Governor's Commission on Marketability of Title
STATE OF VERMONT EXECUTIVE DEPARTMENT
EXECUTIVE ORDER: Governor’s Commission on Marketability of Title
WHEREAS, the purchase and sale of real property in Vermont is vital to our economy; and
WHEREAS, over 35,000 property transfers occurred in Vermont in 2004; and
WHEREAS, clear and marketable title is essential to the full enjoyment and use of real property by Vermonters; and
WHEREAS, it is essential that matters affecting title and use of property be certain, consistent, and reasonably ascertainable by those engaged in the purchase, sale, insuring and financing of real estate; and
WHEREAS, developments in the law over the past decade regarding permits, land records and other matters affecting title have expanded the scope of title searches heretofore limited to municipal land records; and
WHEREAS, it is imperative that property owners, subsequent purchasers and financial institutions are able to proceed with transactions with confidence and an expectation of finality; and
WHEREAS, developments in the law have created delays, uncertainty and increased costs in real estate transactions that are ultimately borne by sellers and purchasers of real property; and
WHEREAS, questions relating to land records, the recording of permits, liens and public rights of way, and other matters affecting marketability of title must be addressed by the State and municipalities; and
WHEREAS, a comprehensive review of steps taken to resolve issues as well as existing laws relating to all aspects of property ownership and property transfers will be beneficial to the real estate market, its participants and all Vermonters.
NOW THEREFORE, pursuant to the authority vested in me as Governor of the State of Vermont, I, James H. Douglas, do hereby create the Governor’s Commission on Marketability of Title. The Commission shall consist of five members appointed by the Governor. The Governor shall appoint a chair. Administrative support to the Commission shall be provided by the Department of Banking, Insurance, Securities and Health Care Administration.
The Commission shall be advisory to the Governor and shall have the following functions and duties:
1. To examine existing laws, precedent, record-keeping practices and procedures relating to the transfer of real property and matters affecting title;
2. To identify those areas that are in need of clarification, modification or modernization;
3. To consult with entities currently examining specific issues such as municipal and state record-keeping of permits and other records affecting title, including the Vermont Municipal Land Records Commission and the Vermont Agency of Natural Resources; and
4. To recommend legislative changes and other necessary action that will advance the goal of clarity, consistency, finality and fairness in real estate transactions in Vermont.
In carrying out its duties and functions, the Commission shall consult with, but not be limited to, representatives of the Vermont Bar experienced in real estate practices, municipalities, town clerks, the banking and mortgage industries, title insurance and malpractice insurance companies doing business in Vermont, the Vermont Municipal Land Records Commission, and State agencies and departments with responsibilities that affect real estate including, but not limited to, the Agency of Natural Resources and the Department of Banking, Insurance, Securities and Health Care Administration.
The Commission shall make a preliminary report to the Governor that outlines any immediate needs for legislation or other changes on or before December 15, 2005. The Commission shall issue a final report on or before November 15, 2006.
This Executive Order shall take effect upon signing and shall sunset on December 31, 2006 unless extended.
Witness my name hereunto subscribed and the Great Seal of the State of Vermont hereunto affixed at Montpelier this 19th day of September, 2005.
James H. Douglas, Governor
By the Governor: Michael S. Bertrand, Secretary of Civil and Military Affairs
EXECUTIVE ORDER NO. 04-05
04-05