DE Underwriting Summary

Search/Exam

• Minimum Search Requirements -- Reasonable search – customary 60 years. No minimum set by statute or MRTA
• Plant or other search restrictions -- Attorney certification
• Additional Requirements for REO Searches --
• Foreclosure Checklist --
• Special Searches Required (Code, HOA, Utilities)? --
• Survey Requirements --
  • Owners – yes;
  • Loan policy – no

UPL

• UPL Hot Button Issues -- Examination is UPL, closing is UPL. Doc Prep is UPL. Delaware attorney must conduct settlement and disburse.

Mortgage/Transfer Tax

No Mortgage tax, transfer tax is 3% statewide.

Who May Serve As Trustee On Deed Of Trust

Delaware is a mortgage state.

Time Limitations

• US Judgment Liens -- 20 years
• State Court Judgment Liens -- 10 years
• Federal Tax Liens -- 10 years (+ 30 days)
• State Tax Liens -- 20 years
• Estate Tax Lien -- 10 years
• State Inheritance Tax Liens --
• Mechanics Liens -- General Contractors in DE have 180 days from “final completion” to file a lien. Subs and suppliers have 120 days from that date they last performed work or provided materials. See Title 27, Section 2711.
  • Lien lasts for 1 year after filing
• Financing Statements --
• Mortgages --
• HOA Liens --
• Condominium assessments --
• Child Support Liens --

Odd Stuff

• Forms and rates set in Rating Manual of the Delaware Title Rating Bureau.
• Usury Coverage not available.