Ala. Bill Aims To Speed Up Property Title Clearances

Law360, New York (May 4, 2012, 7:40 PM EDT) -- Alabama Gov. Robert J. Bentley on Thursday signed off on legislation that creates uniform standards for recording the satisfaction of residential mortgages, in an effort to streamline the process of clearing property titles for subsequent real estate transactions.

The Alabama Residential Mortgage Satisfaction Act, formerly known as SB347, sets time limits for creditors to file paperwork confirming mortgages or other residential real estate debts have been paid off.

The act gives creditors 14 days from the date of receipt to provide a payoff statement — a...
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