February 26th 2025.
A new bill has been proposed by lawmakers in Georgia to address the issue of homeownership fraud. According to a report by WSB-TV, the bill, known as House Bill 427, aims to increase transparency and protect property owners from fraudulent activities. The proposed legislation states that if someone files a deed for a property, the deed owner must be notified. This notification must be sent within 15 days of the records being presented to a clerk at the county superior court.
Once the deed owner receives the notification, they will have 45 days to confirm the legitimacy of the filing with the courts. However, there are some exceptions to this rule. If the filer can provide a notarized affidavit or a notarized power of attorney letter along with their records, they may be exempt from the notification requirement. This provision also extends to individuals filing for a mortgage or property line.
The bill has gained support from five bipartisan lawmakers who believe that this new process for authorization will safeguard property rights for deed holders. This proposed legislation comes at a time when concerns about fraudulent property transactions are on the rise. By requiring notification, property owners will have the ability to take action if they believe the records have been filed illegitimately.
During a meeting on February 13th to introduce the bill, some expressed doubts about the feasibility of the process, as reported by Citizen Portal. Despite these concerns, supporters of the bill believe that extra security measures are necessary to protect property ownership. However, there may be challenges in terms of administrative capabilities to implement these measures effectively.
Real estate fraud is a prevalent issue that affects many individuals. According to CertifID's newly released 2024 State of Wire Fraud study, nearly one in four consumers have reported facing fraud attempts during the real estate closing process. With buyers, sellers, and mortgage lenders all at risk of impersonation, lawmakers are working on new ways to ensure legitimate sales on all fronts.
While this legislation primarily aims to protect homeowners, it also seeks to reduce real estate fraud in general. If the bill is passed, it is hoped that it will improve public trust in secure property transactions. This is especially important in Georgia, where potential homebuyers are facing skyrocketing prices. Overall, this bill is a step towards creating a more secure and trustworthy real estate market for all parties involved.
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