Bulletin: NC2011003

Date:
September 07, 2011
To:
All North Carolina Issuing Offices
RE:
New NC Recording Fees and Regulation of Recorded Documents - Effective 10-01-11

Dear Associates:  

The North Carolina Legislature instituted several changes affecting recording fees and regulation of recorded documents in North Carolina

FEES  

North Carolina recording fees will change on October 1, 2011, as follows:

Deeds and other instruments (except Mortgages and Deeds of Trust) will be $26.00 for the first 15 pages and $4.00 for each additional page over 15. 

Mortgages and Deeds of Trust will be $56.00 for the first 15 pages and $4.00 for each additional page over 15.  These fees will also apply to amended, restated, supplemented, or modified deeds of trusts.

Subsequent instruments with references to more than one original instrument requiring indexing will be $25.00.  (For example, modification, supplement, amendment, substitution of documents, not including deeds of trust)

Documents consisting of multiple instruments will be charged an additional $10.00 per instrument.

SATISFACTIONS

Beginning October 1, 2011, satisfactions must be in the form of Certificate of Satisfaction or Notice of Satisfaction.  Presentation by secured creditors or trustees of original security instruments and notes are no longer available.

FORMAT

Beginning June 27, 2011, North Carolina has expanded the requirement of the identification of a person or law firm as drafter of a deed and/or deed of trust. Documents prepared out of state must list the Non-North Carolina person as the drafter on page one of the document.

Beginning October 1, 2011, the formatting requirements have been revised.  The side margins must now be one-quarter inch (currently one-half inch required) and the font size no smaller than nine points (currently no less than 10 points required).

A schedule of recording fees is appended.

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.

For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.

THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None