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| THE GENERAL ASSEMBLY OF PENNSYLVANIA |
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| SENATE BILL |
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| INTRODUCED BY FARNESE, BROWNE, FONTANA, COSTA, RAFFERTY, ERICKSON, FOLMER, BREWSTER, HUGHES, WOZNIAK AND FERLO, JUNE 30, 2011 |
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| REFERRED TO CONSUMER PROTECTION AND PROFESSIONAL LICENSURE, JUNE 30, 2011 |
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| AN ACT |
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1 | Amending Title 68 (Real and Personal Property) of the |
2 | Pennsylvania Consolidated Statutes, in seller disclosures, |
3 | providing for notice of title insurance, legal representation |
4 | and liens. |
5 | The General Assembly of the Commonwealth of Pennsylvania |
6 | hereby enacts as follows: |
7 | Section 1. Title 68 of the Pennsylvania Consolidated |
8 | Statutes is amended by adding a section to read: |
9 | § 7304.1. Notice of title insurance, legal representation and |
10 | liens. |
11 | (a) General rule.--A form of notice of title insurance, |
12 | legal representation and liens that satisfies the requirements |
13 | of this chapter shall be promulgated by the commission. This |
14 | notice form shall be used in all residential real estate |
15 | transfers as provided in section 7302(a) (relating to |
16 | application of chapter). |
17 | (b) Use of form.--At the time an agreement of transfer is |
18 | entered by the buyer and seller under this chapter, the buyer |
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1 | shall be provided with a notice of title insurance, legal |
2 | representation and liens. The notice shall be signed and dated |
3 | by the buyer and notarized. |
4 | (c) Contents of notice.--The notice shall include, at a |
5 | minimum, the following: |
6 | (1) An explanation in plain language of the risk of |
7 | purchasing real estate without title insurance or legal |
8 | representation, including the risks of fraud and assumption |
9 | of liens, judgments and other debts of prior owners. |
10 | (2) Information on the availability of legal services. |
11 | (3) Information on the proper State agency where |
12 | consumer-related questions concerning title insurance and |
13 | fraudulent conveyance may be directed. |
14 | (d) Delivery of form.--Copies of the executed and notarized |
15 | form shall be delivered to the seller and the buyer or the |
16 | buyer's agent within five days of execution and prior to final |
17 | settlement of a residential real estate transfer. |
18 | (e) Filing form with recorder of deeds.--The original notice |
19 | of title insurance, legal representation and liens executed by |
20 | the buyer shall be presented with the deed and any |
21 | acknowledgment filed with the recorder of deeds, registered and |
22 | recorded pursuant to applicable law. |
23 | (f) Notice provided by recorder of deeds.-- |
24 | (1) If, prior to the time of filing a deed, the grantee |
25 | has not been provided with a notice as otherwise provided |
26 | under this section to file pursuant to subsection (e), the |
27 | recorder of deeds shall provide a notice to the grantee that |
28 | contains the information required by subsection (c). This |
29 | notice shall be signed and dated by the grantee or the person |
30 | filing the deed and filed with the recorder of deeds, |
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1 | registered and recorded pursuant to applicable law. |
2 | (2) Within 30 days of the recording of any deed, the |
3 | office shall notify, by first class mail, the prior recorded |
4 | owner of the real estate identified in the deed, and the |
5 | occupant at the address of the real estate identified in the |
6 | deed if that address is different from the record owner's |
7 | address, that the deed has been recorded. |
8 | Section 2. This act shall take effect in 60 days. |
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