CT Operations Summary

Licensed Entity:

Bank account <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>
Checks stale dated after ___ days of issuance
Good Funds Law Yes, no de minimus
Disbursements Requirements <<INSERT IF WFG REQUIRES CD?>>
Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) IOTA if attorney is disbursing

Who can prepare the HUD Not restricted
Who can sign the HUD (EO/LTP/Attorney) Not restricted
Who orders hazard insurance Customary -
When is transaction consummated for new HUDS
Record before/after disburse Disburse then record
Filed/restricted escrow rates No
Record retention requirements 10 years
Is an attorney involved in the closing Traditionally, attorney’s handle closings;
Who can handle loan document signing Traditionally – attorneys do but not required
Doc Prep Restrictions Doc Prep is UPL
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 None
Special Disclosures None
CPL
UPL Issues Only attorneys can be agents; doc prep is UPL
Joinder of non-titled spouse No
Survey Required
- Owners – affidavit required;
- Loan policy – no

Marital Status Stated Not required
Transfer Tax Yes
Mortgage Tax No
Address for grantor/grantee/property Grantee required
Witnesses 2 required
Names typed/printed
Prepared by/return to Not required
Notary Stamp/requirements Attorney acknowledgment must show title
Parcel or tax index number Not required
Recitation of Consideration Not required
Derivation Clause Not Required
Corporate Signatures/Attestation
Ink Color/Font Black or Blue; 10 pt minimum
Legal Description
Margins 3.5” x 5” top right; 1” all others
Other Special Recording: Real Estate tax return doc for deeds – recording in each town clerk’s office – not county