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"The only source of knowledge is experience." Information and knowledge are the building blocks to run our businesses properly. Title Village is proud to introduce a variety of selective educational resources and news, in order to help our clients and friends make a little more sense of the current market environment. Our objective is to provide news you can use. Subscribe to the Title Village e-letter on the left. · Legal/Regulatory Developments | ||||||||||||||||||
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September 16, 2011: On September 14, 2011, Governor Chris Christie signed into law A-2748, the bulk sales legislation initiated and strongly supported by NJAR®. This law, which took effect immediately upon being signed, exempts individuals, estates and trusts involved in purchasing one- and two-family residential and certain seasonal rental properties from bulk sales notification requirements. April 13, 2011: QRM Response (White Paper) - "Proposed QRM Harms Creditworthy Borrowers And Housing Recovery," white paper issued by a group of trade association members, led by the National Association of Home Builders; the National Association of Realtors and the Center for Responsible Lending. Whitepaper available online: click here March 29, 2011: Proposed Rule - Qualified Residential Mortgage (QRM), FDIC press release: "Chairman Bair's Statement on Credit Risk Retention Notice of Proposed Rulemaking." Read March 29, 2011 press release March 16, 2010: The updated list of New Jersey Homelessness Trust Funds is as follows:
March 9, 2010: Mercer County's Homelessness Trust Fund was adopted, effective 7/1/10, resulting in a $3.00 per document surcharge. Click here for the official list of affected documents. December 19, 2009: NJ Ruling impacts underwriter liability: Click here for ALTA document. December 1, 2009: The Federal Rules of Bankruptcy Procedure (FRBP) are amended. Time deadlines affecting certain transactions following a notice or court order have increased. These timelines have a significant effect on underwriting and settlements/closings. Click here for details. November 30, 2009: U. S. Treasury Department announced introduction of Short sale and Deed in lieu of Foreclosure for the Home Affordable Modification Program (HAMP), effective April 1, 2010. Click here for details. November 17, 2009: HUD revises FAQs for the upcoming launch of the new RESPA regulations. November 13, 2009: ALTA Praises HUD Decision to Offer Latitude with RESPA Enforcement. September 8, 2009: New Jersey law enacted that affects real estate transactions. Addresses homelessness by permitting the establishment of County Homelessness Trust Funds. September 2, 2009: Mercer County Clerk Paula Sollami Covello announces end to ten year old Complaint . . . "Land title professionals, attorneys and their clients need to have trust that important documents are recorded, stored, and indexed efficiently and without delay. Paula Sollami Covello and the County Clerk’s staff have earned and maintained that trust by consistently eliminating backlogs and modernizing their systems," said Richard Eland, President of the NJ Land Title Association and owner of the Title Village Title Agency in Princeton. Read more including litigation timeline. November 12, 2008: HUD issues new mortgage rules including changes to the regulatory requirements of the Real Estate Settlement Procedures Act (RESPA), effective January 1, 2010. | ||||||||||||||||||
December 31, 2009: New HUD RESPA Rules FAQs: Click here December 1, 2009: HUD publishes new Closing/Settlement Booklet, incorporating the new procedures under RESPA November 17, 2009: Interactive new HUD-1 Settlement Statement November 6, 2009: "IT'S NOT ROCKET SCIENCE: IT'S RESPA REFORM," by Old Republic National Title Insurance Company. | ||||||||||||||||||
January 4, 2012: "Title Insurance Agent's Creed" by Mike Pryor, a former President of the American Land Title Association, explaining the rationale for supporting title insurance. Click here to read or click here to listen on YouTube. September 22, 2011: New Jersey's Post Judgment Interest Rate Chart: Click here January 31, 2011: New Jersey - Table of Equalized Values Click here to view current table. November 16, 2010: FIRPTA Certification: The disposition of a U.S. real property interest by a foreign person (the transferor) is subject to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) income tax withholding. Read more. June 3, 2003: Hopewell Township Board of Health Ordinance concerning testing and reporting requirements for public and private wells and septic systems. Read more.
American Land Title Association (ALTA)
Fannie Mae
Foreign acknowledgements of closing documents:
New Jersey Gross Income Tax
New Jersey Realty Transfer Fees
Property Rights - Dr. Hernando DeSoto on the Financial Crisis and why the success of property rights is at the cornerstone of our Democracy: Title Insurance Rate Calculator – New Jersey: Click here | ||||||||||||||||||
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Speaking engagements featuring Richard Eland November 11, 2009: "Understanding the title insurance rate manual," sponsored by the agency section of the NJ Land Title Association & Central State Title School October 12, 2009: "Title 101," sponsored by Central State Title School |