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

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

NEW LAWS July 1, 2022

The summaries below were drafted by the Virginia Division of Legislative Services.   From the thousands of bills which were introduced during the 2022 session, these summaries include only bills which have been signed into law by the Governor and have been found by this author to be relevant to the VLTA membership.  This selection process … Continue reading NEW LAWS July 1, 2022

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

USING POWER OF ATTORNEYS IN REAL ESTATE TRANSACTIONS: TIPS & PITFALLS

No one wants to be the reason a closing is delayed. Yet, issues with the power of attorney is one of the most prevalent closing hiccups and sources of delay. The purpose of this article is to provide a basic understanding of the power of attorney and give you some practice tips to help you … Continue reading USING POWER OF ATTORNEYS IN REAL ESTATE TRANSACTIONS: TIPS & PITFALLS

What About Those 2021 ALTA Policy Forms?

(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?

Why Does Errors & Omission Insurance Cost So Much? And, Where Does The Pricing Come From?

E&O pricing can be a mystery, but there is a method to the madness. The base price comes from you, the insured, when you list your gross revenue on the E&O application.  The more you make, the more your insurance costs.  This is because the insurance companies view higher revenue as more work and higher … Continue reading Why Does Errors & Omission Insurance Cost So Much? And, Where Does The Pricing Come From?