Title insurance serves as a safeguard promising protection against potential property ownership disputes. However, even with this coverage in place, homeowners may still be compelled to file a title insurance claim. These claims, often triggered by issues relating to unreleased liens or deeds of trust, boundary disputes, or fraud, can be complex and daunting. In … Continue reading The Claims Corner: Trends in Vacant Land Fraud Claims
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
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
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
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
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
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
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
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!
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
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
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
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
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
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
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
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
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
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
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
Lately, we have been hearing from title agents that consumers are deciding not to purchase an owner’s policy because they have some sort of title monitoring service. And some real estate agents are similarly advising their clients to forego title insurance in view of this alternative product. I’ve even had a representative from one of the … Continue reading Title Monitoring
