WV Underwriting Summary

Search/Exam

• Minimum Search Requirements -- No act
• Plant or other search restrictions -- Attorney opinion required; search must be under attorney supervision
• Additional Requirements for REO Searches -- N/A
• Foreclosure Checklist -- N/A
• Special Searches Required (Code, HOA, Utilities)? --
• Survey Requirements --
  • Purchase – no
  • Refinance – no
• UPL Hot Button Issues --

UPL

Unauthorized Practice of Law opinion (UPL) states that attorneys must be directly or indirectly involved with all aspects of closings, including the search of the public records; contract searches should be done by or under the supervision of a West Virginia attorney. Title insurance may only be issued upon an opinion by a licensed West Virginia attorney.

Witness Requirements

Acknowledgment only; witnesses are not required on any deed or security instrument.

Mortgage/Transfer Tax

Privilege tax paid by seller, uniform throughout the state.

Power Of Attorney

• Must contain express power to deal in real estate Durable Power of Attorney Act adopted in 1986 (W. Va. Code § 39-4-1 et seq.)

Time Limitations

• US Judgment Liens -- 20 years, renewable for 20 years
• State Court Judgment Liens -- 10 years
• Federal Tax Liens -- 10 years (+30 days); can be refiled
• State Tax Liens -- 10 years
• Estate Tax Lien -- Federal 10 years
• State Inheritance Tax Liens -- Enforcement of tax claim against devisees/heirs barred after two years from distribution or filing of appraisement.
• Mechanics Liens -- 6 months unless suit filed
• Financing Statements -- 5 years, renewable for 5 years
• Mortgages -- 1921-1998 20 years after maturity: 1998 – 5 years after maturity; no maturity then 35 year after date of lien
• HOA Liens -- 3 years to file suit
• Condominium assessments --
• Child Support Liens –