House Bill 1975 Summary

• Requires a mortgage value disclosure statement to be filed with the county assessor before any deed for residential, commercial, or industrial real property can be recorded, effective January 1, 2011.

• The disclosure statement must report whether the transaction was at arm's length, the full actual consideration paid or to be paid (including liens), and the actual or intended use of the property.

• The grantee, their attorney, real estate agent, broker, or title company is responsible for delivering the completed disclosure statement to the assessor, affirmed by the grantee or their legal representative.

• Exempts certain transactions from the financial disclosure requirement, including transfers under $100, family transfers with nominal consideration, foreclosures, tax sales, estate settlements, court-ordered transfers, and transfers involving government entities.

• Imposes a $10 filing fee for the disclosure statement and restricts public access to the information, allowing use only for statistical purposes by assessors and the state tax commission, with exceptions for authorized state auditors and the original parties to the transaction.