Filers in Georgia are urged to adopt the requirements of HB 974, plus the North Carolina Land Title Association has provided a new form to work in conjunction with the VCAP system upgrade.
- Filing Requirements House Bill 974 passed on April 4, 2022 and was signed into law by Governor Kemp on May 2, 2022. The bill requires new data elements on the first page of all security deeds. HB 974 has an effective date of July 1, 2023, however, filers are urged to adopt the new requirements as soon as possible.
- The North Carolina Administrative Office of the Courts (AOC) is planning an upgrade of the current VCAP system that indexes all civil and criminal filings in North Carolina. As part of this transition, there will be gap periods where newly filed documents will not be visible on the old VCAP system and will also not be visible in the new Odyssey system until the migration from VCAP is complete and Odyssey is fully operational.
- In response to the upcoming changes, the North Carolina Land Title Association (NCLTA) has adopted a GAP Indemnity form that will likely be utilized by title insurance underwriters throughout North Carolina during the migration process.
- According to the NCLTA, since not all counties are affected at the same time, it is imperative that attorneys stay appraised of the rollout schedule for the migration to be prepared for when it effects the counties where they practice. When closing transactions in counties that are actively transitioning from VCAP to Odyssey, it is recommended that you contact your title insurance provider to confirm whether the GAP Indemnity form will be required and for any additional guidance to help navigate closings during the transition period.