Question: In 2010, ABC Development acquired 50 acres and encumbered the acreage with a $600,000.00 deed of trust to Middlesex Bank. In 2012, ABC conveyed 5 acres to Russell Brinker, who obtained an owner’s title insurance policy. Brinker’s settlement agent sent the necessary funds to Middlesex Bank to obtain a certificate of partial satisfaction of … Continue reading ARTU Spring 2023
Caselaw Affecting Ownership of Real Estate in Virginia – Part One
We are all generally knowledgeable about various concepts and rules relating to both title insurance and real estate in Virginia, but do you know the origin of the real estate related law that we are required to follow? The laws stem from either the Virginia Code or court decisions (caselaw) which is used as precedent … Continue reading Caselaw Affecting Ownership of Real Estate in Virginia – Part One
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
Underwriter, Oh the Many Meanings of the Word!
When you say “your underwriter,” do you mean the company for which you are an agent or do you mean the person that prepares your title insurance commitments and policies? (Let’s not even talk about the lender’s underwriter!) It feels as though this term is thrown around a lot these days and results in confusion. … Continue reading Underwriter, Oh the Many Meanings of the Word!
Heirs’ Property from a Title Insurance Perspective
During winter, many of you might have visited Massanutten Ski Resort in the mountains of Virginia. If you haven’t been to Massanutten’s slippery slopes, you’ve likely heard of it, if you live in Virginia. While skiing or snow tubing with your family and friends, despite your passion for title insurance and real estate, you likely … Continue reading Heirs’ Property from a Title Insurance Perspective
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
FinCen and the GTO Explained
For those of us handling real estate transactions in the Mid-Atlantic, our time has finally arrived. As of April 30, 2022 Virginia, Maryland and Washington D.C. joined the list of jurisdictions where title insurance companies are required to collect and report information to the U.S. Department of the Treasury Financial Crimes Enforcement Network (“FinCEN”) about persons … Continue reading FinCen and the GTO Explained
ARTU Q&A Fall Edition 2022
You are claims counsel for a title company and receive the following claim: In 2008, John and Mary Igor purchased Dark Shadows, a 300 acre parcel in rural Goochland County, Virginia for $400,000.00 from Garrison Ghoul, and obtained an owner’s title insurance policy. In 2013 the Igors contracted to sell Dark Shadows to Frank N. … Continue reading ARTU Q&A Fall Edition 2022
Examining Title to Streets – Part II
Read part one here. In the last issue, we explored the ways and means of creating streets. These included outright purchase by the locality, dedication of easements by older subdivision plats, dedication of a fee simple by modern subdivision plats, and prescriptive easements that evolved over history. Since your customer wants to build something on the … Continue reading Examining Title to Streets – Part II
THE NTP DESIGNATION AND WHY YOU SHOULD CONSIDER GETTING IT
When asked to write an article for the Examiner Magazine on obtaining the ALTA National Title Professional (NTP) Designation, several thoughts ran through my mind. First, I was flattered that a simple post on the VLTA Online Community website had inspired another member to consider, and eventually earn the NTP Designation herself. Second, I was … Continue reading THE NTP DESIGNATION AND WHY YOU SHOULD CONSIDER GETTING IT