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.

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.