(a) Every deed of transfer of real property or interest therein and every mortgage or other security for debt secured by real property, shall be separately and specially recorded by the proper recorder of deeds, without compensation, in a special transfer book to be furnished by the Lieutenant Governor, which shall contain—
(1) the date and consideration of the transfer or grant;
(2) the name and residence of the grantee;
(3) the name and residence of the grantor;
(4) the name and residence of the person to whom said real property, interest in or debt secured by real property is assessed and taxed; and
(5) a reference to the archives or records of the recorder of deeds in which the property is more fully described.
(b) The recorder of deeds shall transmit the transfer book or the transcripts from the transfer book to the Lieutenant Governor at the direction of Lieutenant Governor.
(c) The recorder of deeds shall transmit written notice of all transfers of real property to the Tax Assessor.
(d) In addition to the duties outlined in this section, every five years, the Office of the Lieutenant Governor in collaboration with the Territorial Archivist of the Department of Planning and Natural Resources shall conduct an assessment of the cadastral and land records housed in his office, detailing the physical condition, location and accessibility of the cadastral and land records of the territory to the public. The Office of the Lieutenant Governor shall in its annual budget include an amount necessary to facilitate the assessment. This amount must meet the obligations required to complete a full assessment of the status of the land and cadastral records of the Territory. In keeping with Article 1, page 28 of the Convention between the United States and Denmark, Treaty Series No. 629, 39 Stat. 1706 in order to facilitate this assessment, the Lieutenant Governor’s Office shall seek assistance from the Danish Archives, United States National Archives and the Territorial Archives offices. At the conclusion of the assessment, the Lieutenant Governor’s office shall create a strategic plan to address the issues discovered based on the assessment and publish every five years the findings and collections of records under the management of the Lieutenant Governor’s Office for submission to the Territorial Archivist.