WV Operations Summary

Licensed Entity:

Bank account -- <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>
Checks stale dated after -- ___ days of issuance
Good Funds Law -- No
Disbursements Requirements -- Attorney must supervise disbursement
Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- No

Who can prepare the HUD -- Under attorney supervision
Who can sign the HUD (EO/LTP/Attorney) -- Not restricted
Who orders hazard insurance --
When is transaction consummated for new HUDS --
Record before/after disburse -- Disburse then record
Filed/restricted escrow rates -- No
Record retention requirements -- 3 years
Is an attorney involved in the closing -- Yes – attorney must close and supervise disbursement
Who can handle loan document signing -- Attorney
Doc/Deed Prep Restrictions -- Attorney must prepare legal documents
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 --
Special Disclosures --
CPL -- Yes
UPL Issues -- Yes – activities of title agent must be under supervision of WV Attorney. APPROVED LAW FIRM IS PCN – KEN SMOLAR; USE OF ANY OTHER LAW FIRM REQUIRES WRITTEN CONSENT FROM THE COMPLIANCE DEPARTMENT
Joinder of non-titled spouse -- Yes
Survey Required -- Purchase – no

Refinance – no

E-recording -- County list of e-recording attached
Record before disbursement -- Disburse then record
Special recording procedure -- Sales listing form and declaration of consideration with all deeds

Marital Status Stated -- Not required
Transfer Tax -- Yes
Mortgage Tax -- No
Address for grantor/grantee/property --
Witnesses --
Names typed/printed -- Required
Prepared by/return to -- Prepared by name and signature required at end of document; return to address required
Notary Stamp/requirements --
Parcel or tax index number -- Required/ Auditor’s filed number
Recitation of Consideration --
Derivation Clause -- Required
Corporate Signatures/Attestation --
Ink Color/Font -- Black/10 pt minimum
Legal Description -- Include state, county, municipality in 1st paragraph of legal description
Margins -- 1st page top right 3.5” x 5”
Other Special Recording: --

Tenants in Common – Yes -- presumed
Joint Tenants -- Yes if clearly stated. Survivorship is created only by express language (W. Va. Code § 36-1-20)
Tenancy by Entireties – Not recognized W. Va.Code § 36-1-19, as construed in McNeely v. South Penn Oil Co.)
Community Property -- No
Homestead -- Yes
Joinder of Non-titled Spouse – Yes
- Dower/curtesy abolished on June 5, 1992 (W. Va. Code § 43-1-1) Prior to June 5, 1992, surviving spouse entitled to one-third life estate in the decedent’s real estate.