ND Operations Summary

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Licensed Entity:

 WFG National Title Insurance Company 
  • See Attached HUD Sample for Additional Information

Banking Information

  • Bank account -- 4120780168/Wells Fargo Bank
  • Good Funds Law -- No
  • Disbursements Requirements -- Centralized Disbursement
  • Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- No

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 -- Not filed or restricted
  • Record retention requirements --
  • Is an attorney involved in the closing -- No
  • Who can handle loan document signing -- Notary is permissible
  • Doc/Deed Prep Restrictions -- Doc prep is not UPL but cannot charge
  • Use Escrow Instructions or not -- Not customary
  • Use Estimated HUD or Final -- Final
  • Pass-thru charges -- Yes
  • Rates Inclusive or not -- No. There is a separate search and exam charge.
  • Up Charging -- Not restricted
  • Junk Charges -- Not restricted
  • Special HUD Requirements -- No
  • Special Disclosures --
  • CPL -- Yes
  • UPL Issues -- Attorney opinion required on search
  • Joinder of non-titled spouse -- Yes Both must sign if homestead property. Non-homestead can be conveyed by owner only.

(NDCC 47-19-11, 47-18-05, 14-07-04)

  • Survey Required -- Purchase – No

Refinance - No

AUDITS

  • Required -- No

Recording Process

  • E-recording -- County list of e-recording attached
  • Record before disbursement -- Disburse then record
  • Special recording procedure --

Recording/Document Requirements

  • Marital Status Stated -- Not required
  • Transfer Tax -- No
  • Mortgage Tax -- No
  • Address for grantor/grantee/property -- Grantee address required
  • Witnesses -- No. NDCC 47-19-03
  • Names typed/printed -- Required
  • Prepared by/return to --
  • Notary Stamp/requirements --
  • Parcel or tax index number --
  • Recitation of Consideration -- Required
  • Derivation Clause -- Required
  • Corporate Signatures/Attestation --
  • Ink Color/Font -- Black/10 pt minimum
  • Legal Description -- 1st paragraph must include state, county & municipality
  • Margins -- 1st page 4” x 3 1/2” Top marging
  • Other Special Recording: -- Certificate of Value with Deeds

Document Types

  • Conveyance -- Warranty Deed, Limited Warranty Deed and Quit-Claim are customary.
  • Security Instrument -- Mortgage
  • Release -- Satisfaction or Release

Tenancies

  • Tenants in Common -- Yes
  • Joint Tenants -- Yes
  • Tenancy by Entireties -- No
  • Community Property -- No
  • Homestead -- Yes
  • Joinder of Non-titled Spouse -- Both must sign if homestead property. Non-homestead can be conveyed by owner only.

(NDCC 47-19-11, 47-18-05, 14-07-04)

Taxes

  • Taxes Levied --
  • Taxes due -- 3/1 & 10/15
  • Delinquent -- 3/2 & 10/16

Commitment/Policy Special Requirements

  • Who can sign Commitment/Policy -- Licensed Title

Producer

  • Other --

Payment Customs

  • Seller pays for Owner’s Policy and for satisfaction.
  • Buyer pays for all other.
  • Buyer generally pays for survey.
  • Buyer pays closing/settlement fees.

Post Closing Requirements

  • Recon follow up required -- Yes