Difference between revisions of "SC Underwriting Summary"

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(Created page with "==Search/Exam== *Minimum Search Requirements -- No statutory minimum, most attorneys search 40 – 60 years *Plant or other search restrictions -- No *Additional Requirements...")
 
(UPL)
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[http://wiki.wfgstaging.com/images/0/0d/SC_Cases_and_Summary.pdf More details on SC UPL]
 
[http://wiki.wfgstaging.com/images/0/0d/SC_Cases_and_Summary.pdf More details on SC UPL]
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[http://uww.wfgnationaltitle.com/images/0/0d/SC_Cases_and_Summary.pdf More details on SC UPL]
  
 
==Vesting==
 
==Vesting==

Revision as of 14:05, 6 May 2016

Search/Exam

  • Minimum Search Requirements -- No statutory minimum, most attorneys search 40 – 60 years
  • Plant or other search restrictions -- No
  • Additional Requirements for REO Searches -- N/A
  • Foreclosure Checklist -- N/A
  • Special Searches Required (Code, HOA, Utilities)? --
  • Survey Requirements --
    • Purchase – yes if new construction
    • Refinance – no
  • UPL Hot Button Issues -- Extreme caution required for SC Transactions; WFG approved attorney is Mark Keegan; closing with any other attorney requires written approval from Compliance.

UPL

South Carolina is a traditional attorney-state which defines the closing of real estate transactions as the practice of law. The SC Supreme Court has identified five functions which constitute the practice of law:

  • Supervision of the title search and title examination;
  • Review of closing documents;
  • Supervision of the closing (Note: paralegals may not conduct closings);
  • Supervision of the recording of documents;
  • Supervision of the disbursement of funds.

In Matrix Financial Services Corp. v. Frazer, 394 S.C. 134; 714 S.E.2d 532 (2011) the Supreme Court held that a mortgage loan not closed by a South Carolina licensed attorney could be denied equitable relief in a foreclosure action.

More details on SC UPL More details on SC UPL

Vesting

  • S.C. does not recognize Tenancy by the Entirety.
  • Statute recognizes JTROS. Specific creation language recognized per SC 27-7-40 "as joint tenants with rights of survivorship, and not as tenants in common"
  • Also recognizes tenants in common

Witness Requirements

  • Deeds, mortgages, and powers of attorney require two witnesses and must be notarized.
  • Notary may serve as one of witnesses
  • The notary may use either an acknowledgment or probate (the probate being a South Carolina method of authenticating a document whereby the witnesses attest to the validity).

Spousal Joinder Requirements/Homestead

  • Spouses not in title not required to join in the execution of deeds or mortgages.
  • South Carolina does not recognized civil unions.

Power Of Attorney

Construction Liens

Foreclosure Review

Instrument Requirements

Who May Serve As Trustee On Deed Of Trust

  • S.C. is a mortgage state. Deeds of trust are not permitted.

Time Limitations

  • US Judgment Liens -- 20 years, renewable for 20 years
  • State Court Judgment Liens -- 10 years
  • Federal Tax Liens -- 10 years (+30 days); can be refiled
  • State Tax Liens -- 10 years
  • Estate Tax Lien -- Federal 10 years
  • State Inheritance Tax Liens --
  • Mechanics Liens -- 6 months if suit is not filed
  • Financing Statements -- 5 years, can be renewed for 5 year term
  • Mortgages -- 20 years from maturity
  • HOA Liens -- 10 years
  • Condominium assessments --
  • Child Support Liens –

Odd Stuff

  • The attorney who paid off a mortgage loan may satisfy the mortgage by affidavit if he or she has a written payoff statement from the lender and the cancelled check or proof of wire transfer for the proceeds paid to the lender.