Virginia Land Title Association End of Session Report 12 March, 2024 The General Assembly adjourned “sine die” on March 9th. Adjournment on time and with a budget had been a goal of the new democratic leadership since the beginning of session. Even though there were some 11th hour difficulties we did manage to accomplish both. This session began … Continue reading 2024 Virginia General Assembly Legislative Wrap-Up
The Virginia Land Title Association – “IT STARTS WITH YOU” Did you know that YOU can help run the Virginia Land Title Association? In addition to the Executive Director and the Board of Directors, VLTA has Five Committees that need YOUR help! Committee meetings are held monthly at vlta.tradewing.com. These Committees meet monthly to further … Continue reading Virginia Land Title Association Committees
Every day, we see mistakes in land records that can have real consequences for owners and lenders. An improperly created easement could cost a small business owner their access point. An undetected credit line deed of trust from a prior owner could cost a lender their lien position. A fraudulent deed could cost a homeowner their largest lifetime … Continue reading A Country Without Title Insurance
This article concerns a business partner’s theft of the equity in the limited liability company’s real property and business assets, following a dispute over the partners’ profit-sharing provision, by falsifying documents to represent he had authority to mortgage the LLC’s realty. While claims such as these are not uncommon and can result in expense and … Continue reading The Claims Corner: Revenge Equity Theft, Safeguards to Avoid a Potentially Costly Policy Loss
Trusts governed by the Virginia Uniform Trust Code (Va. Code § 64.2-700 et seq) are the most common form of trust arrangement found in the land records. Such a trust may be created when real property is transferred to another person as trustee, either by deed during the settlor’s lifetime or pursuant to a will … Continue reading Judgments and Trusts
Foreign Investment Real Property Tax Act (FIRPTA) became law in 1980 ensuring Foreign Seller’s do not skip out on paying the IRS tax bill when selling U.S. real estate. We often see FIRPTA discovered in real estate transactions at the closing which is not the time for surprises. A FIRPTA surprise at closing often will … Continue reading FIRPTA Overview
On November 7th Virginia held elections for both the House of Delegates and the Senate of Virginia. As a result, Democrats now hold one seat majorities in both Chambers. These were the first elections held under Virginia’s new non-partisan redistricting law. The redistricting process resulted in many incumbent legislators retiring. Coupled with primary losses and several Delegates running for … Continue reading 2024 Virginia General Assembly Preview
Read Tax Sales in Virginia - Part One here. Litigation After the pre-litigation publication and mailed notice periods have expired a complaint can be filed with the circuit court asking that the property be sold for the delinquent taxes. The complaint generally tells the story of the real estate. It should indicate whose name the … Continue reading Tax Sales in Virginia – Part Two
As we enter the holiday season in 2023, several versions or adaptations of the famous Charles Dickens’ 1843 novel, A Christmas Carol, broadcast on television or various streaming channels. As we approach the end of 2023, the Ghost of Title Searches Past has visited me and I recall the process for completing title searches in circuit … Continue reading Access to Deeds and Land Records in Virginia Part 1 – The Ghost of Title Search Past
Context and Background of New Law In response to growing global tensions between the United States and certain other adversarial nations, and concerns about such nations owning and acquiring lands within the Commonwealth, Governor Glen Younkin in the State of the Commonwealth address in January 2023 asked the General Assembly to send him a bill … Continue reading Virginia’s New Foreign Entities and Ownership Act
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
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
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
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
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
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
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
