As technology advances and our industry identifies state and nationwide pain points, requirements under the law are updated to streamline real estate transactions, minimize errors and create efficiencies for all parties involved. Our goal at Calloway Title is to keep you in the loop and help you prepare for upcoming changes.
On July 1, 2023, a new Georgia law is going into effect, which calls for changes to the recordation and registration of deeds, mortgages, liens, maps and plats and state tax executions. Under House Bill 974, real estate documents can be filed electronically, mailed or delivered in person to the Superior Court Clerks of Georgia. Perhaps, most importantly, the first page of all security deeds will require the following data, as stated by the Superior Court Clerks of Georgia:
- The date that the document was executed.
- The names of the signatories of the document.
- The grantee’s mailing address.
- Map and parcel identification information, if applicable.
- The original loan amount or the amount of any outstanding principal and additional advance in accordance with a loan modification.
- The initial maturity date or dates for such debt.
- The amount, if any, of the intangible recording tax imposed on such deed to secure debt.
- The amount, if any, of the intangible recording tax imposed for an additional advance pursuant to a security deed modification agreement or other additional advance secured by a security deed.
- If no intangible tax is imposed, a citation to the authority providing for an exemption of such tax must be included.
House Bill 974 aims to make essential data easily identifiable by requiring it to be located in one convenient place for title companies and the clerk’s office to use during recordation. “It also aims to provide for the effect of a missing or incorrect tax parcel identification number on a recorded instrument…and for other purposes,” as stated by this article.
The hope is that there will be fewer rejections and delays due to missing or scattered information. Failure to include all of the above requirements on the first page of any security deed will result in an automatic rejection of the filing in the state of Georgia.
The new law goes into effect on July 1, 2023. However, all parties should be aware of these changes and begin adopting the new format immediately for the most seamless transition.
