Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Real Estate topic
No spam. Unsubscribe anytime.
Clerks back bill to treat multipurpose deeds as a single document for recording fees
Summary
HB 448 would allow clerks to treat multipurpose deeds of trust that include financing statements as a single recorded document for fee and indexing purposes; clerks testified the change would reduce duplicate scanning and fee assessments.
Delegate Simon said HB 448 would let a multipurpose deed of trust or mortgage that incorporates a financing statement be recorded and indexed as one document, rather than requiring clerks to treat the instrument as multiple transactions. "It really ought to be treated in taxes, 1 document," the patron said, arguing the change removes an administrative mismatch that forces redundant scanning and fees.
Lizelle Dugger, a Charlottesville clerk of court, described current practice and two attorney-general opinions that require separate clerk fees when a document is parsed as multiple transactions. "We go by what the bank puts on the title," Dugger said, and added that treating the instrument as a single document would make clerks’ administration simpler.
The subcommittee voted to report HB 448 by a vote of 6 to 0. The bill will move to the full committee.
