Difference between revisions of "MD Underwriting Summary"

Revision as of 17:51, 21 December 2015

Search/Exam

Minimum Search Requirements -- Case law – 60 years or as necessary. Coe v Hayes, 105 Md. App. 778, 785 (1995). Dept of Natural Resources v Welsh, 308 Md. 54, 57 (1986).

B) Maryland does not have a Marketable Title Act.

C) Other than case law, there are no applicable title examination standards.

Plant or other search restrictions -- No
Additional Requirements for REO Searches --
Foreclosure Checklist --
Special Searches Required (Code, HOA, Utilities)? --
Survey Requirements -- Owner – Yes; Loan - No

UPL

UPL Hot Button Issues -- Doc Prep, Uninsured Closings

Maryland requires that only licensed title insurance producers or attorneys conduct closings if title insurance is being offered. Only licensed attorneys may close uninsured transactions (cash transactions) (i.e., Only licensed attorneys may close transactions where title insurance is not being offered/purchased according to the UPL requirements.).

Vesting

Witness Requirements

No separate witness requirement. In general, a deed containing the names of the Grantor and Grantee, a description of the property and identification of the interest to be granted is sufficient, if executed, acknowledged and recorded. See Maryland Real Property Code Sections 4-101 and 4-103.

Property Tax

Mortgage/Transfer Tax

Each County (and Baltimore City) in Maryland has its own recordation tax which varies. All such information may be found at: http://www.dat.state.md.us/sdatweb/recordation.html

Spousal Joinder Requirements/Homestead

Power Of Attorney

Construction Liens

Foreclosure Review

Instrument Requirements

Who May Serve As Trustee On Deed Of Trust

Under Maryland Rule 14-202(a) a trustee may be an individual or an entity and does not need to be a Maryland Resident.

Time Limitations

US Judgment Liens -- 20 years
State Court Judgment Liens -- 12 years – can be renewed
Federal Tax Liens -- 10 years (+ 30 days)
State Tax Liens -- No expiration
Estate Tax Lien -- 10 years
State Inheritance Tax Liens -- No expiration
Mechanics Liens -- 1 year
Financing Statements -- 5 years
Mortgages -- 40 years (from due date if no maturity date)
HOA Liens -- 3 years
Condominium assessments --
Child Support Liens --

Odd Stuff

Maryland Annotated Code, Real Property Section 3-105.2 allows a licensed settlement agent, title insurer or lawyer to execute a release affidavit and present the cancelled check or wire disbursement (with proper authentication from bank)

@@ Line 18: / Line 18: @@
 ==Vesting==
 ==Witness Requirements==
-No separate witness requirement.   In general, notary publics must witness a legal document affecting title. However, Maryland does not require acknowledgement of a deed for it to be eligible for recording. Unless the deed is for a leasehold estate, the deed must be acknowledged to be valid.
+No separate witness requirement. In general, a deed containing the names of the Grantor and Grantee, a description of the property and identification of the interest to be granted is sufficient, if executed, acknowledged and recorded.  See Maryland Real Property Code Sections 4-101 and 4-103.
 ==Property Tax ==