American Land Title Association: New North Carolina Law Will Protect Homebuyers From Predatory Contracts
"The property rights of American homebuyers must be protected," said ALTA Vice President of Government Affairs
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 passage of HB 422 is a continuation of
HB 422 follows the objective of similar bills introduced across the country to provide a remedy for existing NTRAPS while also discouraging these types of unfair practices impacting homeowners.
"NCLTA members proudly advocate for and support legislation which protects North Carolinians from predatory housing practices," said NCLTA President
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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.
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About ALTA
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Original text here: https://www.alta.org/publications/press-release.cfm?New-North-Carolina-Law-Will-Protect-Homebuyers-from-Predatory-Contracts--
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