Difference between revisions of "CT Underwriting Summary"
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(Created page with "==Search/Exam== *Minimum Search Requirements CT Attorney only *Plant or other search restrictions CT Attorney only *Additional Requirements for REO Searches CT Attorney only *...") |
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==Search/Exam== | ==Search/Exam== | ||
| − | *Minimum Search Requirements CT Attorney only | + | *Minimum Search Requirements -- CT Attorney only The minimum period of time for a title search is forty years pursuant to the Marketable Record Title Act. By custom and underwriting practice, shorter search periods are generally used for refinance transactions. |
| − | *Plant or other search restrictions CT Attorney only | + | *Plant or other search restrictions -- CT Attorney only |
| − | *Additional Requirements for REO Searches CT Attorney only | + | *Additional Requirements for REO Searches -- CT Attorney only |
| − | *Foreclosure Checklist CT Attorney only | + | *Foreclosure Checklist -- CT Attorney only |
| − | *Special Searches Required (Code, HOA, Utilities)? CT Attorney only | + | *Special Searches Required (Code, HOA, Utilities)? -- CT Attorney only |
| − | *Survey Requirements | + | *Survey Requirements -- Owners – affidavit required; Loan policy – no |
| − | + | *UPL Hot Button Issues -- CT Attorney only | |
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==UPL== | ==UPL== | ||
| − | + | By custom, settlements are conducted by attorneys. Conveyance instruments are drawn by attorneys. Only attorneys licensed to practice law in the State of Connecticut may be title agents. | |
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==Vesting== | ==Vesting== | ||
| − | + | ==Witness Requirements== | |
| − | + | 2 required on deed & Mortgage. Also notary acknowledgment | |
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==Mortgage/Transfer Tax== | ==Mortgage/Transfer Tax== | ||
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==Spousal Joinder Requirements/Homestead== | ==Spousal Joinder Requirements/Homestead== | ||
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==Power Of Attorney== | ==Power Of Attorney== | ||
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==Construction Liens== | ==Construction Liens== | ||
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==Foreclosure Review== | ==Foreclosure Review== | ||
| − | + | ==Instrument Requirements== | |
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| − | ==Instrument Requirements == | ||
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==Who May Serve As Trustee On Deed Of Trust== | ==Who May Serve As Trustee On Deed Of Trust== | ||
| − | + | Mortgage only. Deeds of trust are not used in CT. | |
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==Time Limitations== | ==Time Limitations== | ||
| + | *US Judgment Liens -- 20 years | ||
| + | *State Court Judgment Liens -- 20 years | ||
| + | *Federal Tax Liens -- 10 years (+ 30 days) | ||
| + | *State Tax Liens -- 20 years | ||
| + | *Estate Tax Lien -- 10 years | ||
| + | *State Inheritance Tax Liens -- | ||
| + | *Mechanics Liens -- 1 year | ||
| + | *Financing Statements -- 5 years | ||
| + | *Mortgages -- | ||
| + | *HOA Liens -- 3 years | ||
| + | *Condominium assessments -- | ||
| + | *Child Support Liens – | ||
| − | + | ==Odd Stuff== | |
| − | + | *Under certain circumstances, Conn. Gen. Stat. § 49-8a permits the recording of an affidavit by an attorney or an officer of a title insurer, which affidavit constitutes a release of lien. | |
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| − | * | ||
| − | + | *Rates for policies and endorsements must be filed with the Connecticut Department of Insurance. | |
| − | + | *Usury coverage is generally available. Conn. Gen. Stat. Section 37-4, -5, and -6 exempts from usury limits “….any bona fide mortgage of real estate for a sum in excess of five thousand dollars.” See Conn. Gen Stat. Section 37-9 (entitled “Loans to which prohibitions do not apply”). | |
Revision as of 15:49, 14 December 2014
Contents
Search/Exam
- Minimum Search Requirements -- CT Attorney only The minimum period of time for a title search is forty years pursuant to the Marketable Record Title Act. By custom and underwriting practice, shorter search periods are generally used for refinance transactions.
- Plant or other search restrictions -- CT Attorney only
- Additional Requirements for REO Searches -- CT Attorney only
- Foreclosure Checklist -- CT Attorney only
- Special Searches Required (Code, HOA, Utilities)? -- CT Attorney only
- Survey Requirements -- Owners – affidavit required; Loan policy – no
- UPL Hot Button Issues -- CT Attorney only
UPL
By custom, settlements are conducted by attorneys. Conveyance instruments are drawn by attorneys. Only attorneys licensed to practice law in the State of Connecticut may be title agents.
Vesting
Witness Requirements
2 required on deed & Mortgage. Also notary acknowledgment
Mortgage/Transfer Tax
Spousal Joinder Requirements/Homestead
Power Of Attorney
Construction Liens
Foreclosure Review
Instrument Requirements
Who May Serve As Trustee On Deed Of Trust
Mortgage only. Deeds of trust are not used in CT.
Time Limitations
- US Judgment Liens -- 20 years
- State Court Judgment Liens -- 20 years
- Federal Tax Liens -- 10 years (+ 30 days)
- State Tax Liens -- 20 years
- Estate Tax Lien -- 10 years
- State Inheritance Tax Liens --
- Mechanics Liens -- 1 year
- Financing Statements -- 5 years
- Mortgages --
- HOA Liens -- 3 years
- Condominium assessments --
- Child Support Liens –
Odd Stuff
- Under certain circumstances, Conn. Gen. Stat. § 49-8a permits the recording of an affidavit by an attorney or an officer of a title insurer, which affidavit constitutes a release of lien.
- Rates for policies and endorsements must be filed with the Connecticut Department of Insurance.
- Usury coverage is generally available. Conn. Gen. Stat. Section 37-4, -5, and -6 exempts from usury limits “….any bona fide mortgage of real estate for a sum in excess of five thousand dollars.” See Conn. Gen Stat. Section 37-9 (entitled “Loans to which prohibitions do not apply”).
