CT Operations Summary

Licensed Entity:

A Connecticut Licensed Attorney

Bank account -- <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>
Checks stale dated after -- ___ days of issuance
Good Funds Law -- Yes, no de minimus
Disbursements Requirements -- <<INSERT IF WFG REQUIRES CD?>>
Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- IOTA if attorney is disbursing

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 -- No
Record retention requirements -- 10 years
Is an attorney involved in the closing -- Traditionally, attorney’s handle closings;
Who can handle loan document signing -- Traditionally – attorneys do but not required
Doc Prep Restrictions -- Doc Prep is UPL
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 -- None
Special Disclosures -- None
CPL --
UPL Issues -- Only attorneys can be agents; doc prep is UPL
Joinder of non-titled spouse – Not Required
Survey Required -- Owners – affidavit required; Loan policy – no

Marital Status Stated -- Not required
Transfer Tax – Yes called a conveyance tax. State portion of the conveyance tax is uniform throughout the State but vary depending on the type of property. Refer to Conn. Gen. Stat. §12-494 et seq., and Department of Revenue Services Form OP-236.

The municipal portion of the conveyance tax varies across the State. This rate is available by contacting the town clerk’s office.

Mortgage Tax -- No
Address for grantor/grantee/property -- Grantee required
Witnesses -- 2 required + Notary – Deed & Mortgage
Names typed/printed --
Prepared by/return to -- Not required
Notary Stamp/requirements -- Attorney acknowledgment must show title
Parcel or tax index number -- Not required
Recitation of Consideration -- Not required
Derivation Clause -- Not Required
Corporate Signatures/Attestation --
Ink Color/Font -- Black or Blue; 10 pt minimum
Legal Description --
Margins -- 3.5” x 5” top right; 1” all others
Other Special Recording: -- Real Estate tax return doc for deeds – recording in each town clerk’s office – not county

Conveyance --
Security Instrument -- Mortgage
Release -- * Conn. Gen. Stat. § 49-8a permits the recording of an affidavit by an attorney or an officer of a title insurer to release a lien. Specific requirements must be met.

Buyer pays for owners policy.
Seller pays transfer tax. Seller pays recording fee for clearance items (e.g., release of mortgage); *Buyer pays recording fee for instruments of conveyance and financing instruments.
Buyer pays Survey Charges

Buyer and Seller each pay own Closing/Settlement Fees

None