Bill Passes That Will Help Home Buyers and Sellers
Western Title, Reno’s 6th oldest company, has helped make legislative history for future homeowners. Past President of the Nevada Land Title Association and current President of Western Title, Sylvia Smith, worked with Carrara Nevada (Rocky Finseth and Jenny Reese) to pass AB169, a bill that establishes a flat recording fee for escrows. The bill was signed into law by Governor Sandoval on Friday, May 26th.
In order to close an escrow, all documents must be recorded with the local government. The local government’s County Recorder’s office charges a per-page amount in addition to potential non-compliance fees to record these documents. This can lead to varying and unpredictable fees for the escrow/title company, lenders and ultimately the buyer and seller. However, thanks to the new bill, this will change.
Effective Oct. 1, 2017, Nevada joins many other states with recording fees that will be predictable or flat for every document recorded (except certain mining documents, UCC filing statements and Maps). Instead of page counting for every document and dealing with non-compliance fees, the fee will be $38.00 or $35.00 for each recorded document, depending on the County. The base recording fee is $25.00; however, there are additional fees the County Recorder collects on behalf of other governmental agencies as directed by the Nevada Revised Statues.
While recording fees may seem like a small piece of the real estate puzzle, having a predictable amount is an important step for the industry. The predictable recording fee will provide more accurate disclosures to home buyers, sellers, and borrowers, as it will be a per-document fee.
AB169 was introduced by Assemblywoman Jauregui on behalf of the Nevada Land Title Association. The Nevada Association of Realtors, home builders, mortgage lending, credit unions, PRIA, and other trade associations helped support the bill. The bill was spearheaded by Carrera Nevada’s Rocky Finseth, Jenny Reese and Western Title’s Sylvia Smith on behalf of the NLTA.
“It was an honor to be part of the amazing team that made this important legislation happen for Nevada,” said Sylvia Smith.
With this bill passed, Western Title continues to aid in reshaping legislation of title and escrow matters, and looks to provide a better future for home buyers, sellers, and borrowers.