06 LC 21
8744
House
Bill 1282
By:
Representatives Ralston of the
7th
and O`Neal of the
146th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 1 of Chapter 2 of Title 44 of the Official Code of Georgia
Annotated, relating to the recording of deeds and other instruments, so as to
provide for the filing of a notice of settlement; to provide for an index; to
provide for a fee; to provide for a form; to provide for the effect of notice;
to provide for duration; to provide for an effective date; to repeal conflicting
laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Article
1 of Chapter 2 of Title 44 of the Official Code of Georgia Annotated, relating
to the recording of deeds and other instruments, is amended by inserting at the
end thereof a new Code section to read as follows:
∀44-2-30.
(a)
Any party, or his or her legal representative, to a settlement which will convey
legal or equitable title to real estate or any interest therein or create any
lien thereon by way of a deed to secure debt, mortgage, or other instrument may
file an instrument to be designated a 'notice of settlement' with the clerk of
the superior court of the county in which the real estate is situated. The
notice shall be filed in a book to be maintained by the clerk of the superior
court for that purpose entitled 'Notices of Settlement,' and shall immediately
be indexed in an index book entitled 'Index of Notices of Settlement,' which
index shall indicate the date of filing, the place of record, and the names of
the parties thereto. The clerk of the superior court may charge a fee not to
exceed the fee charged for the filing and recording of notices of federal tax
liens.
(b)
The notice of settlement provided for in subsection (a) of this Code section
shall be signed by said party or legal representative and shall set forth the
names of the parties to the settlement and a description of the real estate. If
the notice is executed by any one other than an attorney at law of this state,
the execution shall be acknowledged or proved in the manner provided by law for
the acknowledgment or proof of deeds.
(c)
After the filing of a notice of settlement, any person claiming title to, an
interest in, or a lien upon the real estate described in the notice through any
party in the notice shall be deemed to have acquired said title, interest, or
lien with knowledge of the anticipated settlement and shall be subject to the
terms, conditions, and provisions of the deed or mortgage between the parties
filed within the period provided by subsection (e) of this Code
section.
(d)
The form of the notice of settlement shall be substantially as
follows:
'NOTICE
OF REAL ESTATE SETTLEMENT
This
form must be executed by a party or legal representative. If the notice is
executed by anyone other than an attorney at law in Georgia, it must be executed
and acknowledged or proved in the same manner as a deed.
|
Name(s)
and address(es)
_______________________
_______________________ _______________________ _______________________ Seller(s) –and–
Name(s) and address(es) _______________________
_______________________ _______________________ _______________________ Buyer(s) –and–
Name(s) and address(es) _______________________
_______________________ _______________________ _______________________ Mortgagee(s) |
Notice
of
Settlement
|
NOTICE
is hearby given of a contract, agreement, and mortgage and commitment between
the parties hereto.
The
lands to be affected are described as follows:
All
that certain tract or parcel of lands and premises situate lying and being in
the ___________ of ___________, County of _________ and State of Georgia,
commonly known as _________ and more particularly described as
follows:
Tax
map reference
County
of _________ Block No. ___ Lot No.___ Block ___
Prepared
by:
___________________________
Name
___________________________
___________________________
Address
___________________________
Telephone Number'
(e)
The notice of settlement shall be effective for 45 days from the date of filing.
Any lien filed during said 45 days shall attach to the premises described in the
notice immediately upon the expiration of the 45 days, provided that the
premises have not been conveyed and notwithstanding the filing of a subsequent
notice of
settlement.∀
SECTION
2.
This
Act shall become effective on January 1, 2007.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.