by Julie Ann Rutledge, President Land Title Research, Inc. Proactive Title Defense – Communication is the Key: Errors in the Title Report and Commitment remain the top cause of claims in the title industry today. There are many factors that contribute to the problem of errors and omissions in Title Reports and Commitments. It … Continue reading Due Diligence & Survey Matters
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!
10. History of Surveying in the Colonial Era Surveys in the colonial era were quite inadequate due to the lack of qualified personnel and the use of poor equipment. The most qualified surveyors were busy mapping the country and plotting rivers, which was the main source of transportation of that time. The surveys performed for … Continue reading 10 Common Survey Issues Relevant to Title Problems
Once a year you get notified that the agency’s RESA audit is due to be conducted. What will the auditor be looking for? According the Virginia Code § 55-525.24(A): All funds deposited with the settlement agent in connection with an escrow, settlement, or closing shall be handled in a fiduciary capacity… What does fiduciary capacity … Continue reading How to have a successful Real Estate Settlement Agent Audit
By Stephanie Campbell, Westcor Land Title Insurance Company. Most people are familiar with the James Bond movie “A View to a Kill”. An intense thriller with great music and exotic backdrops. The theme song by Duran-Duran runs through my head every time I repeat the crazy story of one of my many “Tales from the … Continue reading Tales from the Table: A View to A Kill
By Glenda Brooks, Middlesex Title Company Title problems can show up in various ways. The best practice is to resolve the issues before closing. Breaks in the chain of title occur quite frequently and it is the responsibility of the title examiner to try to piece together the chain. Each time the property changes hands … Continue reading Title Agent & Examiner Mishaps
Everyone loves top 10 lists right? Well here you go, the top ten claims in the title industry. Before we get started, a few disclosures. Names and some identifying facts have been changed for privacy reasons. In several cases the claim details have been simplified to save readers from the doldrums of extensive legal maneuvering. … Continue reading Top Ten Claims in the Title Industry