DE Underwriting Summary
From WFG Wiki
Contents
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.
Vesting
Property Tax
Mortgage/Transfer Tax
No Mortgage tax, transfer tax is 3% statewide.
Spousal Joinder Requirements/Homestead
Power Of Attorney
Construction Liens
Foreclosure Review
Instrument Requirements
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.
