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Property Registration Services | Property Registration Compliance

What Does Property Registration Compliance Mean?

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Good question. And the correct answer is finding the devil in the details. Much depends on the specific language of more than 2,000 Property Registration Ordinances (PROs) currently in force in municipalities and local governments across the country. In short, property registration compliance means different things in different places, at different times and with different types of properties. Let’s provide some PRS clarification.

Technically Speaking…..

 

Merriam-Webster’s dictionary defines “compliance” as: (b) Conformity in fulfilling official requirements to meet local or state law; or... And the first step in determining compliance is to verify, by specific ordinance, which properties require registration and which might be exempt. PRS takes this time-consuming task and turns it on its head with one of two tools used to help mortgage companies, banks, mortgage servicers and others with ownership designation quickly find the answer. Using our high-tech OTR Tool Kit (Obligation to Register), PRS can verify by any ordinance anywhere in the United States, whether a particular property needs to be registered to comply with local ordinances. OTR is fast, accurate and it saves a ton of time and money for responsible parties.

Basic Characteristics of Compliance

 

In general terms, meeting the specifics of any ordinance can be determined by answering the following questions about how a particular property matches up against language in any respective jurisdictional PRO.

  • Is the property a residential property?
  • Is it single-family or multi-unit?
  • Is the property in question commercial, industrial, business, storefront or mixed-use?
  • How long has the property been vacant or what is its current occupancy status?
  • Is the property in question in any of the six stages of default?
  • Is the property currently in compliance with all Code Enforcement rules and regulations pertaining to maintenance, upkeep, public safety and/or health issues?
  • Has the property in question met any inspection requirements or vacancy insurance requirements that might be necessary depending upon local ordinance?
  • Is the property registered with the local police and/or fire departments if that is contained in specific ordinance language?
  • If the property is business/commercial/industrial, have there been any zoning changes, rezoning, building modifications or demolition plans that might impact its obligation to be registered?
  • What are the periodic anniversary dates that determine registration and renewal compliance, along with registration and renewal fees?

See. We mentioned the devil is in the details and it really is. That’s why PRS utilizes the OTR approach to determine quickly and cost-effectively for its property registration clients, precisely what every property in every location needs in order to meet compliance. Anywhere, at any time, 24/7, done deal, all questions answered.

How C.O.R.E. Monitors Compliance

The number of PROs in the United States absolutely mushroomed following the housing market crash of 2007/2008, zooming from just a few dozen ordinances in the early 2000s to more than 2,000 currently. Compounding the property registration compliance landscape is the fact many municipalities and local governments have gone back and revised their original PROs to reflect changes in market conditions triggered by a slowly improving economy and other factors. Those modifications have provided legally identified property ownership with even more challenges in keeping current and in compliance. This is especially true if ownership holds large portfolios of properties that require registration spread out in different real estate markets around the country. PRS is armed with a second high-tech tool to solve that problem. Utilizing its cloud-based database C.O.R.E. (Community Ordinances & Registration Engine), PRS monitors every single existing ordinance, any changes or modifications to existing ordinances, and any new ordinances being currently considered by municipalities. We keep an eye out for modifications that have the potential to change, alter or modify if (and when) a particular property requires or is exempt from registration. Again, providing responsible parties with industry-leading best practices all designed to help clients meet and maintain compliance while saving both time and money.

Combined, OTR and C.O.R.E. are also invaluable resources in helping clients avoid any costly fines, penalties, even civil or potential criminal citations for failing to meet the specifics of any ordinance in the United States. We invite you to visit the PRS web page to explore how we do what we do. Check in from time to time on informational articles and blogs all dealing with the relevant topic of PROs. Because when it comes to property registration compliance, the answers to compliance questions are apt to change from time-to-time.

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