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Iowa County Recorders Association

Legislative Process . Legislative Proposals discussed and voted on at Summer SchoolTwo representatives from each affiliate are appointed to the ISAC Legislative Policy Committee (currently Sue

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Iowa County Recorders Association

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    1. 1 Iowa County Recorders’ Association New Officers’ School January 27, 2011

    2. Legislative Process Legislative Proposals discussed and voted on at Summer School Two representatives from each affiliate are appointed to the ISAC Legislative Policy Committee (currently Sue & Kathy) where proposals are discussed and prioritized prior to Fall School 2

    3. 3 Recording Documents Real Estate Conveyances – Recorders’ Duties Transfer Tax Legal Descriptions Plats of Survey, Subdivisions, Condos Military records

    4. Learn Your Code Sections! Become familiar with the Code: 331.601 thru 331.611 – Recorder’s duties, fees, formatting standards 428A - Taxation 558 - Conveyances 4

    5. 5 Real Estate Conveyances The basic duty of the county recorder is the recording of real estate conveyances. The purpose of such recording is to allow persons to give the public notice of all actions affecting a specified parcel of real estate and to insure a clear title to the property.

    6. 6 Iowa Code 558.11 and 558.55 Constructive Notice Recording shall be constructive notice to all persons ….the filing and indexing shall constitute constructive notice to all persons of the rights of the grantees conferred by the instruments. Be very careful removing a document from record after you have indexed it. If you computer system allows the public to view indexes as soon as the documents are entered on a cashiering station, you don’t know who has seen the information or what they have used it for.Be very careful removing a document from record after you have indexed it. If you computer system allows the public to view indexes as soon as the documents are entered on a cashiering station, you don’t know who has seen the information or what they have used it for.

    7. 7 Iowa is a “Race-Notice” State It is important to record documents as speedily as possible!

    8. 8 Iowa Code 331.601A Subsection 3. “Grantor and grantee” means the names of the transferor(s) and transferee(s) in the transactions used to create the recording index.

    9. 9 What is a Grantor or Grantee? Grantor – Somebody making a legal transfer; somebody from whom something is transferred in a legal transaction Grantee – recipient of a legal transfer; somebody to whom something is transferred in a legal transaction

    10. 10 Grantor/Grantee Examples Grantors: Sellers Mortgagors/borrowers Assignors Lenders – when releasing Lessors Affiants

    11. 11 Grantor/Grantee Examples (cont’d) Grantees: Buyers Lenders Assignees Mortgagors/Borrowers - when being released Lessees Parties to an affidavit

    12. 12 Other Required Forms Declaration of Value Form – “Old form” must be 8 ˝ inches x 14 inches and must be on paper approved by IDRF “New form” may be on 8 ˝ inches by 11 inches Groundwater Hazard Form – must use September 2010 form

    13. Septic Inspection – 558.69 2008 – SF 261 Private sewer inspections are required prior to sale of building Inspectors are certified by DNR Reports are to be attached to the Groundwater Hazard Statement – effective 7/1/2009 13

    14. Septic Inspection – 558.69 (cont’d) Inspection required to be shown in the abstract Recorders agreed to record the GHS without a fee Many exemptions to the inspection requirement 14

    15. Septic Inspection – 558.69 (cont’d) 2010 - HF 2437 – Amended Struck requirement to show inspection in abstract Sellers must give buyers a copy of inspection report Exemptions clarified Cities and counties may not be more strict than state law 15

    16. 16 Chapter 428A Real Estate Transfer Tax (Or – “To Tax or Not To Tax - That Is The Question”) Unless exempt, transfer tax must be paid on all deeds $1.60 per $1000- first $500 exempt Exemption must be stated on the face of the deed DOV and GHS required on taxable transfers Transfer tax may not be charged The numbered exemptions shown in the directions for the Declaration of Value are NOT the same exemptions in 428A.1 and 428A.2.The numbered exemptions shown in the directions for the Declaration of Value are NOT the same exemptions in 428A.1 and 428A.2.

    17. 17 Transfer Tax – Exceptions Contracts Mortgages, assignments, extensions, and releases Wills Plats Leases

    18. 18 Transfer Tax – Exceptions (cont’d) Any deed or instrument of transfer in which a governmental agency is the grantor Deeds for cemetery lots Deeds which secure a debt Deeds which release a security interest

    19. 19 Transfer Tax – Exceptions (cont’d) Deeds which modify a previous deed – without additional consideration Deeds between husband & wife or parent and child – without consideration Tax deeds Deeds of partition Deeds resulting from a corporate merger or consolidation

    20. 20 Transfer Tax – Exceptions (cont’d) Deeds between a family corporation, partnership, etc. and its stockholders in acts of incorporation or corporate dissolution Deeds given pursuant to a decree of dissolution of marriage Deeds transferring easements

    21. 21 Transfer Tax – Exceptions (cont’d) Deeds given to lienholders in lieu of forfeiture or foreclosure Deeds executed by public officials Deeds transferring assets to heirs pursuant to a will Deeds with a consideration of less than $500

    22. 22 When in doubt . . . . . Call Jim Moyle at the Department of Revenue 515-281-7232

    23. 23 What is a Parcel? Iowa Code Chapter 331.507 Outside the corporate city limits -All contiguous land lying within a numbered section Inside the corporate city limits – All contiguous land lying within a platted block or subdivision For all transfers of land, the auditor’s fee of $5.00 per parcel is charged – up to a maximum of $50.00.For all transfers of land, the auditor’s fee of $5.00 per parcel is charged – up to a maximum of $50.00.

    24. 24 What is a Parcel? Iowa Code Chapter 331.507 (cont’d) Within a numbered section, block, or subdivision, land separated by a public street, alley, or highway remains contiguous.

    25. 25 Chapters 354 & 355 – Platting & Surveying Plat of Survey Requirements A Parcel letter or number designation approved by the auditor Names of the proprietors An accurate description of each parcel Total acreage of each parcel

    26. 26 Chapters 354 & 355 – Platting & Surveying (cont’d) Acreage of any portion lying within a public right-of-way Plat shall show survey is tied to 2 quarter corners or 2 corners of a recorded subdivision Other requirements for the surveyor

    27. Chapters 354 & 355 – Platting & Surveying (cont’d) If a city has adopted an ordinance regulating subdivisions and officials want to review subdivision plats and surveys within the two mile limit, the city must pass an ordinance to that effect and it must be recorded and filed with the auditor. 27

    28. 28 Chapters 354 & 355 – Platting & Surveying (cont’d) Subdivision Requirements – attachments to plat Consent & dedication by owner Consent by mortgagee(s), if any Attorney’s opinion Resolution by governing body

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