Lowell Deeds

Next week, the governor is supposed to sign into law Chapter 63 of the Acts of 2006, titled “An Act Providing Remedies to Consumers for Clearing Title After Payoff of Mortgages.” This new law has been drafted and promoted by the Real Estate Bar Association (REBA) of Massachusetts with the support and input of the registers of deeds. Please take the time to read through this new law to determine how it will impact your practice. Among other things, it imposes strict time deadlines for the recording of mortgage discharges. Hopefully this will cut down on the sloppy practices now in place by many out-of-state lenders who often send discharges to the wrong registry of deeds - who knows what happens to them when we mail them back. The full text of the new law can be found here.