What About Those 2021 ALTA Policy Forms? Part II

(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

Clerks’ Association Message

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

Title Insurance and Transfer on Death Deeds

People want to avoid probate, to make it as easy and inexpensive as possible to transfer assets to designated beneficiaries after they pass away. For years people have been able to do this with their intangible personal property assets, i.e., bank accounts, retirement accounts, annuities, etc. They designate in writing who inherits the money upon … Continue reading Title Insurance and Transfer on Death Deeds

Priority of Residential Refinance Mortgage Over Subordinate Mortgage

Virginia Code § 55.1-319, entitled “Priority of residential refinance mortgage over subordinate mortgage,” makes refinancing for borrowers who need to subordinate a second or lower priority deed of trust much easier in many cases by eliminating the need for the subordinate deed of trust lender’s review and approval, as well as the execution, delivery and … Continue reading Priority of Residential Refinance Mortgage Over Subordinate Mortgage