The latest impetus to digitalize real estate might just turn out to be the tipping point. Practically overnight, COVID-19 is a defining element of our time. This hideous and deadly virus became a major challenge to the systems that carry us through our everyday transactions.Continue reading “Pandemics, Property Transfer Breakdowns… The Digital Real Estate Industry Is Coming”
State recording acts enable people to determine whose interest prevails if interests in the same property have been conveyed to several parties. For instance, what if a piece of real estate has several encumbrances: mortgage debt, a mechanic’s lien, and others? We need to know the order of priority.
Deals are made based on these stakes, so it’s essential to know how to preserve claims in a piece of property. The best practice is to record any new interest promptly. This way, should there be any conflicting claim at a later date, the dispute can be settled.Continue reading “Recording Real Estate Documents: Time is Priority”
Throughout the past decade, blockchain technology has evolved from an upstart concept to early adoption in banking and a host of other industries. Many people are eager to learn about blockchain and how it can change the way we do business.
What, we might wonder, can the blockchain do to remedy the hurdles and risks that pervade the real estate industry?
The question is now ripe. Today, we can review early examples of blockchain technology in action, modernizing property conveyance. Specifically, blockchain applied to real estate has obvious potential for improving the deed recording process.
How will blockchain make things better?Continue reading “The Real Estate Deal, Decluttered: Blockchain and Deed Recording”
Effective January 21, 2019, prior to recording, all Cook County property conveyance instruments must be accompanied by an electronically-completed Cook County Real Estate Transfer Tax Declaration, aka, a “MyDec,” which can be completed via the Illinois Department of Revenue’s MyDec Transfer Tax Portal – https://mytax.illinois.gov/mydec The requirement to use MyDec is already in effect for all property transfers in the City of Chicago, and is being extended to all property in Cook County, including “exempt” and “non-exempt” transfers. This requirement does not alter any local municipal requirements for transferring property, and must be fulfilled, even if the instrument is accompanied by a Grantor/Grantee Affidavit.Continue reading “MyDec to be Required for All Cook County Illinois Real Estate Conveyances”
Documents affecting real property in Hawaii can be recorded in either the Land Court, also referred to as the Torrens system, or in the Regular System (also referred to as the Abstract system). A document recorded in both is referred to as “dual system recording.” Both are managed by Hawaii’s single statewide recorder, the Bureau of Conveyances, situated in Honolulu (there are no county offices of the recorder).Continue reading “Recording Real Estate Document in Hawaii: What the FAQ?”
The Torrens System was enacted in Ohio in 1913 and is still used in parts of the state. The original goal of the Torrens System of land registry was to compile all records relating to a parcel on a single certificate as a way to simplify record-keeping. Land registration involves legal fees and court proceedings and thus turned out to be more complex than recorded land, which has made registration unpopular. Currently, the land registry system only operates in a few Ohio counties.Continue reading “Land Registration System in Ohio – The Torrens System”
The Torrens Act (Registered Land) is named after Sir Robert Torrens, an Australian customs administrator who established a system of recording ownership of ships in the 1850s. This system eventually spread to English speaking countries. Under the Registered Lands system, the owner’s certificate of title defeats any competing claims on the property that were not declared at the initial proceedings.Continue reading “Understanding the Difference Between Recorded Land and Registered Land in Massachusetts”
There are two different ways of owning and indexing real property in Minnesota: Abstract Title and Torrens (Registered). Registered land is more common around the Twin Cities area, while rural counties have more Abstract land. The Torrens System has been used to promote land development, but it is still not widely used in the United States.Continue reading “Abstract and Torrens Property (Real Estate) in Minnesota”
An unrecorded quit claim deed is still valid. While there is no time limit on recording a deed or recording required for a quit claim deed to be valid, record all deeds as soon after the transaction as possible. Failure to record a deed could render transfer or mortgaging of the property impossible and create numerous legal difficulties.Continue reading “Quit Claim Deed – An Unrecorded Quit Claim Deed Can Still Be Valid”