WV Operations Summary

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 -- No
• Disbursements Requirements -- Attorney must supervise disbursement
• Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- No

Escrow/Settlement

• Who can prepare the HUD -- Under attorney supervision
• Who can sign the HUD (EO/LTP/Attorney) -- Not restricted
• Who orders hazard insurance --
• When is transaction consummated for new HUDS --
• Record before/after disburse -- Disburse then record
• Filed/restricted escrow rates -- No
• Record retention requirements -- 3 years
• Is an attorney involved in the closing -- Yes – attorney must close and supervise disbursement
• Who can handle loan document signing -- Attorney
• Doc/Deed Prep Restrictions -- Attorney must prepare legal documents
• 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 --
• Special Disclosures --
• CPL -- Yes
• UPL Issues -- Yes – activities of title agent must be under supervision of WV Attorney. APPROVED LAW FIRM IS PCN – KEN SMOLAR; USE OF ANY OTHER LAW FIRM REQUIRES WRITTEN CONSENT FROM THE COMPLIANCE DEPARTMENT
• Joinder of non-titled spouse -- Yes
• Survey Required -- Purchase – no

Refinance – no

Audits

• Required -- No

Recording Process

• E-recording -- County list of e-recording attached
• Record before disbursement -- Disburse then record
• Special recording procedure -- Sales listing form and declaration of consideration with all deeds

Recording/Document Requirements

• Marital Status Stated -- Not required
• Transfer Tax -- Yes
• Mortgage Tax -- No
• Address for grantor/grantee/property --
• Witnesses --
• Names typed/printed -- Required
• Prepared by/return to -- Prepared by name and signature required at end of document; return to address required
• Notary Stamp/requirements --
• Parcel or tax index number -- Required/ Auditor’s filed number
• Recitation of Consideration --
• Derivation Clause -- Required
• Corporate Signatures/Attestation --
• Ink Color/Font -- Black/10 pt minimum
• Legal Description -- Include state, county, municipality in 1st paragraph of legal description
• Margins -- 1st page top right 3.5” x 5”
• Other Special Recording: --

Document Types

• Conveyance -- Warranty Deed
• Security Instrument -- Deed of Trust
• Release -- Release of Deed of Trust

Tenancies

• Tenants in Common – Yes -- presumed
• Joint Tenants -- Yes if clearly stated. Survivorship is created only by express language (W. Va. Code § 36-1-20)
• Tenancy by Entireties – Not recognized W. Va.Code § 36-1-19, as construed in McNeely v. South Penn Oil Co.)
• Community Property -- No
• Homestead -- Yes
• Joinder of Non-titled Spouse – Yes
  • Dower/curtesy abolished on June 5, 1992 (W. Va. Code § 43-1-1) Prior to June 5, 1992, surviving spouse entitled to one-third life estate in the decedent’s real estate.

Taxes

• Taxes Levied -- 7/1
• Taxes due -- 9/1 & 3/1
• Delinquent -- 10/1 & 4/1

Commitment/Policy Special Requirements

• Who can sign Commitment/Policy -- Countersignature requirement?
• Other –

Payment Customs

• Buyer pays Owners Policy
• Seller pays transfer privilege tax; buyer pays all other taxes
• Buyer pays survey
• Each pays for closing services provided them.

Post Closing Requirements

• Recon follow up required –

Withholding Requirements

• Tax must be withheld on sales by non-residents.
• W.V. Summary
• Webpage with forms