A Bill amending the requirements for estoppel certificates was signed into law on June 15, 2017. The revisions of the statutes for estoppel certificates and certificates will go into effect on July 1, 2017. The changes will create fee caps, provide title agents with a waiver for reimbursements, place timing guidelines, require consistent format and limit fees on bulk unit purchases.
Here are some of the highlights of the bill:
- Fee cap of $250 for an estoppel certificate
- $100 additional fee for expedited certificates (within 3 days)
- $150 additional fee if account in delinquent status
- Estoppel certificates are good for 30 days
- Association must respond to estoppel request within 10 days or waive the right to charge any preparation fee
- Established uniform requirements for estoppel certificates
If you have any questions about this new law, call one of our 7 attorneys on staff at Landmark Title!