HB323--THEREALPROPERTYFRAUDPREVENTIONACT
SPONSOR: Amato
Thisbillestablishes"TheRealPropertyFraudPreventionAct".
Thebillrequirestherecorderofdeedsofeachcountytoprovide
noticetoeachpropertyownerofaparcelofrealpropertythata
generalwarrantydeedorquitclaimdeedthataffectstheownership
oftheparcelhasbeensubmittedforrecording.
Therecordermustdelaytherecordingofthedeedforatleastfive
workingdaysfromthedateofthedeed'sreceipttoprovidetime
fornotificationofthepropertyowner.
Therecordermustnotifyeachpropertyownerbyphone,text,fax,
oremail,ifthatinformationisknownaboutthepropertyowner.
Therecordermustalsosendthenotificationbyfirstclassmailto
theaddressofrecordofthepropertyowneroftheparcelinforming
themthatthedeedaffectstheownershipinterestintheproperty.
Iftheownerofthepropertyprovideswrittenconfirmationthatthe
deedislegitimate,thedelayneednolongerbeobservedifithas
notfullyexpired.
Iftherecorderisnotifiedthatthedeedisfraudulentbyeach
propertyownerpriortotheexpirationofthedelayperiod,the
recordermustdelayrecordingthedeedforatleasttwoadditional
businessdaystoprovidetimeforthepropertyownertoseekan
orderfromacourttoprohibittherecordingofthefraudulent
deed.
Therecordermustnotdelaytherecordingofageneralwarrantyor
quitclaimdeedifitwassubmittedbyarealestatebrokerwitha
validlicense,orifitwasreviewedbyatitlecompanythatis
dulylicensedandhasissuedtitleinsurancetoguarantythe
validityofthedeed.
Therecorderofdeedsisauthorizedtorejectandreturnageneral
warrantyorquitclaimdeedthatisdeemedbytherecordertobe
defective,asdefinedinthebill.