Thursday, May 09, 2013
In a recent blog post I looked at the percentage of certain document types that were being recorded electronically. While electronically recorded documents account for 40% of our overall recordings, 55% of all mortgages and 55% of all mortgage discharges are being recorded electronically. Perhaps the biggest surprise was that 26% of deeds - and this is based on our April recordings - are being recorded electronically. This led me to question whether the deeds that were recorded electronically were primarily those with no consideration (i.e., transfers typically between related parties) as opposed to arms-length transaction. Of the 579 deeds recorded in April, 258 were for $1 consideration accounting for 46% of all deeds. Of those 258, 59 were recorded electronically (23%). Of the deeds for full consideration - 321 of them - 92 were recorded electronically accounting for 29% of them. This breakdown demonstrates that local attorneys are shifting full sales to electronic recording and that the technology is no longer the domain of random discharges and assignment.