Article by Jerry C. Booth, Jr. Fraud has become increasingly prevalent in our society, and it affects many aspects of our lives. The title and real estate industries are no exception as we also regularly face scams and other fraudulent actions perpetrated by criminals. Seller fraud and impersonation has become increasingly common in our industry. … Continue reading Addressing Seller Fraud in Real Estate Transactions Pursuant to House Bill 163
The Future of Closings: Real-Time Payments for Virginia Title Companies
Article provided by Tina Townsend with First Citizens Bank Over the past few years, always-available instant payment systems have emerged to help businesses send and receive payments faster and more securely. These platforms were promptly embraced by a wide range of businesses and are increasingly being adopted by title companies across the US. In this … Continue reading The Future of Closings: Real-Time Payments for Virginia Title Companies
Why ALTA®/NSPS Surveys Matter in Virginia Residential Real Estate Transactions
Article by Hayden-Anne Breedlove When a buyer, lender, or settlement agent asks, “Do we really need a survey?”, they’re rarely thinking about the downstream risks. Yet for Virginia title professionals, surveys are one of the most powerful tools for uncovering problems before they turn into litigation, coverage claims, or unmarketable title.The American Land Title Association … Continue reading Why ALTA®/NSPS Surveys Matter in Virginia Residential Real Estate Transactions
Commercial Transactions: Settlement Basics
Article by Kay M. Creasman & John Mashack Overview: Over the years, other VLTA Examiner articles and VLTA seminars have covered the basics of underwriting a commercial transaction, but agents experienced in residential matters now need additional information about the role of the escrow agent, instruction letters, title search issues, ALTA/NSPS surveys and endorsements specific to … Continue reading Commercial Transactions: Settlement Basics
Idem Sonans
Article by by Kevin T. Pogoda, Esq. The rule of idem sonans (Latin for “sounding the same”) can be traced back to the 1851 English common law case of R v. Davis,[1] which provided: If two names spelt differently necessarily sound alike, the court may, as matter of law, pronounce them to be idem sonantia; … Continue reading Idem Sonans
Title and Settlement Companies Face Substantial Cost to Comply With FinCEN’s AML Real Estate Rule
ALTA Files Amicus Brief Supporting Fidelity’s Challenge to Rule Article by Jeremy Yohe with ALTA FinCEN’s final rule requiring certain industry professionals to report information to the agency about non-financed transfers of residential real estate to a legal entity or trust will have a significant financial and process impact on title and settlement companies. The rule, which … Continue reading Title and Settlement Companies Face Substantial Cost to Comply With FinCEN’s AML Real Estate Rule
Ensuring AI Policy Works for Us All
Article by Tina Merritt with permission to reprint, originally published in the THE ROANOKE TIMES. In today’s business world, AI is already a practical tool for small businesses like mine, not just a futuristic idea. It’s changing how we communicate with clients, create marketing strategies, and streamline operations. It is important for Virginia elected officials … Continue reading Ensuring AI Policy Works for Us All
Why Escheatment Matters
Article by Carol Frye Escheatment is often overlooked by title companies, yet it serves several critical purposes: Legal Compliance and Avoiding Penalties Failure to comply with Virginia’s escheatment laws can result in significant penalties. Under Virginia Code 55.1-2528, entities that fail to file an unclaimed property report or to submit abandoned assets on time may … Continue reading Why Escheatment Matters
HOP – the FREE Marketing Resources Every Title Agent Needs at their Fingertips!
By: Tina Merritt What is HOP? HOP is ALTA’s Homebuyer Outreach Program; a valuable resource for title agents looking to educate consumers, real estate agents and other parties about the importance of title insurance and the closing process. By providing clear and concise information, HOP helps demystify the often misunderstood aspect of the title and … Continue reading HOP – the FREE Marketing Resources Every Title Agent Needs at their Fingertips!
EQUITABLE SUBROGATION IN VIRGINIA: THE SEQUEL
Reprinted with permission from the Virginia State Bar In 2001, I wrote an article for the Virginia Land Title Association (VLTA) Examiner simply entitled Equitable Subrogation in Virginia. The article appeared in Volume 7, Number 1, of the VLTA Examiner. Twenty-three years later, this is the sequel. Occasionally, lenders who believe they are secured by … Continue reading EQUITABLE SUBROGATION IN VIRGINIA: THE SEQUEL
The Claims Corner: Understanding The Claims Process
“Claim” is not a welcome word within the lexicon of a title office. Without claims, there would be no need for title insurance, yet a claim is something that every title office seeks to avoid, is often panicked to learn about and is loath to admit has occurred. It generally arrives at an inconvenient time … Continue reading The Claims Corner: Understanding The Claims Process
FIRPTA: In a Nutshell – Part One
In plain English, the Foreign Investment in Real Property Tax Act (FIRPTA) requires foreign persons (transferors) to pay U.S. income tax on gains they make from selling U.S. real estate. FIRPTA puts the burden on the purchaser (transferee) to withhold 15% of the contract sales price if the seller is a foreign person—unless one of … Continue reading FIRPTA: In a Nutshell – Part One
The Claims Corner: Wire Fraud and Property Theft Claims, and the Insurance Responses
We do love our Realtors, and they are a vibrant and important part of the transfer of property from one party to another. However, a pattern arises in the outlines below, that many of these fraudulent situations are the result of the realtors being involved in the financial part of the transactions. The additional risk … Continue reading The Claims Corner: Wire Fraud and Property Theft Claims, and the Insurance Responses
Title at the Speed of Banking
Faster payments, greater automation and even advances in AI have all made the world of real-time treasury management a practical reality. What does this mean for your company? Today, the clear expectation is for anytime payments, but how to access those payments makes a difference. Increasingly, title companies are receiving Good Funds payments via wire, … Continue reading Title at the Speed of Banking
The Origin of the “Claims Corner”
I was asked to submit a story about how the Claims Corner series began. For much of my career in the title insurance industry, first employed as a title examiner trainee at my father’s law firm in Alexandria, VA in 1971, to becoming a title insurance agent in 1976, and then an underwriter and employee … Continue reading The Origin of the “Claims Corner”
WHEN MARRIAGE MATTERS – Part 2: Various Ways Marital Status Can Affect Title
Read WHEN MARRIAGE MATTERS – Part 1 here. Take the VLTA online course, “When Marriage Matters”, on-demand here: https://www.pathlms.com/vlta/courses/69081 (1-hour of CE, CLE and CCE credits). Conveyances and Creditors Moving beyond the advantages and exceptions to survivorship, all the remaining advantages to a tenancy by the entirety are rooted in the concept of one flesh. … Continue reading WHEN MARRIAGE MATTERS – Part 2: Various Ways Marital Status Can Affect Title
Protecting Your Title Company From Fraud
Businesses around the country have seen an increase in the number of fraud and attempted fraud incidents in recent years. In 2022 alone, the FBI reported that business email compromise fraud led to losses exceeding $2.7 billion. 1 Title companies certainly aren't immune to this increase. In fact, they may be more vulnerable to fraud … Continue reading Protecting Your Title Company From Fraud