American Land Title Association
Home  >  Advocacy
Advocacy


SoftPro is the nation's leading provider of Real Estate Closing and Title Insurance software


North American Title Insurance Company is a seasoned title insurance underwriter that has been helping customers achieve the American dream of homeownership for more than 50 years. In the past several years, we have become known as the “underwriter next door,� because our associates are always easy to reach and our processes are, at all times, quick and straightforward. Our agency application process is fast and transparent for qualified agents. NATIC offers a one-hour underwriting response guarantee that is unparallelled in our industry. In addition, we value our agents based on their title industry knowledge and experience, not just on profits alone.


ABA Approves Two Uniform Acts Dealing With Real Estate

February 17, 2005

Two uniform acts, dealing filing real estate documents electronically, were approved yesterday by the American Bar Association’s House of Delegates at its Midyear Meeting in Salt Lake City, Utah, Feb. 9-15. With strong support from various ABA Sections, all three acts were overwhelmingly approved. Each uniform act was drafted and approved by the National Conference of Commissioners on Uniform State Laws (NCCUSL).

One of the approved acts deals with the electronic recording of real estate instruments such as deeds and mortgages. The Uniform Real Property Electronic Recording Act will give county clerks and recorders the legal authority to prepare for electronic recording of real property instruments. The Uniform Act takes two large strides toward the goal of electronic real estate instruments, by equating the legal effect of electronic documents with written documents and by establishing a system of standards for recording officials to accept, store and communicate real estate instruments in electronic form. The intent is only to authorize such activities, not to mandate them.

Another act approved addresses the problems that frequently arise in the process of paying off a residential mortgage loan. The Uniform Residential Mortgage Satisfaction Act provides rules and procedures for extinguishing fully paid real estate mortgages from the real property records in every state. The act provides that if a mortgage lender has not recorded a satisfaction of the mortgage within 30 days, it is then liable for the mortgagor’s actual damages. If it fails to act by the end of the second 30 days, it is then also liable for a civil penalty along with court costs and attorneys’ fees. If the mortgage interest is not extinguished as demanded within the required time, the mortgagor may take steps to have the mortgage interest extinguished from the records.

Each of these acts was approved by NCCUSL in 2004 and is available for introduction and adoption by all the states. Information on each of these acts is available at NCCUSL’s website at http://www.nccusl.org/

Source: National Conference of Commissioners on Uniform State Laws



Print Friendly


How To Find Us:
American Land Title Association
1800 M Street, NW, Suite 300S
Washington, D.C. 20036-5828
P. 202.296.3671 F. 202.223.5843
www.alta.org
service@alta.org
Copyright © 2004-2015 American Land Title Association. All rights reserved.
SecurityMetrics for PCI Compliance, QSA, IDS, Penetration Testing, Forensics, and Vulnerability Assessment