Property Registration Ordinances were a direct result of the housing crisis and their purpose is threefold:
· To ensure that the responsible party of delinquent and/or vacant properties are known by the city/other interested parties and can be reached if necessary;
· To ensure that the responsible party of said properties are aware of the obligations of ownership under relevant codes and regulations; and
· To ensure that the responsible party meet minimum standards of maintenance.
The fee structure established in the ordinance may serve additional purposes, including covering costs incurred by the municipality to deal with vacant properties, and under some circumstances, motivating owners to restore and reuse properties. There are also varying renewal timeframes for these ordinances.
NAMFS thanks member company, Property Registration Services, for their assistance in providing our members with a current list of communities with ordinances and the ability to determine if there is an obligation to register. Property Registration Services utilizes advanced technology to ensure maximum compliance with all property registration ordinances throughout the country. With our CORE (Community Ordinances and Registration Engine) system we track all property registration ordinances and requirements as structured business rules. Our smart decisioning system called OTR (Obligation to Register) works with CORE to tell you which properties in your portfolio need to be registered to achieve risk free compliance.