ALTA Develops Model Good Funds Bill Due to Increased Digital OptionsBy Jeremy Yohe Permission to reprint. Read the original article here: https://digital.titlenews.org/titlenews/march_2024/MobilePagedArticle.action?articleId=1966060#articleId1966060 THE WAY PEOPLE SEND AND RECEIVE MONEY IS CHANGING. Consumers and businesses are moving toward technologically advanced payment practices that better align with their evolving wants and needs. While the industry has been hearing … Continue reading MODERN PAYMENT RAILS and Impact on Good Funds Laws
Business Trusts in Virginia: An Overview for Title Insurers
While corporations and limited liability companies are the most common business entities, Virginia also allows for the formation of another type of unincorporated association known as a business trust. These trusts can hold title to real estate and other property just like any other business entity. A business trust is a legal arrangement where the … Continue reading Business Trusts in Virginia: An Overview for Title Insurers
The NAR Settlement, and What It Means to the Title Industry
In March, the National Association of Realtors (NAR) agreed to a $418-million settlement to settle several pending lawsuits alleging that NAR members used business practices that kept commissions artificially high, and drew compensation from the seller for services given to the buyer. Many news outlets, including the New York Times™, Washington Post™, USA Today™, Richmond … Continue reading The NAR Settlement, and What It Means to the Title Industry
Access to Deeds and Land Records in Virginia: A Thirty-Year Perspective Part 3 – Electronic Commerce Solutions
Read part 1 here: Access to Deeds and Land Records in Virginia Part 1 – The Ghost of Title Search Past. Read part 2 here: Access to Deeds and Land Records in Virginia: A Thirty-Year Perspective Part 2 – Digital Conversion is a Game Changer. I appreciate the opportunity to share my perspectives with the … Continue reading Access to Deeds and Land Records in Virginia: A Thirty-Year Perspective Part 3 – Electronic Commerce Solutions
The Claims Corner: A Failed Specific Devise – Intricacies of Examining and Underwriting Estates in Virginia
Let’s face it -- it’s just not easy to determine how to vest property that has gone through an estate in Virginia. It’s a complicated task, and sparks quite a few title insurance claims. This article discusses the issue of a specific devise in a probated will that failed due to the devisee predeceasing the testator. … Continue reading The Claims Corner: A Failed Specific Devise – Intricacies of Examining and Underwriting Estates in Virginia
A Country Without Title Insurance
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
The Claims Corner: Revenge Equity Theft, Safeguards to Avoid a Potentially Costly Policy Loss
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
FIRPTA Overview
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
Update on MV Realty and the Homeowner Benefit Program
As you have heard, MV Realty PBC, LLC and more than twenty affiliates and subsidiaries (“MV Realty”) filed a Chapter 11 (Reorganization) bankruptcy in the Bankruptcy Court for the Southern District of Florida, on September 22, 2023. Case number is 23-17590-EPK. The Petition gave the principal business address for MV Realty within the Southern District of Florida … Continue reading Update on MV Realty and the Homeowner Benefit Program
Virginia’s New Foreign Entities and Ownership Act
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
The Claims Corner: Trends in Vacant Land Fraud Claims
Title insurance serves as a safeguard promising protection against potential property ownership disputes. However, even with this coverage in place, homeowners may still be compelled to file a title insurance claim. These claims, often triggered by issues relating to unreleased liens or deeds of trust, boundary disputes, or fraud, can be complex and daunting. In … Continue reading The Claims Corner: Trends in Vacant Land Fraud Claims
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
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