ID Operations Summary

Licensed Entity:

 <<INSERT NAME OF ENTITY>>

See Attached HUD Sample for Additional Information File:Idaho HUD-1.pdf

Banking Information

Bank account -- <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>
Checks stale dated after -- ___ days of issuance
Good Funds Law -- Yes
Disbursements Requirements -- <<INSERT IF WFG REQUIRES CD?>>
Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- Must be domestic bank

Escrow/Settlement

Who can prepare the HUD -- Escrow Officer
Who can sign the HUD (EO/LTP/Attorney) -- Escrow Officer
Who orders hazard insurance -- Customary – consumer
When is transaction consummated for new HUDS -- Recording
Record before/after disburse -- Record first
Filed/restricted escrow rates -- Yes – filed by agents
Record retention requirements -- 5 years for title and escrow
Is an attorney involved in the closing -- No
Who can handle loan document signing -- Notary
Doc Prep Restrictions -- Doc prep is not UPL
Use Escrow Instructions or not -- Yes
Use Estimated HUD or Final -- Final
Pass-thru charges -- Filed rates
Rates Inclusive or not -- Inclusive of search and exam
Up Charging -- Filed rates
Junk Charges -- Filed rates
Special HUD Requirements -- No
Special Disclosures --
CPL -- No charges for CPL
UPL Issues -- No
Joinder of non-titled spouse -- Yes
Survey Required -- Purchase – yes for extended coverage

Refinance – no

Audits

Required -- ID DOI requires a DOI audit every 3 years – paid for by agent

Recording Process

E-recording --
Record before disbursement -- Yes
Special recording procedure --

Recording/Document Requirements

Marital Status Stated -- Yes
Transfer Tax -- No
Mortgage Tax -- No
Address for grantor/grantee/property -- Property – Yes
Witnesses -- -- Not required on deed or security instrument. document must be properly acknowledged for recording. IC 55-805.
Names typed/printed -- Yes
Prepared by/return to -- Yes
Notary Stamp/requirements -- Stamp required
Parcel or tax index number --
Recitation of Consideration --
Derivation Clause --
Corporate Signatures/Attestation --
Ink Color/Font -- Blue – no specific font
Legal Description --
Margins -- Space for recorders stamp on 1st page
Other Special Recording: --

Document Types

Conveyance -- Warranty Deed, Special Warranty Deed, Quit Claim Deed, Grant Deed
Security Instrument -- Mortgage or Trust Deed (DT under 80 acres IC 45-1502(5))
Release -- Release or Satisfaction

Payment Customs

Under terms of the standard Purchase Contract, seller pays for the owner’s policy. The seller and buyer will pay for their respective recording fees and escrow fees.

Tenancies

Tenants in Common -- Yes
Joint Tenants -- Yes
Tenancy by Entireties -- Not recognized
Community Property -- Yes
Homestead -- Yes
Joinder of Non-titled Spouse -- Yes

Idaho is a community property state, so non-title spouse must join in the execution of deeds or security instruments on all community property. Because of difficulty in determining community property status, custom to have a non-title spouse either join in the execution of a deed or security instrument or separately convey.

Taxes

Taxes Levied -- 1/1
Taxes due -- 1st half due Nov. 20th/2nd half due June 20th
Delinquent -- 1st half delinquent Dec. 20th/2nd half June 20th

Commitment/Policy Special Requirements

Who can sign Commitment/Policy -- A person, partnership, corporation or agency owning & maintaining a complete set of tract indexes or abstract records of the County in which such property is located. IC 41-2702
Other --

Post Closing Requirements

Recon follow up required -- Yes