"We're excited to see that, just in general, there's at least a state government that's looking to try to make a difference, Dovidio said. But when I first saw this law, my very first thought was that they're talking about if you walk up to the counter and say, Here's my grant deed.' That sounds great. But how many people actually do that anymore?"
"Dovidio pointed to county data showing that electronic filing is the norm. If you go to the Dallas County website, on a daily basis (in 2022), up to 67% of the county's real estate documents were done electronically, he said. Tarrant County listed that they're doing 86%. E-filings don't go backwards. It's just going to happen more often as we go forward. He said SB 15's current scope means it may not prevent the most common types of fraud."
"I can't imagine that if this law goes into place, you're going to have a seasoned fraudster that literally walks up to the counter, Dovidio said. Under the bill, county clerks would be required to report suspicious filings to local prosecutors. But Dovidio warned that once paperwork is recorded, fraudulent transactions can still move forward. If the document has everything it needs, they have to record it, he said."
Legislation modeled on Texas House Bill 648 would require in-person property filings and obligate county clerks to report suspicious filings to local prosecutors. Jon Dovidio, vice president of business development at EquityProtect, said the bill overlooks widespread electronic filings and thus misses much modern real estate activity. County data showed up to 67% of Dallas County real estate documents were filed electronically in 2022 and Tarrant County reported 86%. Dovidio warned that recorders must accept documents that appear complete, allowing fraudulent transactions to proceed quickly, and that fraudsters can use fake documents to sidestep ID requirements.
Read at www.housingwire.com
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