HOUSTON (June 16, 2003) - In the heart of where federal legislation was first enacted to promote the electronic recording of real estate documents, the Washington, D.C. Recorder of Deeds has accepted its first electronically filed real estate document - a residential sale that included a deed and deed of trust.
The home sale package was generated from Stewart Title of Maryland in Towson. Scanned images of the documents and corresponding index information were transmitted over a secure circuit to the Recorder of Deeds office and then loaded electronically into the LANDSCAN system, which was developed and is maintained by Landata Technologies Inc., a subsidiary of Stewart Information Services Corp. (NYSE-STC).
"Being able to record land records electronically - such as deeds, deeds of trust, mortgages, certificates of satisfaction - is a dream come true!" said Larry Todd, director for the D.C. Office of the Recorder of Deeds. "Recording land records electronically will be a more efficient and effective way of recording documents and will create a win-win situation for all. It will be a great benefit to D.C. property owners and the land title industry. The District has always been on the cutting edge of technology and this is another example."
"It adds to our present ability to record Uniform Commercial Code (UCC) documents," said Todd.
"There are still hurdles to be overcome before we see electronic filings being done on a regular basis," said Steve Sexauer, director, E-Government Division, Landata Technologies. "However, I am proud of the way all parties worked together to accomplish this milestone."
Sexauer said the AIM title document preparation system created the XML data package corresponding to the PRIA DTD standards. The electronic filing process occurred over a secure circuit utilizing the Titlelogix.com application service provider (ASP). The ASP acted as a shared repository for the incoming document recordation package as well as the outgoing recorded document package that included the scanned document images with the stamp and receipt information generated electronically from the Recorder's LANDSCAN system.
The package was electronically cashiered, and the index information and images were loaded into a batch database for review by the Recorder's staff, just as over-the-counter filings are handled at the office. In addition, an e-mail containing a notification of the successful filing and the receipt was automatically sent to the filer.
Stewart Information Services Corp. is a technology driven, strategically competitive, global real estate information company. Stewart provides title insurance and related information services through more than 6,700 issuing locations in the United States and several international markets. Stewart meets the needs of the real estate and mortgage industries through the delivery of information services required for settlement using e-commerce. These services include title reports, flood determinations, document preparation, property reports, background checks and online property auctions. Stewart also supplies post-closing services to lenders, automated county clerk land records, property and land ownership mapping, and GIS for governmental entities. Stewart provides expertise in tax-deferred exchanges. More information about Stewart can be found at www.stewart.com.