The Governor signed the flat recording fee package (SB 599-604, SB 737 and HB 5164-5165) and the condominium act amendment legislation (SB 610) into law. The recording package laws become effective 10-1-2016 and the condo legislation on 9-21-16. These were top legislative priorities for the MLTA and their passage will mean more certainty for consumers, lenders & title companies relative to recording fees and for developers and condo owners on the condo legislation.
As a reminder, as it affects our industry, the Flat Recording Fee package essentially does the following:
- Requires a fee of $30 to be paid to the register of deeds for recording a document, regardless of the number of pages.
- Requires a fee of $5 to be paid to certify a recorded document.
The condominium amendment amends the Condominium Act to revise provisions under which a developer may withdraw undeveloped portions from a project or convert them to “must be built” without the prior consent of co-owners, mortgagees, or other interested parties; and provisions under which undeveloped portions that are not withdrawn after a specified time period remain as general common elements and construction rights cease.