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ROD has posted on its website general recording requirements for commercial refinances and modifications/amendments. The requirements are in line with OTR’s Notice of May 2014, and hopefully answer the questions of commercial filers in terms of required supporting documentations.
The purpose of this document is to mainly enforce a uniform, standard way of the information presented on the statement to the FP7. A standardized statement to the FP-7 will assist filers to submit relevant information and to present them in an order that facilitates an effective and accurate review by ROD examiners.
Below is the link to the newly posted document. Please feel free to contact the ROD management staff if there are any questions. Please share this email with your colleagues. Thank you!
http://otr.cfo.dc.gov/service/otr-recorder-deeds
EMAIL FROM IDA WILLIAMS, Esq., DC RECORDER OF DEED -- Final Draft of Part J of FP-7
Attached is the final draft of Part J of FP-7 which reflects some of the suggestions from the DCLTA membership. Thank you everyone for your comments!
The revised FP7 form is targeted to be on ROD’s website in a couple of weeks. It will be the only FP7 form that ROD will accept as of January 1, 2015, so please keep it in mind when conducting settlements close to the end of this calendar year.
As usual, myself and ROD Deputy Amy Conn will be more than happy to answer your questions on this matter.
Ida Williams, Esq.
Recorder of Deeds
Office of the Recorder of Deeds
Real Property Tax Administration
Office of Tax and Revenue
1101 4th St SW-5W
Washington D.C. 20024
Direct phone: (202) 442-8610
ida.williams@dc.gov
MESSAGE FROM IDA WILLIAMS, DC RECORDER OF DEEDS:
I would like to get the attention of DCLTA members about a new OTR notice on purchase money deeds of trust. The notice is very simple and straightforward in requiring full compliance with DC Code 42-1103(b-1)(2). Below is the link to the notice. This notice is the precursor to the upcoming notice and changes in the FP-7. Please feel free to contact me if there are any questions.
http://otr.cfo.dc.gov/page/otr-notices
The Recorder of Deeds has reached out to DCLTA to get our members input on the proposed revisions to the FP7 Form.
The main revision will focus on Part J of the FP7 which deals with consideration and its financing. The current form does not provide for information on what portion of the loan is purchase money. So, the intent is to have the filers separately show the purchase money amount or other exempt amounts vs. the non-exempt amounts.
Please see the email below from Ida Williams, Recorder of Deeds, and provide your input by email. Thank you.
The proposed revision aims at revamping Part J of the FP-7. Currently part J provides fields for Cash, First Mortgage, Second Mortgage; Assumed. There is Line 1 “Construction loan”; line 2 “Total Consideration”; line 3 “Assessed value if no consideration or nominal”. DC Code section 42-1103 (b-1)(2) provides for recording requirements of a purchase money deed of trust. One of the provisions is that a purchase money DOT should recite on its face the amount of purchase money being secured by the instrument. The industry and ROD practice so far has been to overlook this requirement. Very rarely do purchase money DOT-s, commercial and residential, conform with this legal requirement. The current FP7 doesn’t provide for separate fields for the purchase money to be inserted. (2) A purchase money mortgage or purchase money deed of trust submitted to the Mayor for recordation shall: (A) Be executed by the purchaser of the real property as part of a series of transactions conveying title to real property to the purchaser; (B) Reference the deed conveying title to the purchaser of the real property by date and instrument number; (C) Recite on the face of the document that it is a purchase money mortgage or purchase money deed of trust; and (D) Recite on the face of the document the amount of purchase money that it secures. The effort at this point is to have part J of the FP-7 contain fields for the purchase money amount and other exempt amounts in cases of refinances, modifications or other partially exempt transactions. Below is an idea in its very infant stages as to what Part J of FP7 should contain. Suggestions and ideas are being sought to have a comprehensive and easy to follow part J of FP-7. Part J-Consideration and Financing (a) Acquisition Cash First Mortgage Purchase Money Amount _______ Non-Exempt Amount ______ Second Mortgage Purchase Money Amount _______ Non-Exempt Amount ______ Assumed Purchase Money Amount _______ Non-Exempt Amount ______ Other Total of All Non-Exempt DOT-s _______________ (b) Financing NOT Related to Transfer of Title First Deed of Trust Exempt Amount _______________ Non-Exempt Amount _______ Second Deed of Trust Exempt Amount _______________ Non-Exempt Amount _______ Other Exempt Amount _______________ Non-Exempt Amount _______ Total of all Non-Exempt DOTs ____________________ Line 1. Total Acquisition Consideration Line 2. If no consideration use Assessed Value Line 3. Total of all Non-Exempt DOTs (a and b) Ida Williams, Esq. Recorder of Deeds Office of the Recorder of Deeds Real Property Tax Administration Office of Tax and Revenue 1101 4th St SW-5W Washington D.C. 20024 Direct phone: (202) 442-8610 ida.williams@dc.gov
The proposed revision aims at revamping Part J of the FP-7. Currently part J provides fields for Cash, First Mortgage, Second Mortgage; Assumed. There is Line 1 “Construction loan”; line 2 “Total Consideration”; line 3 “Assessed value if no consideration or nominal”.
DC Code section 42-1103 (b-1)(2) provides for recording requirements of a purchase money deed of trust. One of the provisions is that a purchase money DOT should recite on its face the amount of purchase money being secured by the instrument. The industry and ROD practice so far has been to overlook this requirement. Very rarely do purchase money DOT-s, commercial and residential, conform with this legal requirement. The current FP7 doesn’t provide for separate fields for the purchase money to be inserted.
(2) A purchase money mortgage or purchase money deed of trust submitted to the Mayor for recordation shall: (A) Be executed by the purchaser of the real property as part of a series of transactions conveying title to real property to the purchaser; (B) Reference the deed conveying title to the purchaser of the real property by date and instrument number; (C) Recite on the face of the document that it is a purchase money mortgage or purchase money deed of trust; and (D) Recite on the face of the document the amount of purchase money that it secures.
The effort at this point is to have part J of the FP-7 contain fields for the purchase money amount and other exempt amounts in cases of refinances, modifications or other partially exempt transactions. Below is an idea in its very infant stages as to what Part J of FP7 should contain. Suggestions and ideas are being sought to have a comprehensive and easy to follow part J of FP-7.
Part J-Consideration and Financing
Cash
First Mortgage Purchase Money Amount _______ Non-Exempt Amount ______
Second Mortgage Purchase Money Amount _______ Non-Exempt Amount ______
Assumed Purchase Money Amount _______ Non-Exempt Amount ______
Other
Total of All Non-Exempt DOT-s _______________
First Deed of Trust Exempt Amount _______________ Non-Exempt Amount _______
Second Deed of Trust Exempt Amount _______________ Non-Exempt Amount _______
Other Exempt Amount _______________ Non-Exempt Amount _______
Total of all Non-Exempt DOTs ____________________
Line 1. Total Acquisition Consideration
Line 2. If no consideration use Assessed Value
Line 3. Total of all Non-Exempt DOTs (a and b)
A copy of the opinion can be found at this link http://www.dccourts.gov/sites/default/files/pdf-opinions/13-CV-623plus.pdf
The regulations relating to the implementation of the recently passed amendments to the foreclosure mediation statute were finally issued by the Department of Insurance, Securities and Banking. They were issued effective as of March 4, 2014 and were published in the March 14, 2014 District of Columbia Register. The regulations were issued as both emergency regulations and proposed final regulations. The emergency regulations take effect immediately but expire on July 2, 2014. There is a 30 day comment period for the proposed regulations but barring a big surprise, it is anticipated that the proposed regulations will be issued in final form shortly after the comment period. Here is a link to the page in the DC Register where the regulations can be found. http://www.dcregs.dc.gov/Notice/NoticeListForPublic.aspx?type=Issue&CategoryName=EmergencyandProposedRulemaking&IssueID=442
All,
Below are the time frame responses we received from the vendor. ROD will continue to work closely with both the title industry and the vendor to achieve all the necessary improvements to the website.
COMPLETED/NEAR COMPLETION - Completed already or in the coming week
SLATED FOR FUTURE DEVELOPMENT – Each of these items should be completed within the next two release cycles (End of March or Summer)
ON FEATURE REQUEST LIST – NOT CURRENTLY SLATED FOR DEVELOPMENT
Ida Williams, Esq. Recorder of Deeds Office of the Recorder of Deeds Real Property Tax Administration Office of Tax and Revenue 1101 4th St SW-5W Washington D.C. 20024 Direct phone: (202) 442-8610
Below is what I hope to be an almost inclusive list of improvements to the website that was sent to the developers today. I will keep you updates as to the status of requested improvements.
· Right now the receipt pops up, but disappears immediately in the print queue process so I’m generally not able to retrieve it.
· Allow credit card charge fields to accept special characters;
MESSAGE FROM IDA WILLIAMS, RECORDER OF DEEDS REGARDING NEW ROD WEBSITE:
Good morning everyone,
First of all I would like to thank everyone for the controlled patience and understanding most of you have shown on this first frustrating week of the new website. I would like to assure everyone that ROD is working hard with the developer to address all the concerns you have brought up to my attention. I tried to include as many title searching offices as I could remember in this email. Please share this email with your colleagues so ROD can have a deeper reach to the title community.
The new website which became effective February 24th, 2014 was a project slated to take place since 2009. I wish it did happen at that time, so Mr. Todd could take the heat for all the anomalies which are expected and inherent in any project of this nature and magnitude. J
The first problem, which appears to have been resolved, was the copy fee of $4.00 for subscribers instead of $2.00. Propertyinfo will credit back each subscriber’s account that was charged the extra $2.00. If you continue to have the fee problem, and/or haven’t received the credit please email: gssuport@propertyinfo.com; and copy me as well.
The new website looks different from the one we all were so used to and loved. Please let’s allow ourselves time to get acclimated to the new way the information is presented. The major concern from all the abstractors I have talked to is the loss of some functionalities that were available in the old website. I have conveyed all those issues to the developer in order to make the appropriate changes in the system. However, I would also prefer to have an all inclusive, comprehensive list of the main search capabilities the new system should have to assist searchers in their work. Please take a look at the list of issues below and let me know if there is anything else the website should provide in terms of title searching. The issue of printing out for free copies that were previously purchased in the old system is not something that can be addressed at this time, so please do not include it.
Here is what I have been asked by abstractors so far:
• Ability to search for multiple, non-consecutive, lots at one time
• Improving readability of Print results
• Allowing users to sort by Square/Lot, Book, Roll/Frame
• Advanced sort functionality allowing sorting up to 3 variables at a time
• Add ability to search by consecutive document range
• remove excess names from chain in order to make it more user
friendly, easier to read and reduce the possibilities of mistakes.
Again, thank you for your patience. I am positive that our collaborative efforts will make the new website a reliable tool in your hands.
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