NV Operations Summary

Licensed Entity:

(02/11/2015)

WFG NATIONAL TITLE INSURANCE COMPANY WFG Lender Services, LLC

• See Attached HUD Sample for Additional Information

Banking Information

(02/11/20115)

• Bank account/Charleston Blvd -- 4125366534/Wells Fargo Bank
• Bank account/Eastern Ave -- 033122796/Bank of the West
• Bank account/CD -- 4120780168/Wells Fargo Bank
• Bank account/LS -- 934084476/Chase Bank
• Good Funds Law -- Yes
• Disbursements Requirements -- After confirmation of recording
• Special Bank Requirements (IOLTA or IOTA or account specific to that state’s funds) -- NO

Escrow/Settlement

(02/11/2015)

• Who can prepare the HUD -- No restrictions
• Who can sign the HUD (EO/LTP/Attorney) -- Licensed Resident Agent (from NV Ops)
• Who orders hazard insurance -- Customary - Lender
• When is transaction consummated for new HUDS -- Upon confirmation of Recording
• Record before/after disburse -- Record first by practice
• Filed/restricted escrow rates -- Filed Escrow Rates
• Record retention requirements -- 5 years title; 6 years escrow
• Is an attorney involved in the closing -- No
• Who can handle loan document signing -- Notary signing is acceptable
• Doc/Deed Prep Restrictions -- No
• Use Escrow Instructions or not -- Yes / general provisions attached to RPA
• Use Estimated HUD or Final -- Estimated is customary
• Pass-thru charges -- Yes
• Rates Inclusive or not -- Generally Inclusive of Search and Exam.
• In commercial, If the initial review of the records discloses that the property has never been insured, then a separate fee may be negotiated. Typically, the search and examination fees are included in the title policy premium, unless prior negotiation for extensive research negotiated prior to issuance of policy.
• Up Charging -- No – charge filed rates (Flat fee/standard charging permitted if filed, such as overnight at $25, or wire fee at $25)
• Junk Charges -- Filed rates only
• Special HUD Requirements -- Licensed Resident Agent must sign (NV Ops)
• Special Disclosures -- No
• CPL -- Yes
• UPL Issues -- Not restricted – title/escrow can complete standard forms
• Joinder of non-titled spouse -- Yes, generally Community Property State.
• Survey Required --
  • Purchase – on high liability
  • Refinance – No

Audits

(02/11/2015)

• Required -- Yes – annual CPA audit now required or state audit will be performed (NRSA 692A.100(4)

Recording Process

(02/11/2015)

• E-recording -- Yes
• Record before disbursement -- Yes
• Special recording procedure -- N/A

Recording/Document Requirements

(02/11/2015)

• Marital Status Stated -- Yes
• Transfer Tax -- Yes
• Mortgage Tax -- No
• Address for grantor/grantee/property -- Grantor address required
• Witnesses -- Not required. But must be acknowledged by notary
• Names typed/printed -- Yes
• Prepared by/return to -- Return To only
• Notary Stamp/requirements -- Stamp or seal required
• Parcel or tax index number -- On top left corner of first page
• Recitation of Consideration -- For a Value Consideration, Receipt of which is hereby acknowledged
• Derivation Clause --
• Corporate Signatures/Attestation --
• Ink Color/Font -- Documents submitted for recording should be in text that is no smaller than a 10 point similar to Times New Roman font or no more than 9 lines of text per vertical inch. No cursive, print only. (NRS 247.110)
• Legal Description -- Yes
• Margins -- First Page Margins: A document should have a margin of 1 inch on the left and right sides and at the bottom of each page, and must have a space of 3 X 3 inches at the upper right corner of the first page. Multiple Page Margins: The first page must have the margins listed above. All succeeding pages should have a margin of 1 inch on the left and right sides, and at the top and bottom of each page. (NRS 247.110)

• Other Special Recording: -- Mailing address of party requesting recording must be on document; Declaration of Value Affidavit w/Deed

Document Types

(02/11/2015)

• Conveyance -- Grant Bargain and Sale Deed is the customary form in Nevada; Warranty deeds and quitclaim deeds recognized
• Security Instrument -- Deed of Trust
• Release -- Reconveyance

Tenancies

• Tenants in Common -- Yes
• Joint Tenants -- By express language only
• Tenancy by Entireties -- No
• Community Property -- Yes
• Homestead -- Yes
• Joinder of Non-titled Spouse -- Yes w/exceptions Community Property State

Taxes

• Taxes Levied -- 7/1 to 6/30
• Taxes due – Quarterly -- 3rd Monday August

1st Monday October 1st Monday January 1st Monday March

• Delinquent -- 10 days after due date

Commitment/Policy Special Requirements

• Who can sign Commitment/Policy -- Licensed resident title officer (NV op)
• Other --

Payment Customs

• Seller typically pays for owners policy, unless contract provided otherwise.
• Transfer tax usually split, depending on purchase contract terms; recording fees allocated to seller for deed, purchaser for new encumbrance documents.
• Nevada does not require surveys; if the purchaser requires a survey, then the contract will reflect the terms for payment.
• Settlement fees typically split 50/50, unless contract terms provide otherwise

Post Closing Requirements

• Recon follow up required --