ND Underwriting Summary

Search/Exam

• Minimum Search Requirements -- There is no statutorily mandated period of time to search. Marketable Title NDCC 47-19.1-01: 20 year- marketable title. As a practical matter, abstracts are generally updated so the entire chain is usually available and examined. Title companies will come forward from prior files.
• Plant or other search restrictions -- Licensed abstractor required to provide title work; Attorney opinion required (Attorney does not have to be a licensed abstractor to provide title work)
• Additional Requirements for REO Searches -- N/A
• Foreclosure Checklist -- N/A
• Special Searches Required (Code, HOA, Utilities)? --
• Survey Requirements -- Purchase – No

Refinance - No

UPL

• UPL Hot Button Issues --

North Dakota Century Code (NDCC) 26.1-20-05: Commitment must be based on title evidence of a licensed abstractor and such evidence must be examined by a North Dakota licensed attorney.

While the North Dakota Supreme Court has opined on the unauthorized practice of law, it does not appear to have directly addressed activities related to title insurance or title insurance agents. However, North Dakota law does specify that a domestic or foreign title insurance company authorized to do business in the state is prohibited from issuing any policy, binder, or certificate unless a person who has been duly admitted to the practice of law has examined the title evidence. Id. § 26.1-20-05; see Id. chs. 27-11. Any corporation violating this requirement will lose its certificate of authority. Id. § 26.1-20-05.

Witness Requirements

No. NDCC 47-19-03

Property Tax

Taxes paid in arrears. For example: 2012 taxes come out in December 2012 and are due 1/1/2013.

Mortgage/Transfer Tax

No Mortgage tax

Who May Serve As Trustee On Deed Of Trust

Mortgage used in North Dakota

Time Limitations

• US Judgment Liens -- 20 years, renewable for 20 years
• State Court Judgment Liens -- 10 years (can be extended)
• Federal Tax Liens -- 10 years (+30 days); can be refiled
• State Tax Liens -- No expiration
• Estate Tax Lien -- Federal 10 years
• State Inheritance Tax Liens --
• Mechanics Liens -- 3 years
• Financing Statements -- 5 years, can be continued for 5 years
• Mortgages --
• HOA Liens --
• Condominium assessments --
• Child Support Liens --

Odd Stuff

• NDCC 35-03-19: Authorizes title company to release mortgages of $500,000 or less.
• NDCC 47-14-09 exempts entity borrowers from the usury statute as well as any loan in excess of $35K.