepare the HUD Not restricted | + | *Who can prepare the HUD -- Not restricted |
| − | *Who can sign the HUD (EO/LTP/Attorney) Not restricted | + | *Who can sign the HUD (EO/LTP/Attorney) -- Not restricted |
| − | *Who orders hazard insurance Customary - | + | *Who orders hazard insurance -- Customary - |
| − | *When is transaction consummated for new HUDS | + | *When is transaction consummated for new HUDS -- |
| − | *Record before/after disburse Disburse then record | + | *Record before/after disburse -- Disburse then record |
| − | *Filed/restricted escrow rates No | + | *Filed/restricted escrow rates -- No |
| − | *Record retention requirements 10 years | + | *Record retention requirements -- 10 years |
| − | *Is an attorney involved in the closing Traditionally, attorney’s handle closings; | + | *Is an attorney involved in the closing -- Traditionally, attorney’s handle closings; |
| − | *Who can handle loan document signing Traditionally – attorneys do but not required | + | *Who can handle loan document signing -- Traditionally – attorneys do but not required |
| − | *Doc Prep Restrictions Doc Prep is UPL | + | *Doc Prep Restrictions -- Doc Prep is UPL |
| − | *Use Escrow Instructions or not No | + | *Use Escrow Instructions or not -- No |
| − | *Use Estimated HUD or Final Final | + | *Use Estimated HUD or Final -- Final |
| − | *Pass-thru charges Not restricted | + | *Pass-thru charges -- Not restricted |
| − | *Rates Inclusive or not Not | + | *Rates Inclusive or not -- Not |
| − | *Up Charging | + | *Up Charging -- Not restricted |
| − | *Junk Charges Not restricted | + | *Junk Charges -- Not restricted |
| − | *Special HUD Requirements None | + | *Special HUD Requirements -- None |
| − | *Special Disclosures None | + | *Special Disclosures -- None |
| − | *CPL | + | *CPL -- |
| − | *UPL Issues Only attorneys can be agents; doc prep is UPL | + | *UPL Issues -- Only attorneys can be agents; doc prep is UPL |
| − | *Joinder of non-titled spouse | + | *Joinder of non-titled spouse – Not Required |
| − | *Survey Required | + | *Survey Required -- Owners – affidavit required; Loan policy – no |
| − | |||
| − | |||
==Audits== | ==Audits== | ||
| − | *Required No | + | *Required -- No |
==Recording Process== | ==Recording Process== | ||
| − | *E-recording | + | *E-recording -- |
| − | *Record before disbursement Disburse then record | + | *Record before disbursement -- Disburse then record |
| − | *Special recording procedure Additional Docs required on Deeds | + | *Special recording procedure -- Additional Docs required on Deeds |
==Recording/Document Requirements== | ==Recording/Document Requirements== | ||
| − | *Marital Status Stated Not required | + | *Marital Status Stated -- Not required |
| − | *Transfer Tax Yes | + | *Transfer Tax – Yes called a conveyance tax. State portion of the conveyance tax is uniform throughout the State but vary depending on the type of property. Refer to Conn. Gen. Stat. [http://www.cga.ct.gov/2011/pub/chap223.htm §12-494 et seq.], and Department of Revenue Services Form OP-236. |
| − | *Mortgage Tax No | + | The municipal portion of the conveyance tax varies across the State. This rate is available by contacting the town clerk’s office. |
| − | *Address for grantor/grantee/property Grantee required | + | *Mortgage Tax -- No |
| − | *Witnesses | + | *Address for grantor/grantee/property -- Grantee required |
| − | *Names typed/printed | + | *Witnesses -- 2 required + Notary – Deed & Mortgage |
| − | *Prepared by/return to Not required | + | *Names typed/printed -- |
| − | *Notary Stamp/requirements Attorney acknowledgment must show title | + | *Prepared by/return to -- Not required |
| − | *Parcel or tax index number Not required | + | *Notary Stamp/requirements -- Attorney acknowledgment must show title |
| − | *Recitation of Consideration Not required | + | *Parcel or tax index number -- Not required |
| − | *Derivation Clause Not Required | + | *Recitation of Consideration -- Not required |
| − | *Corporate Signatures/Attestation | + | *Derivation Clause -- Not Required |
| − | *Ink Color/Font Black or Blue; 10 pt minimum | + | *Corporate Signatures/Attestation -- |
| − | *Legal Description | + | *Ink Color/Font -- Black or Blue; 10 pt minimum |
| − | *Margins 3.5” x 5” top right; 1” all others | + | *Legal Description -- |
| − | *Other Special Recording: Real Estate tax return doc for deeds – recording in each town clerk’s office – not county | + | *Margins -- 3.5” x 5” top right; 1” all others |
| + | *Other Special Recording: -- Real Estate tax return doc for deeds – recording in each town clerk’s office – not county | ||
==Document Types== | ==Document Types== | ||
| − | *Conveyance | + | *Conveyance -- |
| − | *Security Instrument Mortgage | + | *Security Instrument -- Mortgage |
| − | *Release | + | *Release -- * Conn. Gen. Stat. § 49-8a permits the recording of an affidavit by an attorney or an officer of a title insurer to release a lien. Specific requirements must be met. |
==Tenancies== | ==Tenancies== | ||
| − | *Tenants in Common Yes | + | *Tenants in Common -- Yes |
| − | *Joint Tenants Yes | + | *Joint Tenants -- Yes |
| − | *Tenancy by Entireties Not recognized | + | *Tenancy by Entireties -- Not recognized |
| − | *Community Property No | + | *Community Property -- No |
| − | *Homestead No | + | *Homestead -- No |
| − | *Joinder of Non-titled Spouse | + | *Joinder of Non-titled Spouse – Not required |
==Taxes== | ==Taxes== | ||
| − | *Taxes Levied | + | *Taxes Levied -- |
| − | *Taxes due 7/1 and 1/1 | + | *Taxes due -- 7/1 and 1/1 |
| − | *Delinquent | + | *Delinquent -- |
==Commitment/Policy Special Requirements== | ==Commitment/Policy Special Requirements== | ||
| − | *Who can sign Commitment/Policy CT Attorney only | + | *Who can sign Commitment/Policy -- CT Attorney only |
| − | *Other CT Attorney only | + | *Other -- CT Attorney only |
| + | |||
| + | |||
| + | ==Payment Customs== | ||
| + | *Buyer pays for owners policy. | ||
| + | *Seller pays transfer tax. Seller pays recording fee for clearance items (e.g., release of mortgage); *Buyer pays recording fee for instruments of conveyance and financing instruments. | ||
| + | *Buyer pays Survey Charges | ||
| + | Buyer and Seller each pay own Closing/Settlement Fees | ||
==Post Closing Requirements== | ==Post Closing Requirements== | ||
| − | *Recon follow up required | + | *Recon follow up required – |
| + | ==Withholding Requirements== | ||
| + | None | ||
Latest revision as of 14:48, 14 December 2014
Contents
Licensed Entity:
A Connecticut Licensed 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 -- Yes, no de minimus
- Disbursements Requirements -- <<INSERT IF WFG REQUIRES CD?>>
- Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- IOTA if attorney is disbursing
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
- Filed/restricted escrow rates -- No
- Record retention requirements -- 10 years
- Is an attorney involved in the closing -- Traditionally, attorney’s handle closings;
- Who can handle loan document signing -- Traditionally – attorneys do but not required
- 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
- Up Charging -- Not restricted
- Junk Charges -- Not restricted
- Special HUD Requirements -- None
- Special Disclosures -- None
- CPL --
- UPL Issues -- Only attorneys can be agents; doc prep is UPL
- Joinder of non-titled spouse – Not Required
- Survey Required -- Owners – affidavit required; Loan policy – no
Audits
- Required -- No
Recording Process
- E-recording --
- Record before disbursement -- Disburse then record
- Special recording procedure -- Additional Docs required on Deeds
Recording/Document Requirements
- Marital Status Stated -- Not required
- Transfer Tax – Yes called a conveyance tax. State portion of the conveyance tax is uniform throughout the State but vary depending on the type of property. Refer to Conn. Gen. Stat. §12-494 et seq., and Department of Revenue Services Form OP-236.
The municipal portion of the conveyance tax varies across the State. This rate is available by contacting the town clerk’s office.
- Mortgage Tax -- No
- Address for grantor/grantee/property -- Grantee required
- Witnesses -- 2 required + Notary – Deed & Mortgage
- Names typed/printed --
- Prepared by/return to -- Not required
- Notary Stamp/requirements -- Attorney acknowledgment must show title
- Parcel or tax index number -- Not required
- Recitation of Consideration -- Not required
- Derivation Clause -- Not Required
- Corporate Signatures/Attestation --
- Ink Color/Font -- Black or Blue; 10 pt minimum
- Legal Description --
- Margins -- 3.5” x 5” top right; 1” all others
- Other Special Recording: -- Real Estate tax return doc for deeds – recording in each town clerk’s office – not county
Document Types
- Conveyance --
- Security Instrument -- Mortgage
- Release -- * Conn. Gen. Stat. § 49-8a permits the recording of an affidavit by an attorney or an officer of a title insurer to release a lien. Specific requirements must be met.
Tenancies
- Tenants in Common -- Yes
- Joint Tenants -- Yes
- Tenancy by Entireties -- Not recognized
- Community Property -- No
- Homestead -- No
- Joinder of Non-titled Spouse – Not required
Taxes
- Taxes Levied --
- Taxes due -- 7/1 and 1/1
- Delinquent --
Commitment/Policy Special Requirements
- Who can sign Commitment/Policy -- CT Attorney only
- Other -- CT Attorney only
Payment Customs
- Buyer pays for owners policy.
- Seller pays transfer tax. Seller pays recording fee for clearance items (e.g., release of mortgage); *Buyer pays recording fee for instruments of conveyance and financing instruments.
- Buyer pays Survey Charges
Buyer and Seller each pay own Closing/Settlement Fees
Post Closing Requirements
- Recon follow up required –
Withholding Requirements
None
