Originally published in the Fee Simple, the journal of the real property section of the Virginia State Bar. Reprinted with permission of the Bar and the author. An “unprecedented global health crisis” is a common phrase we have sadly grown accustomed to hearing as the world grapples with the impact of COVID-19. Unsurprisingly, the pandemic … Continue reading CLOSING REAL ESTATE TRANSACTIONS DURING A PANDEMIC
Wavell v. Lengel, 2021 Va. Cir. LEXIS 158, Case No. CL20000484-00(Amherst Co. Cir. Ct. July 12, 2021). Strict construction of canons of legal interpretation are presented in Amherst County Circuit Court’s recent decision, Wavell v. Lengel, 2021 Va. Cir. LEXIS 158, Case No. CL20000484-00 (July 12, 2021). (A copy of the opinion is attached.) Therein, … Continue reading Strict Construction of Instruments of Conveyance for Easements
Question: You are closing a transaction in which Pine Acres is being sold by Jennifer Doubtfire. The title notes reveal that Pine Acres was purchased by Jay Williams in 2002. In August of 2013, Jay executed a properly drafted transfer on death deed (TOD) naming Jennifer as the grantee, and delivered the deed to Jennifer. … Continue reading 2022 Winter ARTU Q&A
(Part Two) In Part II of this article, 2021 changes to the title commitment, closing protection letters, Homeowner’s policy, extended coverage residential loan policies, short form loan policies, and endorsements will be discussed. Read Part I here. Specialty Loan Policies This group of policies had few substantive changes. Primarily, these policies were made consistent in … Continue reading What About Those 2021 ALTA Policy Forms? Part II
According to the U.S. Census Bureau, there were 40.3 million Americans age 65 and older in the 2010 Census. In 2018, that number was estimated at 52 million, representing 16 percent of the U.S. population. Today’s estimate is 73 million, a number driven by the aging of the Baby Boomers born between 1946 and 1964. … Continue reading The Title Agent’s Role in Elder Financial Fraud Prevention – Know the Red Flags and How to Respond
Message from the Virginia Court Clerks’ Association (VCCA): The VCCA just recently held its annual convention in August where the 2021-2022 Officers were installed. This year’s President is Kristen Nelson from York County-Poquoson Circuit Court. Kristen has been worked in the Clerk’s Office for 25 years and has been Clerk since 2014. This past year … Continue reading Clerks’ Association Message
To become licensed as a barber in Virginia, you must complete a 1,500-hour training program and pass an exam. Remarkably, there is no training or exam required to conduct a closing, send documents to record, or manage millions of dollars of other people’s money. A bad haircut will eventually grow out. But no one forgets … Continue reading VLTA’s Virginia Certified Title Settlement Agent Course
(Part One) After several years of review and editing, the American Land Title Association will roll out a new portfolio of owner’s and loan policies, a new title commitment, a new endorsement series (47 – Operative Law), and numerous technical amendments to existing endorsement forms to align them with the policies’ changes. This article will … Continue reading What About Those 2021 ALTA Policy Forms?
“Time is of the essence” is a clause in place in many of the real estate contracts in Virginia. It is also a clause that seems to me to be ignored to some degree. After teaching a number of classes on the contract, it is clear to me that real estate agents and their clients … Continue reading Time Is Of The Essence? What Does That Really Mean…
Do you have dormant accounts, or dormant funds in your current accounts? Are you aware that oftentimes these are the funds that are targeted by untrustworthy employees to steal? Escheatment is a tool to assist you in cleaning out those accounts. After funds are held for a specified period, and attempts were made to contact … Continue reading Don’t Fear the Reaper
Everyone in real estate knows that the market is scalding hot in the summer and lukewarm in the winter. This means that settlement agents will find themselves with a bit of free time in the off-season. Instead of wasting that time, put it to good use by completing the following checklist to do the necessary … Continue reading Housekeeping!