West Virginia

General Procedures and Information

Method of Issuing Title Insurance

Attorney agents issue title insurance and related forms. Agents must be residents of West Virginia to issue policies of title insurance. §33-12-7, West Virginia Code.

Foreclosures

Foreclosures are usually handled non-judicially in West Virginia.

For specific questions, contact West Virginia underwriting personnel.

References:

Corporate Directory: West Virginia Contacts.

References
Related Bulletins:

WV000007   This Bulletin has been replaced by WV000008.

Redemption Rights

There are no redemption rights after a valid foreclosure sale in West Virginia.

Survey Standards

Stewart Title Guaranty Company does not require a survey for deletion of the survey exception in loan policies on 1-4 residential properties and commercial properties with liabilities of $10 million or less. Residential properties are defined as subdivision lots or acreage tracts of twenty-five acres or less.

References
Related Bulletins:

MU000028   Survey Requirements - Loan Policies

MU000038   This Bulletin has been replaced by MU2007002.

Document and Form Information

Acknowledgments

These are the standard forms of acknowledgment:

  • WV Acknowledgment-Individual 1
  • WV Acknowledgment-Corporation 1

Conveyances

The customary type of conveyance is WV Deed-Warranty 1.

A sales listing form and declaration of consideration must accompany the deed. §11-22-6, West Virginia Code.

Witnesses are not required on conveyances executed in West Virginia.

A conveyance executed and acknowledged in accordance with the laws of another state will be accepted for recordation in West Virginia as long as the official seal belonging to the out-of-state official is appended to the document.

References

Releases/Satisfactions

The standard release or satisfaction form is WV Release of Mortgage or Trust Deed 1. §38-12-4 West Virginia Code.

Security Instruments

The customary security instrument is the deed of trust.

Witnesses are not required on deed of trust or mortgages executed in West Virginia.

A deed of trust or mortgage executed and acknowledged in accordance with the laws of another state will be accepted for recordation in West Virginia as long as the official seal belonging to the out-of-state official is appended to the document.

Title Insurance Form Regulations

West Virginia requires that all title insurance policy forms and endorsements that are used on a consistent basis be filed and approved by the Commissioner of Insurance. This does not apply to forms of unique character. Stewart Title Guaranty Company has filed the standard ALTA policy forms and endorsements for use in West Virginia.

References:

Forms List: West Virginia Forms.

Fees, Rates and Taxes

Deed Transfer Taxes and Documentary Stamps

The deed transfer tax in West Virginia is called the excise tax on real property. The tax is $4.40 per one thousand dollars, with the exception of Wood County, which is $3.30 per one thousand dollars. Each county has the right to set its own rate of excise tax between $0.55 and $1.10. §11-22-2 West Virginia Code. A sales listing form and declaration of consideration must accompany the deed.

The seller usually pays the excise tax in West Virginia.

References:

Related Bulletins: None.

Mortgage Transfer Taxes

West Virginia does not have a mortgage tax.

Real Estate Taxes

Real estate/ad valorem taxes are levied on and become a lien on July 1st of each year §11A-1-2 West Virginia Code. The taxes may be paid in either one or two installments. If paid in one installment, the entirety is due after July 1st. If paid in two installments, the first payment is due in September. the second installment is due in March. There is a 2.5% discount if the taxes are paid on or before the due date. §11A-1-3 West Virginia Code.

Recording Fees

Recording fees in West Virginia are:

First two pages of Deed - $3.00
Additional page - $0.50

First two pages of other documents - $2.00
Additional pages - $0.50 per page except for affidavits, assignments and substitution of trustees which are usually $1.00 per page.

Search and Examination Fees

Title insurance premiums in West Virginia do not include the search and examination fee.

Title Insurance Rates

Title insurance rates are filed in West Virginia by statute passed during the 2006 legislative session. Rate schedules are filed separately for commercial and non-commercial properties. Filed rates on commercial properties are in effect beginning 1 July 2006; non-commercial rates go into effect 1 September 2006.

The purchaser usually pays for both the owner's and loan policies in West Virginia.

For specific questions, contact West Virginia underwriting personnel.

References:

Corporate Directory: West Virginia Contacts.

West Virginia revised rate manual. Click here.

Spousal Rights

Spousal Rights

Dower and curtesy have been abolished in West Virginia. W. Va Code Sec. §43-1-1 West Virginia Code. Spouses need not join in a conveyance to a bona fide purchaser for value or a mortgage, (§42-3-1, West Virginia Code), but the spouse must be given notice of the conveyance prior to or within 30 days of the conveyance or mortgage (§43-1-2).

West Virginia is not a community property state.

West Virginia laws allow a homestead exemption. The homestead exemption does not apply to purchase money obligations, taxes, or improvements made to the property. Both spouses must join in any conveyance.

Statute Of Limitations

Statute Of Limitations

The statute of limitations for judgments is 10 years. W. Va. Code Sec. §38-3-5, 6, and 7, West Virginia Code.

The statute of limitations for enforcing the lien of a mortgage or deed of trust is 5 years after the maturity date if the maturity date can be determined from the instrument, or 35 years from the date of the instrument if the maturity date cannot be determined. §55-2-5 West Virginia Code.

West Virginia Schedule of Charges and Forms

West Virginia Schedule of Charges and Forms

SCHEDULE OF CHARGES AND FORMS

FOR

TITLE INSURANCE IN

THE STATE OF WEST VIRGINIA

This manual is for the use of Stewart Title Guaranty Company’s Title Insurance Policy Issuing Attorneys, Agents, and Offices.

All inquiries concerning the charges for title insurance and forms in this manual should be directed to the following:

Stephen C. Gregory
West Virginia Counsel and District Manager
101 E. Washington Street, Suite 124
Charleston, WV 25301
(304) 342-0004
(800) 861-7004
(304) 344-0984 (fax)
(800) 921-0984 (fax)

Revised June 1, 2007

WEST VIRGINIA TITLE INSURANCE MANUAL OF CHARGES

GENERAL PROVISONS

This manual of charges contains the charges for title insurance by Stewart Title Guaranty Company (the Company) for the State of West Virginia. The charges hereinafter set out are basic charges for title insurance only and do not include charges for searches, examinations, certificates regarding the record title, abstracts, attorneys’ fees, escrow or closing services including commitment/policy preparation or recordation of documents, inspections or other services charged by local attorneys, surveyors, abstractors, or abstract companies. The charges are for standard risks; additional charges shall be made when an unusual condition of title exists or when special risks are insured. In the event such charges are made, agreement thereto must be obtained in advance from the person or entity obligated to pay all or any part of such charges.

Notwithstanding the fees, charges and/or rates in the filings by Stewart Title Guaranty Company (“the Company”), special pricing consideration may be given by the Company on commercial transactions involving policies aggregating more than $25,000,000.00 of liability in a single risk, based on various factors including geographic location, competitive environment, expenses, reinsurance requirements and other reasonable considerations, but in no event shall the rate be less than $.35 per thousand dollars of liability. In the event special pricing consideration is granted, the Company shall require that the Company realize, net of reinsurance costs and net of that portion of the rate or charge to the public retained by the Company’s [underwritten company] title insurance agent, not less than $.35 per $1,000 of retained liability.

The Company reserves the right to decline any application or may at any time on notification to the applicant, cancel any application accepted as long as a binder for insurance has not been issued.

Definitions

Charge. The charge is that cost per unit of insurance which, when multiplied by the total units of liability, results in the charge to the customer for the risk assumed.

The charge is only the premium for the insurance, and does not include any abstracting or searching fee, examination fee, settlement fees, closing fees, or escrow fees, which the agent or attorney may charge for its/his/her services.

Commercial Title Insurance/Property. Title insurance for property of a business or professional nature. When applied to improved property, any property the use of which is not residential. Property which is mixed use shall be deemed to be commercial. Property which is unimproved shall be deemed to be commercial if it is zoned for other than residential use, or if it is acquired for the purpose of constructing a residence or residences for someone other than the person or entity acquiring it.

Construction Loan. Any loan the proceeds of which are to be used for the construction or renovation of improvements on real property. "Construction Loan" does not include a loan for the acquisition and/or siting of manufactured housing on real property.

Full Principal Debt. The full principal debt is that part of the mortgage debt that is secured by land, excluding therefrom that part of the debt, if any, secured by personal property.

Full Value of Land. The full value of land is the actual purchase price or, if no sale is involved, the full reasonable value as may be agreed upon between the insurer and the proposed insured. On leasehold estates, the full value of the land is the aggregate of the rentals payable under the primary term of the lease or the full value of the land as herein defined, whichever is less.

Identical Land. The identical land is the land or any part thereof described in a policy of title insurance or other indemnity.

Insured. The insured is the person named as the insured in the policy of title insurance or other indemnity.

Land, Premises, or Property. Unless otherwise set forth in the policy of title insurance or other indemnity, land, premises, or property is the land described, specifically or by reference, and improvements affixed thereto which by law constitute real property.

Mortgage. A mortgage is a transfer of an interest in land, other than in trust, to secure performance of the obligation to pay back the indebtedness.  The form of the mortgage may be a mortgage or other security instrument relating, at least in part, to land.

Non-Commercial Title Insurance/Residential Property. Title insurance on other than property of a business or professional nature, including, but not limited to, title insurance on residential properties when purchased by an individual buyer or by an inter vivos estate planning trust of which the individual is the beneficiary.  Within this definition is any property improved by a one-to-four family residential dwelling unit, including any individual condominium or co-operative unit.  Unimproved property shall be deemed residential when acquired by an individual (or the individual’s inter vivos estate planning trust) with the intent of constructing the individual’s residence on the property.

Simultaneous Issue. Simultaneous issue is the issuance of two or more policies on identical land out of the same transaction.  The effective dates of the policies do not have to be the same in order to qualify for a simultaneous issue; however, if the effective dates are not the same, these policies must have been able to have been issued the same date and a commitment to insure each interest insured must have been issued at the time of the consummation of the transaction.

Policies

1. COMMITMENT FOR TITLE INSURANCE

The Company does not, and the agent may not, charge any premium or fee for the issuance of commitments, sample policies, or pro-forma policies.  Any commitment shall be effective for six (6) months from the effective date stated therein.  The Company may issue a written endorsement extending the effective period of the commitment provided that:

a. A request for extension is received prior to expiration of the commitment.
b. The extension is for no more than six (6) months.
c. The effective date of the commitment remains unchanged.
d. The commitment may not be extended for a total period of more than two (2) years, or five (5) years in the case of planned project commitments.

2. OWNER'S POLICIES

a. An owner’s policy, insuring an estate or interest in land, will not be issued for less than full value of the land.  An owner’s policy insuring a leasehold estate will not be issued for less than the insurable interest of the lessee.

b. The charge for an original owner’s or leasehold owner’s policy on non-commercial (residential) property shall be as follows:

Amount of CoveragePremium Calculation Factor
Minimum policy charge:$100.00
Up to $100,0000.00390
Over $100,000 to $500,000, add:0.00340
Over $500,000 to $2,500,000, add:0.00300
Over $2,500,000 to $7,500,000, add:0.00225
Over $7,500,000 to $15,000,000, add:0.00150
Over $15,000,000, add:0.00125


c. The charge for an Alta Homeowner’s Policy of Title Insurance (residential improved property only) shall be:

Amount of CoveragePremium Calculation Factor
Minimum Policy Charge$120.00
Up to $100,000.00468
Over $100,000 to $500,000, add:.00408
Over $500,000 to $2,500,000, add:.00360
Over $2,500,000 to $7,500,000, add:.00270
Over $7,500,000 to $15,000,000, add:.00180
Over $15,000,000, add:.00150


d. The charge for an original owner’s or leasehold owner’s policy on commercial property shall be as follows:

Amount of CoveragePremium Calculation Factor
Minimum Policy Charge$85.00
Up to $100,0000.00350
Over $100,000 to $500,000, add:0.00300
Over $500,000 to $1,000,000, add0.00250
Over $1,000,000 to $5,000,000, add0.00150
Over $5,000,000 to $15,000,000, add0.00100
Over $15,000,000 to $50,000,000, add0.0085
Over $50,000,000, add0.0060


e. Simultaneous Issue Rates For Owner’s And Leasehold Policies:

When there is a sale and a simultaneous lease-back of the same property with an owner’s policy issued by this Company in connection with the sale, a policy may be issued upon request insuring the leasehold estate for a premium of 30% of the Original Title Insurance Premium for Owner’s Of Leasehold Policy.  If the amount of insurance requested is greater for the leasehold policy than that of the owner’s policy, the excess shall be computed at the Original Title Insurance Premiums For Owner’s Or Leasehold Policies under the applicable brackets.

Minimum Premium - $100.00

f. Simultaneous Issue Rates For Loan, Owner’s and Leasehold Policies:

When an owner’s or leasehold policy and a loan or mortgage policy covering identical land are to be issued simultaneously, the premium shall be the Original Title Insurance Premiums For Owner’s or Leasehold Policies. The premium for the loan or mortgage policy so issued simultaneously will be $50 up to the face amount of the Owner’s Policy.  If the loan or mortgage amount exceeds the owner’s or leasehold policy amount, the premium will be computed at the Original Title Insurance Premiums For Loan Or Mortgage Policies.

3. LOAN POLICIES

A loan or mortgage policy will not be issued for an amount less than the full principal debt.  A loan policy can, however, be issued for an amount up to 25% in excess of the principal debt to cover interest, foreclosure cost, etc.

The loan or mortgage insurance expires with the payment or satisfaction of the mortgage described in the policy, except when satisfied by foreclosure or other lawful means of acquiring title in settlement of the mortgage debt.  A new mortgage given to renew an old mortgage debt which was originally covered by insurance is a new transaction, creating new liability.  If insured, the new transaction requires payment of the original title insurance premiums for loans of mortgage, unless it falls within the classification of “Reissue Title Insurance Premiums For Loans, Owner's or Leasehold Policies".

a. The premium for an original loan or mortgage insurance policy on non-commercial (residential)  property shall be:

Amount of CoveragePremium Calulation Factor
Minimum Charge$85.00
Up to $100,000.00290
Over $100,000 to $500,000, add:.00240
Over $500, 000 to $2,500,000, add.00200
Over $2,500,000 to $7,500,000, add:.00125
Over $7,500,000, add.00100


b. The premium for an original loan or mortgage insurance policy on commercial property shall be:

Amount of CoveragePremium Calculation Factor
Minimum Charge$75.00
Up to $100,000.00250
Over $100,000 to $500,000, add:.00200
Over $500,000 to $1,000,000, add.00150
Over $1,000,000 to $5,000,000, add.00115
Over $5,000,000 to $25,000,000, add.00100
Over $25,000,000 to $50,000,000, add.00075
Over $50,000,000, add.00050


c. The premium for any Subordinated Mortgage or Loan shall be:

The premiums for title insurance on second mortgages or loan transactions shall be the same as on first mortgage transactions.  The minimum charge shall be $85.00.

4. REISSUE CHARGES FOR LOAN, OWNER'S and LEASEHOLD POLICIES

In a transaction involving the sale or transfer of an ownership or leasehold interest in real property, reissue rates for owner’s, leasehold or first mortgage loan policies shall apply if the title to the property was previously insured by an owner’s policy (less than 10 years old) issued by a title insurance company licensed to do business in West Virginia.  To qualify for a reissue rate, the Company must be provided proof that an owner’s policy was issued to the owner of the property selling or transferring an ownership or leasehold interest.

In a transaction involving the refinance of a mortgage loan secured by real property, reissue rates for a loan policy shall apply if the title to the property was previously insured by an owner’s or loan policy (less than 10 years old) issued by a title insurance company licensed to do business in West Virginia.   To qualify for a reissue rate, the Company must be provided proof that an owner’s or loan policy was issued to or on behalf of the owner refinancing the property.

The reissue premium shall be 60 % of the full rate of the published charge for the new policy up to original face amount of insurance of the old policy. .  If the amount of insurance desired is in excess of the original policy the excess shall be computed at the original premium rates.  The minimum charge shall be $85.00.

5. POLICIES INSURING CONSTRUCTION LOANS

a. The premium for an original loan or mortgage insurance policy insuring a construction loan as defined herein shall be:

Amount of CoveragePremium Calculation Factor
Minimum Charge$85.00
Up to $500,000.000.00200
$500,000/00 to $1,000,000.000.00150
$1,000,000.00 to $5,000,000.000.00125
$5,000,000.00 to $10,000,000.000.00100
Over $10,000,000.000.00085


Note that the rates above are “first dollar” rates.  For loans within the stated ranges, the premium shall be applied on the entire coverage without “break points” as in other policy premium tables.  If the loan does not qualify for priority under §37-1-14, West Virginia Code, an extra hazardous risk fee of $1.00 per thousand may be charged on construction loan policies and construction outsale policies requiring affirmative mechanic’s lien coverage.  Such charge may be imposed based upon the Company’s review of the borrower’s financial status and the borrower’s history and procedure for paying subcontractors and suppliers.

b. If the construction loan is to become the permanent mortgage, the charge shall be computed at the applicable charge for mortgagee’s policies and collected at time of closing of the construction loan.

c. If the construction loan is refinanced by a permanent mortgage through a lender not the construction loan lender, and the Company is asked to issue a mortgagee’s policy in connection with a new mortgage instrument securing the permanent mortgage, no credit shall be allowed for the premium dollars paid for the construction loan policy.  However, the company will allow a reissue credit on the premium charged for the new policy of 40% of the premium up to the liability on the construction loan policy.

6. POLICIES INSURING TRANSFERS FROM A DECEDENT'S ESTATE

When property is transferred to a bona fide purchaser for value, or to secure a loan, and the property belonged to a decedent whose death occurred within the one year preceding the date of the transfer, the Company will require protection from the transferor against the possible claims of creditors of the deceased.  In order to issue a policy without exception for the rights of potential creditors, the Company will require:

a. A Decedent’s Debt Bond in the minimum amount of the policy to be issued, procured through a commercial bondsman, naming Stewart as loss payee; OR

b. The proceeds from the transaction be escrowed with the Company until the one year has passed from date of death, together with an Indemnity and Escrow Agreement executed by the transferor; OR

c. Payment of an extra-hazardous risk premium to the Company in the amount of 0.00200% of the sales price, or 0.00200% of the amount a refinance loan exceeds the indebtedness against the property, together with an Indemnity Agreement executed by the transferor.

The transferor has the option to choose from the above three methods.  If the transferor elects to escrow the proceeds, the entire net amount should be sent to the Company to the Charleston address, with the signed Indemnity and Escrow Agreement and the transferor’s taxpayer identification number.  Company will deposit the funds in a federally insured bank as Escrowee for transferor, and will return the proceeds to the transferor at the end of the one-year period, less any expenditures from the fund to pay debts of the decedent.

7. FORECLOSURE INSURANCE POLICY

The Foreclosure Insurance Policy is a policy to be issued prior to foreclosure and would be issued to a foreclosing lender, trustee (in deed of trust states), and/or lender’s attorney.  The policy insures as to various title matters according to the public records: (1) the ownership of the land; (2) leases, options, or contracts to purchase; (3) notices of bankruptcy; (4) notices of default or foreclosure; (5) defects or encumbrances recorded after the foreclosing mortgage; and (6) addresses and assignments of the above matters or claimants.  The Policy is issued in anticipation of a foreclosure of a mortgage and provides the mortgagee with record information regarding those persons who should be joined in a foreclosure action or who should be notified of a foreclosure.  Continuation of coverage could be provided by a down date endorsement.  The premium for the policy shall be 40% of the Basic Mortgagee Loan Policy charge with a minimum charge of $85.00.  A credit of 50% of the premium paid for the Policy and Down Date endorsement would be provided on one Owner’s Policy issued at the Foreclosure Sale or to the purchaser from the original purchaser if the new policy is issued within 24 months after the recordation of the Foreclosure Sale Deed.

8. ALTA RESIDENTIAL LIMITED COVERAGE JUNIOR LOAN POLICY AND
ALTA SHORT FORM RESIDENTIAL LIMITED COVERAGE JUNIOR LOAN POLICY

Upon application, the Company may insure the ALTA Residential Limited Coverage Junior Loan Policy or the ALTA Short Form Residential Limited Coverage Junior Loan Policy to an insured affording limited liability based upon a search for specific types of interest shown by the public record.  The charge for this type of Limited Coverage Junior Loan Policy shall be 0.002% of the loan amount, with a minimum charge of $85.00.

The ALTA Short Form Commitment may be used when we commit to issue a Short Form Residential Loan Policy or Short Form Expanded Coverage Residential Loan Policy.

9. STEWART MASTER RESIDENTIAL LOAN POLICY SCHEDULES A&B

These schedules are to be issued with the American Land Title Association Loan Policy (M-9994)(10/17/92). Together they are designed to insure only equity loans on the primary residence or secondary residences of the owner/borrower.  Coverage under the policy is not available for any first liens or for refinance of first liens on primary residences or secondary residences or any other type of property owned by the borrower.

Charges are as follows:

$45.00 for loan amounts up to $250,000.  On loans over $250,000.00, the cost will be $120.00.

10. ALTA SHORT FORM RESIDENTIAL LOAN POLICY WITH ADDENDUM

The ALTA Short Form Residential Loan Policy insures the lender making a mortgage loan on a one-to four family residence or condominium unit.  The Policy is an abbreviated short form version of the current ALTA Loan Policy, which is designed to be delivered to the lender at closing.  The policy contains exceptions to taxes, covenants and restrictions, easements, reservations of minerals or mineral rights, and offers certain assurances with respect to those exceptions desired by lenders.  The policy addendum can be used to set forth additional exceptions.

The charge for this policy is the same as the charges for the original loan policy set out in this manual.

11. SHORT FORM COMMERCIAL LOAN POLICY

This policy is similar to the ALTA Short Form Residential Loan Policy which is available on residential transactions.  The Short Form Commercial Loan Policy allows lenders making loans secured by commercial real estate faster access to obtaining their policy as well as experiencing savings in time and money by using this form of policy.

The charge for this policy will be the currently approved rate for the standard ALTA mortgagee’s (Loan) policy as set forth in (B)(3) above, plus the filed rate, as currently approved, as set forth in (C), below, for any endorsement issued in conjunction with such policy.

12. ALTA EXPANDED COVERAGE RESIDENTIAL LOAN POLICY AND SHORT FORM EXPANDED COVERAGE RESIDENTIAL LOAN POLICY

These policies supplement the policies already approved for use in West Virginia  by expanding the coverage currently offered and providing a choice to the potential insured. They provide more coverage than the other ALTA Loan Policies and contain 28 insuring clauses (Covered Risks).  The ALTA Expanded Coverage Residential Loan Policy is an enhanced version of the ALTA Loan Policy (10/17/92) approved for use in West Virginia and includes many of the same expanded coverages provided to the consumer by the ALTA Homeowner’s Policy of Title Insurance, as well as a number of additional coverages unique to lenders.

The rates for the ALTA Expanded Coverage Residential Loan Policy (M-9811) and the ALTA Short Form Expanded Coverage Residential Loan Policy (U-9812) will be 110% of the rate applicable for the Basic Loan (Mortgagee’s) Policy for West Virginia plus any additional charges for endorsements, if any, issued separately or included in the ALTA Expanded Coverage Residential Loan Policy coverages.

13. THE ARTICLE 9 COMPREHENSIVE PLUS POLICY OF TITLE INSURANCE (LENDER'S (M-9804) AND OWNER (O-9803)

The article 9 Comprehensive Plus ™ Policy of Title Insurance (lender’s) and the article  9 Comprehensive Plus ™ Policy of Title Insurance (owner’s)  are new title insurance policies that will be issued to owners of and lenders secured by liens on various types of collateral, including (if applicable) fixtures, timber, as-extracted collateral and other Collateral.

The Owner’s Policy insures the owner against stated liens that may have attached to the Collateral.

The Lender’s Policy insures the lender and primarily insures (1) against stated liens that may have attached to the Collateral, (2) that the Lender’s lien has attached to the Collateral, and (3) that the Lender’s lien has been perfected, as provided in the Policy.

A. BASIC RATES

AMOUNT OF INSURANCE:BASIC RATES (for amount of insurance excess of prior bracket of liability):
$0 up to and including $100,000$500
$100,001 to $300,000$3.85/$1000 of additional insurance (or any portion thereof)
$300,001 to $1,000,000$2.00/$1000 of additional insurance (or any portion thereof)
$1,000,001 to $3,000,000$1.50/$1000 of additional insurance (or any portion thereof)
$3,000,001 to $5,000,000$1.25/$1000 of additional insurance (or any portion thereof)
$5,000,001 to $10,000,0001.00/$1000 of additional insurance (or any portion thereof)
$10,000,001 to $25,000,000$0.85/$1000 of additional insurance (or any portion thereof)
$25,000,001 to $50,000,000$0.65/$1000 of additional insurance (or any portion thereof)
$50,000,001 and above$.50/$1000 of additional insurance (or any portion thereof)


All rates reflect the premium rate for the Article 9 Comprehensive Plus Policy, and do not include cost for reinsurance required by the insured, UCC searches, UCC preparation costs, and UCC filings charges and fees.  Any order for the Article 9 Comprehensive Plus Policy must be placed and communications must be sent through websites or other electronic communications locations designated by Stewart Title Guaranty Company for placement and receipt of order for the Article 9 Comprehensive Plus Policy.

B. SIMULTANEOUS RATE

If an Article 9 Comprehensive Plus Policy of Title Insurance (Owner’s) is issued simultaneously with an Article 9 Comprehensive Plus Policy of Title Insurance (Lender’s) the rate shall be the Basic Rate for the Amount of Insurance for the policy with the larger amount of insurance, plus $500 for the additional policy.

C. MIXED COLLATERAL TRANSACTIONS

In transactions of any amount where both personal property and real property secure the same indebtedness, and Stewart Title Guaranty Company policies are simultaneously issued on both the real property and personal property, the rate for the Article 9 Comprehensive Plus Policies shall be 90 % of the applicable rate, but in no event less than $500 for each policy.

Endorsements

Endorsements for special or unusual risks that are requested by the insured and acceptable to the Company may be issued and charged for pursuant to the schedule below.

There will be no charge made for the standard residential one-to-four family Alta Endorsements, i.e., Alta 4.1, Alta 5.1, Alta 6, Alta 6.2, Alta 7, Alta 8.1 and Alta 9.

Endorsements issued for commercial transactions that are requested by the insured and acceptable to the Company may be issued for a collective additional charge of 10% of the basic premium rate with a minimum of $150.00, except for ultra-hazardous endorsements which the Company may designate from time to time.  The rate for the ultra-hazardous endorsements, if issued with all other endorsements, would be an additional 10% premium with a minimum of $50.00.  If issued alone, the charge for the ultra-hazardous endorsements would be 20% of the basic premium with a minimum of $150.00.  In the chart below, ultra-hazardous endorsements are designated with *.

NameDescriptionRate
ALTA 1Street Assessments10% with $50 minimum
ALTA 2Truth in Lending10% with $50 minimum
*ALTA 3Zoning10% or 20% -see above
*ALTA 3.1Zoning-completed structure10% or 20% - see above
ALTA 4Condominium$0
ALTA 4.1Condominium$0
ALTA 5Planned Unit Development$0
ALTA 5.1Planned Unit Development$0
ALTA 6Variable Rate Mortgage$0
ALTA 6.1Variable Rate Mortgages-Regs$0
ALTA 6.2Variable Rate Mortgage-Negative Amortization $0
ALTA 7 SeriesManufactured Housing Unit$0
ALTA 8.1Environmental Protection Lien$0
ALTA 9, 9.3Restrictions, Encroachments, Minerals$0
ALTA 9.1, 9.4Restrictions, Encroachments, Minerals - Unimproved Land$0
ALTA 9.2, 9.5Restrictions, encroachments, minerals - Improved Land$0
ALTA 10Assignment$50
ALTA 10.1Assignment & Down Date$100
ALTA 11Modification $150
ALTA 12Aggregation $50
ALTA 13Leasehold-Owner's$0
ALTA 13.1Leasehold-Loan$0
NameDescriptionRate
ALTA 14Future Advance-Priority$0
ALTA 14.1Future Advance-Knowledge$0
ALTA 14.2Future Advance-Letter of Credit$0
ALTA 14.3Future Advance-reverse mortgages$0
ALTA 15Non-Imputation-Full Equity Transfer5% of the basic rate for the owner policy.
ALTA 15.1Non-Imputation-Additional Insured 5% of the basic rate for the owner policy.
ALTA 15.2Non-Imputation-Partial Equity Transfer5% of the basic rate for the owner policy.
ALTA 16Mezzanine Financing5% of the basic rate for the owner policy.
ALTA 17Access and Entry$0
ALTA 17.1Indirect Access and Entry$0
ALTA 18Single Tax Parcel$0
ALTA 18.1Multiple Tax Parcel$0
ALTA 19Contiguity-Multiple Parcels $25 for transactions of One Million or less; N/C for transactions over One Million.
ALTA 19.1Contiguity-Single Parcel$25 for transactions of One Million or less; N/C for transactions over One Million.
ALTA 20First Loss-Multiple Parcel Transactions$25 for residential transactions; $100 for commercial transactions.
ALTA 21Creditor's Rights Endorsement$25 for residential transactions; $100 for commercial transactions.
ALTA 22Location Endorsement$0 for residential transactions, $25 for commercial transactions; Survey required for commercial only.
ALTA 22.1Location and Map Endorsement$0 for residential transactions; $50 for commercial transactions. Survey required.
NameDescriptionRate
REVOLV 1Revolving Line of Credit
(for use with 1970 policy)
$15
REVOLV 1Revolving Line of Credit
(for use with 1992 policy)
$15
REVOLV 2Revolving Line of Credit
(for use with 1970 policy)
$15
REVOLV 2Revolving Line of Credit
(for use with 1992 policy)
$15
REVOLV 3Revolving Line of Credit
(for use with1970 policy)
$15
REVOLV 3

Revolving Line of Credit
(for use with 1992 policy)

$15
REVOLV 4Revolving Line of Credit
(for use in 1970 policy)
$15
REVOLV 4Revolving Line of Credit
(for use in 1992 policy)
$15
CLTA 116Location Endorsement$0
CLTA 116.1Survey Endorsement$50
Second MarketSecondary Market Endorsement$0
Down DateDown Date Endorsement
(for use with Foreclosure Policy)
$25
Rate Reduction

Rate Reduction Endorsement

$0

KS.Arb. End.Arbitration Endorsement$0
Form JR1Supplement Coverage Endorsement Form JR1(for use with Alta Residential or Alta Short Form Limited Coverage Junior Loan Policy$0
Form JR2Endorsement Form JR2 (Revolving Credit/Variable Rate Endorsement for use with Alta Residential or Alta Short Form Limited Coverage Junior Loan Policy$0
UCCUCC Endorsement15% of Basic Loan Rate
Date DownDate Down Endorsement$50
Doing BusinessDoing Business Endorsement$50
EncroachmentEncroachment Endorsement5% of Basic Rate
FairwayFairway Endorsement5% of Basic Rate
First LossFirst Loss Endorsement5% of Basic Rate
Going ConcernGoing Concern Endorsement5% of Basic Rate
Last DollarLast Dollar Endorsement10% of Basic Rate
Shared AppreciationShared Appreciation Endorsement$50
SubdivisionSubdivision Endorsement$50
Usury Usury Endorsement$50
GapGap Endorsement$0
*U-FUtilities Facility10% or 20%-see above
Reverse Mortgage Reverse Mortgage Endorsement$0

 

These endorsements are new, adopted by ALTA in 2006.  They will be available for issuance upon approval by the Insurance Commission.  In addition, previous ALTA endorsements have been modified and adopted for use with the 2006 ALTA policies.  These endorsements will have the same number as the endorsements for the 1992 policies, but with the designation -06.  (ALTA 8.1-06, e.g.)

Real Estate Practices

Attorney Involvement

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.

Unauthorized Practice of Law opinion (UPL) states that attorneys must be directly or indirectly involved with all aspects of closings, including the search of the public records; contract searches should be done by or under the supervision of a West Virginia attorney. Title insurance may only be issued upon an opinion by a licensed West Virginia attorney. 

Cancellation/Commitment Fee

Does your state permit or require a cancellation fee or commitment fee upon cancellation?

Commitment fees are not allowed. Cancellation fees are allowed to the extent of work performed prior to cancellation. 

Certificate of Release (of Mortgage)

If anyone other than the lender (such as a title agent, settlement agent, underwriter or attorney) has the authority to release the security instrument, please describe.

Lienholder or Trustee.

Deeds

Please describe the kinds of deeds that are customary for commercial and residential transactions. Please describe the kinds of deeds that are generally not insurable.

General and Special Warranty and Quitclaim deeds are customary and insurable.

Joinder of Spouses

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. 

Not required if arm’s length transaction (BFP for value).

Mortgage Tax

Is there a mortgage tax in your state? If yes, is it uniform across the state or does it vary? If it is uniform, please describe. 

No.

Payment Customs

Who customarily pays for: "

(a) Owner’s Policy?
(b) Transfer Tax & Recording Fee?
(c) Survey Charges?
(d) Closing/Settlement Fees?

(a) buyer
(b) Seller pays transfer privilege tax; buyer pays all others
(c) buyer
(d) each pays for own services provided

Policy Countersignatures

Please describe any statutory or regulatory requirements for countersignatures in order to issue the policy (for example, residency requirements).

No requirements.

Real Estate Taxes

Please describe the general tax year, due dates, and delinquency dates, including lien dates and payment cycle.

Tax year is calendar year, but collected semi-annually. Discounts may apply if paid within certain time frames.

Search and Examination Fees

Is it permissible and/or customary to charge a separate search and/or examination fee, and under what circumstances? If your jurisdiction is all-inclusive, please state that.

Yes.

Search Requirements

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.

(a)(b)(c) None. Accepted practice is 40 years constitutes a full search, although some attorneys still insist on 60 years. 

Security Instruments (Deed of Trust vs. Mortgage)

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?

Deeds of Trust, although Mortgages are acceptable. Trustees must be residents of the state; if corporation, must be principal place of business.

Standard Exceptions and Requirements

Please identify the standard exceptions and requirements that are customarily used in your state.

West Virginia uses the standard exceptions.

  1. Rights or claims of parties in possession not shown by the Public Records.
  2. Easements, or claims of easements, not shown by the Public Records.
  3. Encroachments, overlaps, boundary line disputes, or other maters which would be disclosed by an accurate survey or inspection of the Land.
  4. Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown on the Public Records.
  5. Taxes or special assessments which are not shown as existing liens by the Public Records.

State-specific Policy Variations

If there are state-specific changes to the provisions in the ALTA policies (e.g., Arbitration, Minerals), please describe.

Must delete arbitration and modify payment provision.

Title Insurance Form and Filing Regulations

Please describe the form and/or rate filing requirements, if any, related to policies and endorsements. Please describe any applicable rating bureau. 

Rates are filed, no rating bureau.

Transfer Taxes

Is there a transfer tax in your state? If yes, is it uniform across the state or does it vary? If it is uniform, please describe.

Privilege tax paid by seller, uniform throughout the state.

Usury

Is usury coverage available?

Yes, commercial.

Withholding Taxes

What are your state’s requirements, if any, with regard to withholding proceeds from a sale, similar to but not including FIRPTA?

Tax must be withheld on sales by non-residents.

Witness Requirements

Are witnesses required? If so, please describe.

Acknowledgment only; witnesses are not required on any deed or security instrument. 

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