AARP, Land Title Associations Applaud Colorado on Passage of NTRAPS Bill
WASHINGTON, March 27, 2023 /PRNewswire/ -- AARP, AARP Colorado, the American Land Title Association (ALTA) and the Land Title Association of Colorado (LTAC) applaud the Colorado legislature for passing Senate Bill 77, which will protect homeowners from the predatory practice of filing of unfair real estate fee agreements in property records, known as Non-Title Record Agreements for Personal Service (NTRAPS).
- WASHINGTON, March 27, 2023 /PRNewswire/ -- AARP, AARP Colorado, the American Land Title Association (ALTA) and the Land Title Association of Colorado (LTAC) applaud the Colorado legislature for passing Senate Bill 77, which will protect homeowners from the predatory practice of filing of unfair real estate fee agreements in property records, known as Non-Title Record Agreements for Personal Service (NTRAPS).
- NTRAPS have been recorded in property records since 2018.
- The practice preys upon homeowners, offering small cash incentives in exchange for decades-long contracts for the exclusive rights to sell the property.
- Senate Bill 77 follows the objective of similar bills introduced across the country to provide a remedy for existing NTRAPS while also discouraging these types of unfair practices impacting homeowners.