Regarding Attorney Opinion Letters in Lieu of Title Insurance In 2022, as part of new Equitable Housing Finance Plans, the Federal National Mortgage Association (FNMA or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (FHLMC or “Freddie Mac”) announced that they would accept Attorney Opinion Letters (AOLs) in lieu of a loan policy of … Continue reading Virginia Land Title Association Advisory Bulletin
The Business Of Marriage: The Non-Divorce Attorney’s Impact on A Divorce
Once upon a time, there was a beautiful woman who did very well for herself. She started her own software company and reaped the financial benefits when the company was bought out. She retired young and put over a million dollars down on a new home and carried a relatively small mortgage. Soon after these … Continue reading The Business Of Marriage: The Non-Divorce Attorney’s Impact on A Divorce
Sovereign Citizens and Realtors/Title Agents: Close Encounters of A Different Kind
Over the last few months, several realtors and title agents have reported feelings of suspicion about an encounter with a potential client based on how the individuals identified themselves. In each encounter, there was indeed a sovereign citizen nexus causing the question, “What were they trying to do?” “Sovereign citizens” are not of a singular … Continue reading Sovereign Citizens and Realtors/Title Agents: Close Encounters of A Different Kind
Tax Sales in Virginia – Part One of Two
Virginia local governments maintain revenues primarily through various types of tax assessments. Typically, the largest source of funds for a local government is generated through real estate tax assessments and levies. Funds are also raised through personal property, business license, transient occupancy taxes and other forms of revenue. This article will concentrate on real estate … Continue reading Tax Sales in Virginia – Part One of Two
Message from VLTA President Long to VLTA Membership: BOI Response Letter
On March 16th, 2023 I reached out to the Bureau of Insurance to seek further clarification of its letter of February 4, 2022 regarding “split settlements”, and the Bureau’s subsequent FAQs, dated February 16, 2022. Because VLTA members have expressed differing opinions and interpretations of the original letter, my intent was to ask the Bureau … Continue reading Message from VLTA President Long to VLTA Membership: BOI Response Letter
“STICKS AND STONES”: CHOOSE YOUR WORDS CAREFULLY
There’s an old childhood saying, “Sticks and stones may break my bones, but words will never hurt me.” Any adult KNOWS that’s not true. Often the words do a person more permanent damage than any physical injury, which brings me to my point: WORDS MATTER. USE THEM PROPERLY. Using terms properly (or to be more … Continue reading “STICKS AND STONES”: CHOOSE YOUR WORDS CAREFULLY
Impact Of A Bankruptcy Filing On Real Property Of A Single Member LLC
A common practice when owning property for investment is to establish a limited liability company – an LLC - to hold title. This helps to compartmentalize ownership and/ or investor groups. Limited liability companies are legal entities, created by and under state law, combining attributes of corporations and partnerships. Property of an LLC has the further advantage … Continue reading Impact Of A Bankruptcy Filing On Real Property Of A Single Member LLC
Caselaw Affecting Ownership of Real Estate in Virginia – Part Two
Case # 1: Austin v. City of Alexandria, 374 SE 2d 289, 265 VA 89 (2003). Principle: It is crucial to make sure that a trustee signs in their capacity as trustee and not as an individual. If a trustee signs in his capacity as an individual and not as trustee when the property is … Continue reading Caselaw Affecting Ownership of Real Estate in Virginia – Part Two
TUTE Spring 2023
The Unknown Title Examiner Baby title examiners are taught that no two titles are alike, and there’s no such thing as a perfect title. Even so, in the crush of business, it’s easy to overlook red flags that ought to put the examiner on notice to look deeper into the title. Here are a couple of … Continue reading TUTE Spring 2023
Caselaw Affecting Ownership of Real Estate in Virginia – Part One
We are all generally knowledgeable about various concepts and rules relating to both title insurance and real estate in Virginia, but do you know the origin of the real estate related law that we are required to follow? The laws stem from either the Virginia Code or court decisions (caselaw) which is used as precedent … Continue reading Caselaw Affecting Ownership of Real Estate in Virginia – Part One
2023 Virginia General Assembly Legislative Wrap Up
During the 2023 session VLTA focused most of our efforts on the bills below: HB 2184 was patroned by Delegate Carrie Coyner and is the result of extensive negotiations between VLTA and the Creditor’s Bar throughout 2022. HB 2184 will allow settlement agents to release judgement liens under certain circumstances and with due diligence to … Continue reading 2023 Virginia General Assembly Legislative Wrap Up
Lien on Me: The UDAAP Story of NTRAPS
The American Land Title Association (ALTA) has been leading the title industry in pushing back against Non-Title Recorded Agreements for Personal Services (NTRAPS). The prototype for NTRAPS is an agreement reserving a right to list real estate in the future. The right is secured by a filing in the local land records that effects constructive notice to … Continue reading Lien on Me: The UDAAP Story of NTRAPS