Bulletin: IN2017001

Date:
June 23, 2017
To:
All Indiana Issuing Offices
RE:
UNDERWRITING - Indiana Predictable Recording Fees (“Flat Fees”) [Effective 7/1/17] SB 505 Recording of Documents

Dear Associates:

Please be advised that on April 21, 2017, the Indiana Governor signed SB 505 that adopted new recording fees for Indiana, effective July 1, 2017, except for Marion County, Indiana (see comments below). The recording fees will be based on the type of document being recorded, and no longer based on the number of pages. The new fees and other highlights are:

Recording Fees: [IC 36-2-7-10 et seq]
All Counties EXCEPT Marion County (Indianapolis):
Mortgage:                               $55.00
Deed or Other Instrument*        $25.00

Marion County (Indianapolis): [IC 36-2-7-10.7]
Fees effective July 1, 2017:
Mortgage:                                $57.50 First Page; $1.00 Additional Pages    
Deed or Other Instrument          $27.50 First Page; $1.00 Additional Pages

Expected Fees effective August 1, 2017+
Mortgage:                                $65.00
Deed or Other Instrument*         $35.00

+See attached Notice from the Marion County Recorder's Office, and visit the website at Marion Co IN Recorder Office, for future rate changes.

*Instruments, other than a mortgage, include deeds, mortgage releases, assignments and modifications, affidavits, surveys, plats, declarations, easements, etc., i.e., anything that is not titled a “Mortgage”. 

Oversized Documents: 
$25.00 for 1st page and $5.00 for each additional page for any document larger than 8.5” x 14”. 

Conforming Documents: 
Documents must be no larger than 8.5 by 14 inches; be in 10-point type (or larger);  on white paper of at least 20-pound weight (no permanently bound or continuous forms); margins of at least 2 inches on top and bottom of first and last pages with 0.5-inch margins on interior pages. [NOTE: no charge for “non-conforming documents”] 

Certification of Documents:
$5.00 to acknowledge or certify a document.

Copies of Records:
$1.00 per page for not larger than 11” x 17”.
$5.00 per page for larger pages.

Bulk User Copies: [IC 36-2-7-10.1]
$0.10 per copy of a recorded document and the indices.

NOTES: 

1. Allows a fee set by ordinance in an amount of up to $0.20 per copy and per recorded document if the county executive finds that the costs incurred by the county recorder exceed the amount of the statutory fee.

A bulk user must enter into a contract with the county recorder as a prerequisite to receiving bulk form copies. [IC 36-2-7-10.1 (g)]

2. A bulk user that meets certain requirements may charge its customers a fee for using bulk form copies but not sell or transfer copies of recorded documents to another party, bulk user, or title plant. [IC 36-2-7-10.1 (h)]

Cross-References: [IC 36-2-7-10 (l)]
NO CHARGE: Specific cross-references to other recorded instruments (other than those required by the Recorder to reference) must be clearly identified on the 1st page of the document submitted for recording. 

Memorandums of Contract / Lease: [IC 36-2-11-20]
Provides that the recording of a memorandum has the same effect of recording the contract/lease and certain terms that must be included; defines “contract” as:

“ an agreement for a seller to sell real estate to a purchaser that provides for the purchaser to pay the purchase price to the seller in periodic installments, with the seller retaining record title to the real estate and the purchaser acquiring equitable title to the real estate” [IC 36-2-11-20 (a)]

Contract Recording: [IC 6-1.1-12-37]
Provides that a recorded memorandum of contract serves as evidence of and provides notice of the existence of the contract for Homestead tax exemption purposes.

Electronic Records: [IC 32-21-2.5]
The Uniform Real Property Electronic Recording is created that provides, effective January 1, 2018, that for purposes of recording: 

1. an electronic document satisfies any legal requirement for an original paper document, or other medium; and 

2. an electronic signature satisfies a legal requirement that a document must be signed, notarized, acknowledged, or verified.

Commission:
The Electronic Recording Commission is created to adopt standards before January 1, 2018, to implement the Uniform Real Property Electronic Recording Act. 

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