Difference between revisions of "IN Underwriting References"

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(Life Estates)
(Streets Exception - Metes & Bounds)
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==State Law Reservations==
 
==State Law Reservations==
 
==Streets==
 
==Streets==
===Streets Exception - Metes & Bounds===
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===Streets Exception===
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====Metes & Bounds====
 
We must take exception to it on all metes and bounds because the streets may have either shifted over time or more land is being used for it than how large the road legally is.  The only way to remove it would be to require a staked survey that accurately depicts the road and research the roads chain to see if it can be removed.
 
We must take exception to it on all metes and bounds because the streets may have either shifted over time or more land is being used for it than how large the road legally is.  The only way to remove it would be to require a staked survey that accurately depicts the road and research the roads chain to see if it can be removed.
 +
 
===Vesting===
 
===Vesting===
 
===Usage Rights===
 
===Usage Rights===

Revision as of 04:59, 8 June 2021

Contents

Agency

Powers of Attorney

Corporate Authority

Agreement for Deed

Agreement Not to Transfer or Encumber

Agreements

Agricultural Lands

Alien Land Ownership

Aliens Ineligible To Citizenship

Alteration of Instruments

Bankruptcy

State Specific

General

Cemeteries

Chattel and Crop Mortgages

Churches

Common Law Syndicates or Trusts

Community and Separate Real Property

Condominiums, Homeowners’ Associations and Common Interest Developments

Construction Liens

Contracts for Sale

Conveyances

Corporations

Courts

Actions affecting Title

Due Process

Lis Pendens

Documenting the Record

Enforcement of Judgments

Servicemembers Civil Relief Act (Soldiers & Sailors)

Covenants, Conditions and Restrictions

Creditors’ Rights & Fraudulent Transfers

Deeds

Descriptions

Dissolution of Marriage

Easements

Eminent Domain

Entities

Escrows

State Licensure

In Indiana, any employee who has the authority to initiate wires, cut checks, or prepare, edit, or sign CD’s and ALTA Settlement Statements has to have an Indiana Title Producers License.

Estates of Decedents

Federal Estate Tax

Federal Housing Administration Loans

Federal Land Bank Loans

Federal Tax Liens

Fissionable Materials Reservations

Flexible Purpose Corporations

Foreclosure Of Mortgages

Forfeiture

General Partnerships

Generally

Guardianship, Conservatorships and Other Protective Proceedings

Homestead

Identity of Persons

Incompetents & Minors

Indian Titles

Judgments and Liens

Land Trust

Leases

Letters of Indemnity Between Title Companies, Reliance on Mutual Indemnification Agreement

Life Estates

Indiana has a Transfer on Death Act that covers real estate. You’re correct, they TOD beneficiaries do not need to join in the execution of a deed/mortgage as by statute, they have no present interest in the property. The owner has to die first.

That said, you’ll find many attorneys will screw up the TOD declaration. It needs to be checked against the statute to ensure complete compliance:

https://law.justia.com/codes/indiana/2012/title32/article17/chapter14/

TOD section is IC 32-17-14-11


Creation & Recognition

Lady Bird Deeds

Litigation Issues

Ex Parte Orders

I would not be comfortable insuring this one. The Judge’s order is an Ex Parte Order, becomes a temporary order and is subject to being rescinded should she show up and object. That’s not a good situation for us to insure the buyer when potentially the court could rescind the order in its entirety. Nothing says reversal like an Ex Parte Order where the affected party has no idea what’s going on and has been denied their 14th Amendment Due Process rights.

Maps

Marital Homestead in Probate Proceedings

Marital Property

Marketable Record Title Act & Curative Acts

Minerals

Missing Persons

Mobile homes, Manufactured Homes And Commercial Coaches

Mortgages & Deeds of Trust

Notary & Acknowledgments

Plats & Subdivisions

Plats And Streets

Pre-U.S. Land Grants (British, Spanish, Mexican, French, Russian)

Probate & Estates

TODI: Indiana has a Transfer on Death Act that covers real estate. You’re correct, they TOD beneficiaries do not need to join in the execution of a deed/mortgage as by statute, they have no present interest in the property. The owner has to die first.

That said, you’ll find many attorneys will screw up the TOD declaration. It needs to be checked against the statute to ensure complete compliance:

https://law.justia.com/codes/indiana/2012/title32/article17/chapter14/

TOD section is IC 32-17-14-11

Public Lands

Restrictions And Reverters

Servicemembers Civil Relief Act

Special Risks/Ultra-Hazardous Risks

Spousal Interests

Divorce

Joinder Requirements

State and Local Transfer Taxes

State Law Reservations

Streets

Streets Exception

Metes & Bounds

We must take exception to it on all metes and bounds because the streets may have either shifted over time or more land is being used for it than how large the road legally is. The only way to remove it would be to require a staked survey that accurately depicts the road and research the roads chain to see if it can be removed.

Vesting

Usage Rights

Abandonment & Vacation

Surveys And Title Insurance

Tax Liens

Federal Income and Other Taxes

Federal Estate Tax

State Income Tax

Property Tax

Other State and Local Taxes

Tax Sales

Effective immediately, we have revised our Indiana tax sale requirements. You will recall, that previous underwriting guidelines required a quiet title action if a tax deed was found within the past 10 years. One of the basic changes in our new guidelines is a reduction in the time frame after execution of a tax deed from 10 years to 3 years. After 3 years have passed since the execution of the tax deed, we will no longer require a quiet title to insure the tax sale.

Additionally, we have eliminated the quiet title requirement within the 3 years period when presented with a smaller liability owner’s policy from another underwriter if substantial improvements have been made to the property. Note: use of the substantial improvements option requires underwriter approval.

Our new tax sale requirements are as follows:

TAX SALE REQUIREMENTS: A search of the Land revealed a tax deed within the past 3 years. In order to insure the proposed transaction, we require one of the following:

 A copy of a prior Owners Policy insuring the Seller/Borrower; OR

 Quitclaim Deeds/Releases from:

 All parties with an interest in the Land at the date of tax sale; and

 All parties who acquired an interest between date of tax sale and date of commitment but have not conveyed or released their interest; OR

 A prior Owner’s Policy from another underwriter insuring the Seller/Borrower in an amount within 90% of, equal to, or greater than the amount of insurance on the current transaction. Seller in the current transaction must convey by general warranty deed; OR

 A prior Owner’s Policy from another underwriter insuring the Seller/Borrower for less than an amount within 90% of the proposed amount of insurance in the current transaction if Seller/Borrower has proof of having added substantial improvements the value of which combined with the liability amount of the prior policy is sufficient to support the proposed amount of insurance. Seller in the current transaction must convey by general warranty deed. (NOTE: Use of this option requires underwriter approval); OR

 A Quiet Title suit in which the following parties are properly named and served:

 All parties with an interest in the Land at the date of tax sale; and

 All parties who acquired an interest between the date of tax sale and the date of the Quiet Title complaint but have not conveyed or released their interest.

 If the Quiet Title option is chosen, the current transaction cannot close until the occurrence of one of the following:

 The expiration of the appeal period (30 days after the quiet title judgment) if service was personal, copy, registered or certified mail, or if an appearance was filed by a party.

 The expiration of the period for filing a TR 60(B)(4) motion (1 year after quiet title judgment) if service was by publication only; OR

 Passage of 3 years from date of tax deed.

Taxes And Assessments

Tenancies

Trusts And Trustees

Truth-In-Lending

Unauthorized Practice of Law

Uniform Commercial Code (UCC)

Uniform Federal Lien Registration Act

Usury

Utilities

Water And Water Rights

Waters And Watercourses

Zoning