County of Newton issued the following announcement on June 2.
Governor Brian Kemp signed House Bill 974 into law on May 2, 2022 relating to relating to recordation and registration of deeds and other instruments, so as to require electronic filing; to provide for the effect of a missing or incorrect tax parcel identification number on a recorded instrument.
The law has an effective date of July 1, 2023. However, filers are urged to adopt these requirements as soon as possible.
Below are the elements now required on the first page of all security deeds.
Basic Information:
- The date of the document
- The names of the signatories of the document
- The grantee’s mailing address
- Map and parcel identification information, if applicable
- The original loan amount or the amount of any outstanding principal and additional advance pursuant to a loan modification
- The initial maturity date or dates for such debt
Intangible Tax Information:
- The amount, if any, of the intangible recording tax imposed on such deed to secure debt
- The amount, if any, of the intangible recording tax imposed for an additional advance pursuant to a security deed modification agreement or other additional advance secured by a security deed
- If no intangible tax is imposed, a citation to the authority providing for an exemption of such tax
Title companies preparing their closing documents will build the new Georgia requirements into their software. This information can be added “above the line” on the first page of a Georgia Security Deed as part of that process. Fannie Mae, Freddie Mac and FHFA will not need to change3 anything related to their forms for this.
Original source can be found here.
Source: County of Newton
