ATLANTA, GA – March 13, 2012 – (RealEstateRama) — Sen. Jesse Stone (R-Waynesboro) presented HB 110 to standardize state-wide vacant property registries in the Senate today. The bill passed with a vote of 33-15.
Vacant or foreclosed property registries are used by local governments to identify owners so that property ordinances such as building codes, dilapidated housing laws, etc. can be properly enforced.
“Georgia’s foreclosure rates are among the highest in the nation and pose a significant threat to home values. I have worked with realtors, bankers, Georgia Municipal Association, Association County Commissioners of Georgia and many others to ensure that there is accountability for upkeep on vacant and foreclosed properties through this legislation,” said Sen. Stone.
HB 110 does not mandate counties to establish foreclosed or vacant real property registration; it only standardizes registries across the state. The registration criteria include the following:
Administrative fees may be charged which should not exceed operating costs; no more than $100 per registration
Penalties may be levied for failure to register or update the information but can not exceed $1,000 total
Registrants will be required to file only the foreclosed or vacant real property owner’s name and contact information, agent’s name and contact information, foreclosed real property’s street address and tax parcel number, transfer date and recording information; if this information is contained in a recorded foreclosure deed, no registration is required
Property owners or their agents may apply to remove the property from the registry once it is no longer constituted as foreclosed real property
The bill defines “vacant real property” as uninhabited property with no evidence of utility usage for at least 60 days. Property owners will have 90 days to register vacant or foreclosed properties before penalties are levied. If enacted, HB 110 would cover requirements for vacant and foreclosed properties registries.
If signed into law, HB 110 would be effective July 1, 2012.
RELEASE
For Immediate Release:
March 12, 2012
For Information Contact:
Natalie Dale, Director
Kate Greer
404.656.0028
