REAL PROPERTY:
Amend Real Estate
Licensing Laws/Fees
(H 328) (SL 2003-361): This bill amends real estate licensing exam
procedures, clarifies continuing education requirements for real
estate licensees, and enables the Real Estate Commission to permit
limited commercial practice by nonresident real estate brokers.
This act became effective when it was signed into law on August 1,
2003.
Modify County Tax
Certification
(H 393) (SL 2003-72): This bill allows an exception to the rule in
certain counties where the county commissioners have said that the
register of deeds can not accept any deed transferring real
property unless the county tax collector has certified there are
no property taxes due on the property. The exception in this bill
allows the register of deeds to accept a deed for registration if
a licensed attorney presents a statement that he or she will pay
the delinquent taxes out of the proceeds from the closing. This
act becomes effective when it was signed into law on May 20, 2003.
Property Tax
Certification Procedure
(H 972) (SL 2003-399): This bill allows taxing units that maintain
real and personal property tax information on a web site to pass
an ordinance to allow people to rely on that information as if it
were a certificate issued under N.C.G.S. 105-361(a). The website
may include disclaimers, and those relying on the information must
keep and present a copy of the web information for their records
or future reference. This act became effective when it became law
on August 7, 2003.
Manufactured
Housing
(H 1006) (SL 2003-400): This bill allows owners of manufactured
homes to treat their home as real property even if they do not own
the land on which the home is placed as long as there is a
recorded lease for the land that lasts at least 20 years. The
bill allows a $5.00 cancellation fee of a title.
The bill also
requires owners of manufactured home communities (designed to
accommodate at least 5 manufactured homes) to give each owner of a
manufactured home in that community at least 180 days notice if
the community owner intends to convert the land. If the community
is being closed as a result of an order from a state or local
government entity, the community owner shall give notice to the
residents of the community within three business days after the
issuance of the order.
If the
manufacturer of manufactured homes publishes a manufacturer=s
suggested retail price, that price shall be published near the
front entrance of the manufactured home. Each manufactured home
dealer must display information about the N.C. Manufactured
Housing Board and how to file a consumer complaint with that board
as well as the warranties provided under state and federal law for
the sale of new manufactured homes.
A new item is
added to the disclosure requirements in N.C.G.S. 143-143.21A that
states that any changes to the terms of the purchase agreement by
the dealer will cancel the agreement. If new financing terms are
added to the agreement that are not advantageous to the buyer then
a new three day cancellation period begins to run for the buyer.
Licensure
requirements for persons wishing to become a manufactured home
manufacturer, dealer, salesperson or set-up contractor are amended
to require criminal history record checks. Factors to consider if
there is something reported under a criminal record check are set
out for the licensing board.
Sections are also
included in this bill that define modular homes, how they are to be
taxed and how that tax is to be distributed. In addition, minimum
quality standards for modular homes are also included in this bill.
The bill has a
variety of effective dates depending on the section of the bill.
The sections treating manufactured homes as real property became
effective when the bill became law on August 7, 2003.
Increase Homeowners
Recovery Fund Fee
(S 324) (SL 2003-372): The Homeowners Recovery Fund Permit Fee is
raised from $5.00 to $10.00 for each dwelling unit to be constructed
or altered under a permit. Nine dollars go into the recovery fund
and one dollar is retained by the city or county issuing the
permit. This act became effective August 1, 2003, and applies to
fees due for applications submitted on or after that date.
Property Tax
Collection
(S 450) (SL 2003-250): This bill provides for the refund of property
taxes on real property that erroneously included a septic or well
system in the 2002-03 valuation. This act became effective when it
became law on
June 26, 2003.
Clarify
Subordination Agreements
(S 629) (SL 2003-219): This bill adds a new section to Chapter 39,
Article 1 of the N.C. General Statutes to allow a person holding the
priority interest in real property to subordinate that interest
without stating the financial terms of the agreement. The new
language also states the trustee of a deed of trust is not a
necessary party to a subordination agreement unless the deed of
trust provides otherwise.
The bill also
amends N.C.G.S. Chapter 47 to establish a rebuttable presumption for
the priority of recorded instruments that are simultaneously
recorded. The presumption is that the earliest document number set
forth on the recorded instrument would be the priority document. If
there is no document number the sequential book and page number set
forth on the document would control.
The subordination
agreement section of the act became effective October 1, 2003, and
applies to agreements filed or recorded on or after that date. The
simultaneous recordation provisions became effective October 1,
2003, and apply to all instruments filed on or after that date. |
