Anal Retentive Title Underwriter Question & Answer In 2012, Bank of Westeros made a $150,000.00 loan to Robert Baratheon, secured the note with a deed of trust on Lot 5 of Wessex, and obtained a lender’s title insurance policy. In 2015, Robert defaulted on the loan and subsequently died intestate. A pre-foreclosure search revealed a … Continue reading ARTU 2023 Fall Q & A
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 Business Of Marriage: The Non-Divorce Attorney’s Impact on A Divorce
Once upon a time, there was a beautiful woman who did very well for herself. She started her own software company and reaped the financial benefits when the company was bought out. She retired young and put over a million dollars down on a new home and carried a relatively small mortgage. Soon after these … Continue reading The Business Of Marriage: The Non-Divorce Attorney’s Impact on A Divorce
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
Impact Of A Bankruptcy Filing On Real Property Of A Single Member LLC
A common practice when owning property for investment is to establish a limited liability company – an LLC - to hold title. This helps to compartmentalize ownership and/ or investor groups. Limited liability companies are legal entities, created by and under state law, combining attributes of corporations and partnerships. Property of an LLC has the further advantage … Continue reading Impact Of A Bankruptcy Filing On Real Property Of A Single Member LLC
Caselaw Affecting Ownership of Real Estate in Virginia – Part Two
Case # 1: Austin v. City of Alexandria, 374 SE 2d 289, 265 VA 89 (2003). Principle: It is crucial to make sure that a trustee signs in their capacity as trustee and not as an individual. If a trustee signs in his capacity as an individual and not as trustee when the property is … Continue reading Caselaw Affecting Ownership of Real Estate in Virginia – Part Two
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!
ARTU Spring 2023
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