2017 Sees Changes in Regulations for Title Companies.
I’m very fortunate to have solid, dependable contacts in the Title industry. The folks at Pioneer Title are always willing and quick to resolve any issues I have. On the few occasions when I couldn’t get an answer immediately, they’ve researched and returned my call within a day. I realize that regulations change constantly but my experiences with Pioneer and that of my clients, has always been seamless. Knowing how things can go sideways, I truly appreciate an uneventful title experience.
Transferring the ownership of Real Estate is so much more involved than just an agreement between a home seller and home buyer. Most people are happy to have someone else to chase down every detail, as is evidenced by most buyer’s and seller’s relief when the stack of paperwork is signed and out of their hands. I certainly don’t comprehend the title process start to finish, but I do try to stay familiar with changes that will have an impact on my client’s transaction. This year there are a few.
We’re well into a new year and so is title industry legislation. Home buyers and sellers, and real estate agents, will need to be aware of new laws affecting the title insurance industry. Here is a summary of some of the new laws for 2017.
County Recorder
Change in Re-Recordation of Documents – AB 1974
This law requires that each instrument, paper or notice that is re-recorded, be executed and acknowledged or verified as a new document, unless any of the following apply:
- The document is exempt from acknowledgement and execution under current law,
- The document is presented solely to correct a recording sequence, or
- The document is presented solely to make a minor correction (as defined in the bill) without acknowledgement or execution, provided that the document is presented along with an attached corrective affidavit, meeting the requirements set forth in the bill.
Each re-recorded document must include a cover sheet that states the reason for re-recording.
Notaries Public
Acceptance of Identification – AB 2566
This bill allows a Notary to accept a consular identification card and a foreign passport without further qualification. It is no longer required that a foreign passport presented as identification be stamped by the United States Citizenship and Immigration Services (ISCIS). The law adds a valid, unexpired consular ID document issued by a consulate from the applicant’s country of citizenship to the list of acceptable documents used by a Notary as satisfactory evidence of identity.
Property Tax
Delinquent taxes/Partial Payment Fee – AB 2291
The county tax collector is authorized to charge a fee to recover the reasonable costs of instituting and maintaining a partial payment arrangement, and would require the fee to be subject to those existing requirements applicable to increasing or initially imposing a new fee or charge. This bill would also require the ordinance authorizing the tax collector to charge a fee to require the fee to be paid prior to the application of any partial payments to penalties, interest, costs, and taxes due.
Homeowner’s Bill of Rights
After Death of Borrower – SB 1150
This law extends provisions of the Homeowner’s Bill of Rights to a successor in interest after the borrower has died. Until January 1, 2020, it prohibits a mortgage servicer, upon notification that a borrower has died, from recording a notice of default until the mortgage servicer requests reasonable documentation of the death of the borrower from a claimant, among other things.
For more information on any of these new laws, please reference the following:
AB 1974 http://www.leginfo.ca.gov/pub/15-16/bill/asm/ab_1951-2000/ab_1974_cfa_20160822_224116_sen_floor.html
AB 2566/SB 977 https://www.nationalnotary.org/knowledge-center/news/law-updates/ca-assembly-bill-2566
AB 2291 http://leginfo.legislature.ca.gov/
SB 1150 http://www.car.org/
For more information, Call or Text: 602-999-0952
eMail: golfarizona@cox.net
Bill Salvatore / Arizona Elite Properties
Residential Sales, Marketing, and Property Management
Reprinted with permission from RISMedia. ©2017. All rights reserved.
Ever wonder what Closing Costs you’ll be responsible for when you buy or sell a home? Check out our infographic and article:
Who Pays for What?
— — —
What is standard and legal procedure in a Real Estate transaction?
Offers and Agreements 101
Additional Helpful Information for Home Buyers
— — — — — — — —
Help for Home Sellers
Order a Market Analysis Online
