NTA Company News

New ways for Lenders to help consumers with Manufactured Housing came into effect, as Missouri Senate Bill 630, passed by the General Assembly during the 2010 session. This now allows a manufactured home to be converted to real property by a process of affixation beginning March 1, 2011. Title companies, like Nations, may issue an ALTA 7-06 in conjunction with an Owner’s or Loan Policy if the following steps are taken:

Ohio Revised Code Section 5301.071 provides that the validity of instruments filed for record is not affected by reason of certain matters such as dower not being specifically released, the absence of a notary seal, the acknowledgment being on a separate sheet of paper or the failure of certain fiduciaries who sign or acknowledge an instrument to indicate their representative capacity.

On January 1, 2012, the law governing the use of a Transfer on Death Deed in the state of Oregon takes effect. A Transfer on Death Deed allows an individual who owns real property to pass title to their property upon their death, avoiding the need for a probate. Key elements of this new law are as follows:

Effective on January 1, 2012, when title insurance is being issued to either a purchaser or a mortgagee, regarding one-to-four family residential transactions, the conveyance document and mortgage must contain the information required by R.S. 22:513.1.

Public Act 097 - 0555, titled the "Illinois Residential Real Property Transfer on Death Instrument Act" (the "Act") becomes effective January 1, 2012. It is codified in §755 ILCS 27/1 et seq. Below are the important bullet points of the new Act.