DE Operations Summary

Licensed Entity:

• See Attached HUD Sample for Additional Information

[[file:delaware_HUD-1.pdf]

Banking Information

• Bank account <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>
• Checks stale dated after ___ days of issuance
• Good Funds Law $10,000 de minimus
• Disbursements Requirements <<INSERT IF WFG REQUIRES CD?>>
• Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) Delaware attorney must participate in the disbursement - IOLTA

Escrow/Settlement

• 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 3 years title; 5 years escrow
• Is an attorney involved in the closing Yes
• Who can handle loan document signing DE Attorney
• 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 inclusive
• Up Charging Not restricted
• Junk Charges Not restricted
• Special HUD Requirements None
• Special Disclosures None
• CPL
• UPL Issues
• Joinder of non-titled spouse NO
• Survey Required
  • Owners – yes;
  • Loan policy – no

Audits

• Required No

Recording Process

• E-recording
• Record before disbursement Disburse then record
• Special recording procedure Deed requires affidavit Gain/Value

Kent & Sussex County – special requirements

Recording/Document Requirements

• Marital Status Stated Required
• Transfer Tax Yes
• Mortgage Tax No
• Address for grantor/grantee/property Return to address required
• Witnesses Not required
• Names typed/printed Yes
• Prepared by/return to Name and address of preparer required
• Notary Stamp/requirements
• Parcel or tax index number Required 1st page
• Recitation of Consideration
• Derivation Clause Yes
• Corporate Signatures/Attestation
• Ink Color/Font
• Legal Description PIN required
• Margins 2.5” 1st page, 1” all others (county variations)
• Other Special Recording: Deed requires affidavit Gain/Value

Kent & Sussex County special requirements

Document Types

• Conveyance
• Security Instrument Mortgage
• Release

Tenancies

• Tenants in Common
• Joint Tenants
• Tenancy by Entireties
• Community Property
• Homestead
• Joinder of Non-titled Spouse

Taxes

• Taxes Levied Varies by county
• Taxes due 9/30
• Delinquent

Commitment/Policy Special Requirements

• Who can sign Commitment/Policy Licensed Producer
• Other Attorney must certify title/examine

Post Closing Requirements

• Recon follow up required