Please describe any requirements under applicable state law for attorney, abstractor or other special professional involvement, for example, in the search, examination, opinion of title, signing, closing, disbursement, recording, preparation of documents, and/or policy-issuance.
A licensed Delaware attorney must conduct the settlement and must make the disbursements. The attorney should also examine the title.
If a non-title holding spouse is required to join in the execution of a deed or a security instrument, please describe. Any analogous rights, such as those in a civil union or equivalent, should also be addressed.
No, a non-titled spouse or domestic partner does not have to join in the deed. Only the individual who is vested with title has to execute the deed or security instrument.
(a) Owner’s policy: Purchaser (b) Transfer tax and recording fee: Transfer Tax is split equally and Recording Fee is paid by the purchaser for deed and mortgage and seller for satisfaction of mortgage. (c) Survey charges: Purchaser (d) Closing/settlement charges: Purchaser, unless seller is represented by counsel, then they pay fees associated with representation.
Is there a minimum period of time for a title search required: (a) by state law, (b) pursuant to marketable record title acts, or (c) by any other applicable title examination standards (e.g., state bar association)? Please respond to each category. If a minimum search period exists for any category, please state it.
There is not a minimum search period required by statute or marketable record title act.
Please describe the customary and permissible form(s) of security instruments used in your state.
Who can be listed as the trustee on the Deed of Trust (e.g., residency and/or natural person requirements, etc.)? Can an underwriter or title agent be designated as the trustee, and, if so, is it customary?
Please identify the standard exceptions and requirements that are customarily used in your state.
Standard Exceptions 1. Defects, liens, encumbrances, adverse claims or other matters, if any created, first appearing in the public records or attaching subsequent to the effective date hereof but prior to the date the proposed insured acquires for value of record the estate or interest or mortgage thereon covered by this Commitment. 2. Rights or claims of parties in possession not shown by the public records. 3. Encroachments, overlaps, boundary line disputes, or other matters which would be disclosed by an accurate survey and inspection of the premises. 4. Easement or claims of easement, not shown by the public records. 5. Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and nor shown by the public records. 6. Taxes or special assessments which are not shown as existing liens by the public records.
Acreage or accuracy of area content not insured.
1. Payment to or for the account of the grantors or mortgagors of the full consideration for the estate or interest to be insured. 2. Proper instrument(s) creating the estate or interest to be insured must be executed and duly filed for record, to-wit.
a. DEED FROM: DEED TO: b. MORTGAGE FROM: MORTGAGE TO:
3. Copy of Completed Settlement Statement to be filed with this Company. 4. Payment of all taxes, charges, assessments, levied and assessed against subject premises, which are due and payable. 5. Satisfactory evidence should be had that improvements and/or repairs or alterations thereto are completed; that contractor, subcontractors, labor and materialmen are all paid. 6. Taxes and Assessments
What are your state’s requirements, if any, with regard to withholding proceeds from a sale, similar to but not including FIRPTA?
Form 5403 (http://www.revenue.delaware.gov/services/current_bt/5403.pdf) must accompany every deed to be recorded in Delaware. Every non-resident individual, pass through entity or corporation who makes, executes, delivers, accepts, or presents for recording
any document, except those exemptions defined or described in Sections 1126, 1606 and 1909 of Title 30, or in whose behalf any document is made, executed, delivered, accepted or presented for recording, shall be subject to pay for and in respect to the transaction or any part thereof, a Real Estate Tax at the rate of six and 95/100 percent (6.95%) of the value of the gain on the property sold as represented by such document, which tax shall be payable at the time of making, execution, delivery, acceptance or presenting of such document for recording. Said tax is to be paid by the Transferor(s)/Seller(s).