Hello, Dave here from TitleSearch.com! Today, we’re delving into some recently enacted laws that could have a significant impact on real estate titles and transactions. Stay informed to navigate these changes seamlessly.
1. Illinois: Combatting Fraudulent Encumbrances
In Illinois, a new law has been passed, imposing serious consequences on recording fraudulent encumbrances. This step aims to address instances where parties would place a false lien on a property, intending to use it as leverage in negotiations with property owners or mortgage companies. The legislation introduces additional penalties beyond the existing slander of title statutes, reinforcing the state’s commitment to preventing fraudulent activities in real estate transactions.
2. Wisconsin’s Act 25: Protecting Municipal Records
Wisconsin’s Act 25 introduces protections for municipal records, impacting how real estate transactions unfold. Previously, individuals could inquire about outstanding balances, such as water bills, directly from water departments or municipal records. However, under the new law, this information is now categorized as private records belonging to the property’s occupant. To access such data, one must obtain signed permission from the account holder, potentially causing delays in property closings and making it more challenging to gather crucial information.
3. Missouri: Curbing Improper Fees in Foreclosures
Missouri has implemented a law aimed at curbing certain fees associated with foreclosures. This regulation targets banks, finance companies, or mortgage service providers that may be charging fees during the foreclosure process. Not only could this render such fees illegal, but it might also have implications on prior foreclosures, potentially impacting the title if these fees were collected improperly. Investors and property owners should be mindful of these changes to ensure compliance and avoid potential legal pitfalls.
Staying Informed with TitleSearch.com
At TitleSearch.com, we are vigilant in keeping abreast of legislative changes that could impact real estate titles and transactions. Our commitment is to provide you with the latest insights, ensuring you are well-prepared for any legal shifts in the real estate landscape.
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