Virginia Land Title Association Advisory Bulletin

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 Claims Corner: Trespass and Nuisance

While the Homeowner’s Policy provides expansive coverage, it still does not cover every problem that may arise with a property. In particular, it does not provide coverage for use of the property that is found to constitute either a trespass on or a nuisance to a neighboring property. The following provides an example of this: … Continue reading The Claims Corner: Trespass and Nuisance

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

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

Virginia Law on Establishing Bottomland Ownership with a King’s Grant

Nejron Photo/Shutterstock.com Subject to certain exceptions, Virginia law is that the Commonwealth of Virginia owns the bed of the rivers, creeks, bays and the sea all throughout the state.[1] The September 15, 2022, issue of this Magazine catalogued these exceptions in an article titled “Does the Property Line Move When the Shoreline Changes at My Waterfront … Continue reading Virginia Law on Establishing Bottomland Ownership with a King’s Grant

ARTU December 2022

Question:  In 2005 acreage was conveyed to Development Company, Inc. (DDI). In 2008 DDI properly recorded a subdivision plat of Happy Acres (the original subdivision plat). In June 2009 DDI conveyed Lot 12 of Happy Acres, containing 4.5 acres, to Richardson Thompson. In August 2009 DDI recorded a resubdivision plat of Happy Acres, which increased … Continue reading ARTU December 2022