November 7, 2007
Dear Real Estate Professional:
DC: Recorder of Deeds will be closed tomorrow morning (November 8). Sections of the Office of Tax and Revenue were virtually shut down for business today and may be open for business tomorrow. D.C. Board of Real Property Assessments and Appeals had to adjorn abruptly today as the floor ordered vacated and sealed by the FBI.
All this is in connection with a major federal, criminal investigation resulting in the arrest of Harriette Walters and Diane Gustus, with whom many of us have worked in connection with the processing of real property tax appeals. Dr. Gandhi apparently sought and received the resignations of four top OTR officials whom he thought had failed to supervise adequately: Sherryl Hobbs Newman, Martin A. Skolnik, Matthew Braman, and Thomas Branham, some of whom will be sorely missed as the "go to" people at OTR. Click here for Washington Post Article
Federal: Fannie Mae will be requiring the 2006 ALTA loan policies beginning January 1.
Federal: A new, nationwide network for the referral of business to independent title agents has been launched. www.TITANReferrals.com claims to be a site that allows agents to find fellow agents with whom to place their orders, upload documents, and track transactions.
DC: Purchase Money Deeds of Trust. A reminder: 42 D.C. Code 1103(b-1)(2)(B) says that the document must "reference the deed conveying title to the purchaser of the real property by date and instrument number. Many attorneys forget to include this in the instructions to title companies and many title companies are failing to ensure compliance with the statute. Including a blank line for the abstractor to insert the instrument number of the deed should be a standard practice for title companies.
VA: Zoning Fee Increase. Effective October 1, Arlington County increased the fees charged for building and zoning permits . Click for details.
General: New ALTA/ACSM Survey Standards are available by clicking here.
DC: Foreclosure Consultant Law: A new law is speeding along to passage that will prohibit advertising or extending loans to those persons facing foreclosure when the borrower who is facing foreclosure is promised the right to repurchase his property at some future point. Loans prohibited are those that involve a transfer of interest by deed, trust, or encumbrance during the foreclosure process. There are exclusions if there is no consideration, family members, or non-profits. Click to view Bill 17-101.
DC: Normally we include a link to a spreadsheet showing the status of various legislation in DC of interest to the real estate and title industry. Technical difficulties have been encountered this month, but this useful link will reappear in the next issue.
Please feel free to circulate this newsletter to others in the industry, both within and outside your office.
Sincerely,
Roy L. Kaufmann of the Real Property and Asset Management Group
Jackson & Campbell P.C.
email: Roy L. Kaufmann at rkaufmann@jackscamp.com
voice: (202) 457-1600
web: www.JacksCamp.com
The contents of this Update are intended for general informational purposes only and should not be relied upon as legal advice or as a substitute for consultation with a qualified attorney. Moreover, the mailing hereof is not intended to create nor does it constitute an attorney-client relationship.
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