OK Operations Summary
From WFG Wiki
Contents
Licensed Entity:
- See Attached HUD Sample for Additional Information
Banking Information
- Bank account -- <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>
- Checks stale dated after -- ___ days of issuance
- Good Funds Law -- No
- Disbursements Requirements -- None
- 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 --
- When is transaction consummated for new HUDS --
- Record before/after disburse -- Disburse first
- Filed/restricted escrow rates -- No
- Record retention requirements --
- Is an attorney involved in the closing -- No
- Who can handle loan document signing -- Notary is permissible
- Doc/Deed Prep Restrictions -- No
- Use Escrow Instructions or not -- No
- Use Estimated HUD or Final -- Final
- Pass-thru charges -- Not restricted
- Rates Inclusive or not -- Not inclusive
- Up Charging -- Not restricted
- Junk Charges -- Not restricted
- Special HUD Requirements --
- Special Disclosures --
- CPL --
- UPL Issues -- Attorney must examine title and sign commitment/policy
- Joinder of non-titled spouse -- Yes --
- Survey Required --
- Purchase – yes for extended coverage
- Refinance – no
Audits
- Required -- Policy inventory every 2 years
Recording Process
- E-recording -- County list of e-recording attached
- Record before disbursement -- Disburse then record
- Special recording procedure -- Mortgage Tax Form must accompany mortgages
Recording/Document Requirements
- Marital Status Stated -- Not required
- Transfer Tax -- Yes
- Mortgage Tax -- Yes
- Address for grantor/grantee/property -- Address for all parties required
- Witnesses -- No
- Names typed/printed -- Yes
- Prepared by/return to -- Preparer name and address required; Return to address required on 1st page
- Notary Stamp/requirements --
- Parcel or tax index number --
- Recitation of Consideration -- Yes
- Derivation Clause --
- Corporate Signatures/Attestation --
- Ink Color/Font -- Black/10 pt minimum
- Legal Description -- Must include state, county & municipality in 1st paragraph
- Margins -- 1st page 3” top margin
- Other Special Recording: --
Document Types
- Conveyance -- Warranty Deed, Quitclaim Deed
- Security Instrument -- Mortgage
- Release -- Release of Mortgage or Quitclaim Deed
Tenancies
- Tenants in Common -- Yes
- Joint Tenants -- Yes
- Tenancy by Entireties -- Yes
- Community Property -- No
- Homestead -- Yes
- Joinder of Non-titled Spouse – Yes as to homestead property 16 O.S. § 4; 31 O.S. § 2
Taxes
- Taxes Levied -- In arrears
- Taxes due -- 11/1
- Delinquent -- 1/1
Commitment/Policy Special Requirements
- Who can sign Commitment/Policy -- Licensed OK attorney or Licensed OK abstractor who are appointed as an agent for a Title Insurance Company. 36 O.S. § 5001 (c).
- Other –
Payment Customs
- Owner’s/Loan Policy: The Purchaser typically pays for both the Owner’s and Loan Policies.
- Transfer Tax and Recording Fees: Paid by the Seller.
- Survey Charges: The Seller pays for the Mortgage Inspection report required by the lender, per contract. If the Purchaser requests a “PIN” Survey, he pays for the Survey. Sometimes negotiable.
- Closing/Settlement fees: Typically each pay 1/2 of the Closing/Settlement fees, But negotiable.
- The Seller customarily pays for the abstracting and examination fees. These fees must be charged as a separate fee on the HUD. All-Inclusive fees are prohibited by statute.
Post Closing Requirements
- Recon follow up required –
Withholding Taxes
There is no statutory provision for withholding proceeds from a sale on transactions similar to FIRPTA.