Provides relative to mortgage and conveyance records
Impact
The changes instituted by HB 956 are anticipated to streamline the procedure for documenting sales and leases, ensuring that information regarding property tax responsibilities is clear and accessible. By mandating that the person responsible for property taxes be identified in the conveyance documents, the bill aims to facilitate better communication between property owners and tax assessors. This legislative update is expected to have a notable impact on real estate transactions throughout the state of Louisiana.
Summary
House Bill 956 focuses on the process of recording mortgage and conveyance documents in Louisiana. The bill amends R.S. 9:2721 and repeals Civil Code Article 3275, making several key modifications regarding the recordation of documents related to immovable property. The intent is to clarify requirements surrounding the documentation that must be provided when property is sold or otherwise conveyed, with particular attention to the responsibilities regarding property taxes and assessment notices.
Sentiment
The sentiment surrounding HB 956 appears to be generally positive, especially among real estate professionals and legal practitioners who see this bill as a necessary modernization of property record-keeping practices. By addressing ambiguities and enhancing accountability in property transactions, stakeholders believe it will lead to smoother and more efficient dealings in the real estate market.
Contention
While there was broad support for HB 956, as evidenced by its final passage in the Senate with a vote of 35 to 0, some concerns were raised about the implications of the repeal of Civil Code Article 3275. This article had established certain protections and protocols regarding property leases. Critics feared that removing these provisions could unintentionally affect current leasing practices and rights of tenants. Such discussions underlined the balance that must be struck between improving efficiency in property transactions and safeguarding existing legal protections.
Establishes the Title Insurance Committee to study title search periods relative to the required periods of mortgage and conveyance records for the issuance of title insurance property
Requires the recordation of certain instruments regarding real property rights and provides for the allocation of fees and penalties concerning the recordation requirement. (8/1/15) (OR INCREASE LF RV See Note)