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
ALTA Revises Best Practices
Changes Focus on Enhancing Closing and Settlement New digital payment options, increasing fraud threats and new regulations and laws, as well as changes to business and market needs led to the recent revision to the ALTA Title Insurance and Settlement Company Best Practices. The changes, which went into effect May 23, are focused on the … Continue reading ALTA Revises Best Practices
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
The Claims Process
If you issue title insurance policies, you may dread the possibility that a claim may be made under one of them or you may have been notified that a claim has been submitted under a policy you have issued. If so, have you ever wondered what happens to that claim once it has been submitted? … Continue reading The Claims Process
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
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