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!

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