Vacant Property Registration Services
In an effort to control neighborhood blight, increase accountability among property owners, and raise revenue, states and municipalities have enacted strenuous legislation requiring property owners and other stakeholders to register vacant or abandoned properties. Failure to do so could result in substantial civil or criminal penalties. In most cases, these fines accrue daily, driving up real estate losses and extending closing timelines. Each vacant property registration ordinance has specific requirements unique to that jurisdiction, which requires a single dedicated solution for monitoring and managing a lender’s portfolio.
Timely registration results in improved property management, enhanced community partnership, and better control over real estate losses. Compliance Connections offers a full suite of vacant property registration services, including the following:
- Monitoring municipalities for the implementation of new statutes or changes to existing statutes
- Monitoring your portfolio for properties that need to be registered
- Completing the required vacant property registration documents on behalf of the client
- De-registering properties upon change in occupancy or closing of the REO sale
- Preparing monthly status reports