ALTA and ULTA Applaud Utah on Passage of First NTRAPS Bill
H.B. 211 follows a model bill, which
"Today, the
NTRAPS have been recorded in property records since 2018. The practice preys upon homeowners, offering small cash gifts in exchange for decades-long contracts for the exclusive rights to sell the property.
Submitting NTRAPS for inclusion in property records characterized as liens, covenants, encumbrances, or security interests in exchange for money creates impediments and increases the cost and complexity of transferring or financing real estate in the future.
"
The new law will:
* Make NTRAPS unenforceable by law.
* Restrict and prohibit the recording of NTRAPS in property records.
* Create penalties if NTRAPS are recorded in property records.
* Provide for the removal of NTRAPS from property records and recovery of damages.
H.B. 211 will head to the desk of
* * *
Original text here: https://www.alta.org/publications/press-release.cfm?ALTA-and-ULTA-Applaud-Utah-on-Passage-of-First-NTRAPS-Bill-
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