Titleworks, Inc.

05/27/2024

Cobalt Settlements, LLC

05/04/2024

05/01/2024

https://www.foxbusiness.com/markets/republic-first-seizure-signals-more-bank-failures-to-come-expert-says

The seizure of Republic First marked the first bank failure in the U.S. in 2024 and has reignited concerns of contagion after a string of regional banks collapsed early last year.

04/30/2024

https://www.cnbc.com/2024/04/29/how-mortgage-rates-have-influenced-the-spring-housing-market.html

04/06/2024

At , we eat, sleep, and breathe title insurance and real estate settlements.😲 But we understand most people do not.

So, if you have questions, we have your answers. Just ask!

03/15/2024

From:
Virginia Land Title Association
800-564-8582 | [email protected] | vlta.org
The Virginia General Assembly adjourned “sine die” on March 9th. Adjournment on time and with a budget had been a goal of the new democratic leadership since the beginning of session. Even though there were some 11th hour difficulties we did manage to accomplish both. This session began with historic turnover in both chambers due to our new non-partisan redistricting system. This ushered in almost totally new leadership in both the House and the Senate. Because of this we had expected the start of session to be a little rough but both chambers got on track quickly. Since the General Assembly is controlled by democrats and the Governor is a republican, we can expect an exciting reconvene session. There are numerous bills that will be heavily amended or vetoed. Further complicating matters is the failure of the legislature to include funding in the biennial budget for the Governor’s signature arena deal which sought to bring both the Washington Capitols and Wizards to Alexandria. While it isn’t too late to strike a deal, the sides seem very far apart.
Below are bills of specific interest to the Virginia Land Title Association.
HB 467 - Simon - Real estate contract disclosures, certain; establishment by localities prohibited.
Prohibits localities from establishing or enforcing a mandatory disclosure requirement for a real estate licensee, any party to a contract for the sale or listing of residential real property, or any authorized agent of such party.
The bill provides that prohibited mandatory disclosures include mandatory notifications in contracts, contract amendments or addenda, advertising, other promotional materials, and subsequent deeds after the initial deed is recorded, related to the sale of residential real estate.
Identical to SB 354.
The bill is awaiting action by the Governor.
HB 1538 - Kilgore - Manufactured home; conversion to real property.
Establishes a process whereby a manufactured home owner who is not listed as the owner of such manufactured home on its title may detitle such manufactured home in order to convert the home to real property.
The bill is awaiting action by the Governor.
SB 576 - Ebbin - Unfair Real Estate Service Agreement Act; created, consumer protections.
Creates the Unfair Real Estate Service Agreement Act and adds any violations of the Act to the list of prohibited violations of relevant consumer protection laws in the Commonwealth.
The bill prohibits any real estate service agreement, defined in the bill, that is effective and binding for more than one year from its effective date from:
purporting to run with the land or bind future owners of interests in the residential real property identified in the service agreement
allowing the service provider to assign or transfer the right to provide services under the service agreement without notice to and written agreement of all parties to the service agreement
purporting to create a lien, encumbrance, or other real property security interest on the residential real property identified in the service agreement.
Identical to HB 1243.
The bill is awaiting action by the Governor.
SB 295 - Sturtevant - Foreign adversaries; restrictions, civil penalty.
Restricts any foreign adversary or foreign business, as those terms are defined in the bill, from acquiring any interest in land in the Commonwealth and requires registration with the Secretary of the Commonwealth.
The bill requires the Secretary to report annually by December 1 on the registrations and any penalties assessed for failure to register and to submit such report to the Governor and the General Assembly.
The bill restricts foreign entities governed by a foreign adversary from transacting business in, forming an entity in, or becoming an entity of the Commonwealth.
The bill also requires all real property tax bills to contain notice of such foreign property ownership restrictions and registration requirements.
The bill failed to pass from committee and is dead for the year.
SB 693 - Sturtevant - Residential land; prohibited acquisition, restrictions, civil penalty.
Restricts any partnership, corporation, or real estate investment trust that manages funds pooled from investors, is a fiduciary to such investors, and has $50 million or more in net value or assets under management on any day during a taxable year from acquiring any interest in residential land, as defined in the bill, in the Commonwealth and requires registration with the Secretary of the Commonwealth on or after July 1, 2024.
The bill requires the Secretary to report annually by December 1 on the registrations and any penalties assessed for failure to register and to submit such report to the Governor and the General Assembly.
The bill also requires all real property tax bills to contain notice of such prohibited business ownership restrictions and registration requirements.
The bill failed to pass from committee and is dead for the year

03/14/2024

Homeowners and real estate agents: please consider a title search before listing a home for sale, especially if the home has had the same owner for 10 or more years. I have suggested this to my agents for 25+ years at Titleworks, Inc. and now suggest it to agents I work with at Cobalt Settlements, LLC
But why, you ask? Here is a perfect example of a title search I did on a property being prepared for sale -
1. This property is owned in a Trust so I can advise the agent and homeowner that the ultimate settlement agent will more than likely want a copy of the Trust Agreement OR the Certificate of Trust.
2. The real estate taxes are delinquent.
3. One of the homeowners died in 2004 so the settlement agent will probably require a copy of his death certificate.
4. There is a home equity line of credit against the property from 1997 in the original amount of $100,000. When this line of credit was opened it was with First Virginia Bank which I believe merged or was acquired by BB&T which is now Truist. If I had to guess I would say that the owner thinks this line of credit is closed. It is still showing as a lien against the property so it should be addressed sooner rather than later as it make take some time to obtain the release of lien document. A lesser known fact of lines of credit is that the line of credit remains open until the borrower requests that it be closed *in writing* and even then many lines of credit lenders miss releasing the line of credit lien. The statute of limitations for enforcing lines of credit is 40 years so a statutory solution to clear title is usually not possible!

03/08/2024

Buyers are not the only party in a residential or commercial real estate transaction.

Someone needs to look out for the seller ---

At , we offer seller representation. 😎 Contact us today to learn more! ☎

02/29/2024

As a member of the Virginia Land Title Association (VLTA) and the American Land Title Association (ALTA), I am so happy to see this become legislation in Virginia. I was one of many ALTA members on the committee when this Predatory Contracts first made their appearance in Virginia. The Committee worked to education other title industry professionals and our legislators about these Predatory Contract.
New Virginia Law Will Protect Homebuyers from Predatory Contracts
Washington, D.C., March 29, 2024 – The American Land Title Association (ALTA), the national trade association of the land title insurance industry, alongside AARP and the Virginia Land Title Association (VLTA) applaud the Virginia legislature for passing Senate Bill (SB) 576, which includes provisions protecting homeowners from the predatory practice of filing unfair real estate fee agreements in property records, known as Non-Title Recorded Agreements for Personal Services (NTRAPS). The new law will make NTRAPS unenforceable.
“The property rights of American homebuyers must be protected,” said ALTA Vice President of Government Affairs Elizabeth Blosser. “A home often is a consumer’s largest investment, and the best way to support the certainty of land ownership is through public policy. We have to ensure that there are no unreasonable restraints on a homebuyer’s future ability to sell or refinance their property due to unwarranted transactional costs.”
NTRAPS have been recorded in property records since 2018. The practice preys upon homeowners, offering small cash gifts in exchange for decades-long contracts for the exclusive rights to sell the property. Submitting NTRAPS for inclusion in property records characterized as liens, covenants, encumbrances or security interests in exchange for money creates impediments and increases the cost and complexity of transferring or financing real estate in the future.
“The passage of SB 576 is a continuation of AARP’s advocacy efforts, undertaken in collaboration with ALTA in other states, to put an end to this harmful practice,” said AARP Government Affairs Director Samar Jha. “We expect and hope to work on similar legislative solutions in other states to help protect homeowners against such predatory housing practices.”
SB 576 follows the objective of similar bills introduced across the country to provide a remedy for existing NTRAPS while also discouraging these types of unfair practices impacting homeowners.
"VLTA members proudly advocated for and supported this legislation which protects Virginia residents from predatory business practices,” said VLTA President Stephanie Armstrong, Senior Underwriting Counsel for First American Title Insurance Co. “We appreciate the work of the General Assembly and the governor to protect Virginia consumers. This legislation will send a clear message to companies doing business in Virginia that they have a responsibility to protect consumers and to make sure their products are safe, legal and ethical."
“Homeowners in Virginia will now be better protected from misleading and predatory real estate practices,” said AARP Virginia State Director Jim Dau. “We’re grateful to the strong, bipartisan majority of General Assembly members who backed this commonsense legislation.”
The new law will:
· Make NTRAPS unenforceable by law.
· Restrict and prohibit the recording of NTRAPS in property records.
· Create penalties if NTRAPS are recorded in property records.
· Provide for the removal of NTRAPS from property records and recovery of damages.
Virginia Gov. Glenn Youngkin is expected to sign SB 576 into law in the coming months.

02/28/2024

As the final impression to be left with the seller, why not make sure the closing experience is a good one?
The latest trend in closings is Seller Side Only (SSO) representation by a skilled attorney who knows the ins and outs of real estate transactions. And who could be better to be this attorney than one who is affiliated with a settlement company; one with skills acquired by facilitating closing transactions for both parties? Given that closing counsel does not cost the seller any additional money, using seller side only counsel is an excellent way to make sure that everything goes smoothly and gets done right.
In real estate transactions, the buyer has the legal right to select the company that issues the title insurance – the Settlement Agent (settlement company). In fact, the seller is specifically barred from selecting an alternative. As a result, both parties will often use whoever the buyer selects, and the selection is usually someone who the buyer’s agent knows. While an attorney generally participates in the closing process, that attorney is explicitly not representing either party, and cannot advocate or advise if any issue arises.
This traditional arrangement is not necessarily a recipe for disaster, but it is no guarantee that the process will be handled to the benefit of the seller. There are multiple steps to get to closing, and a small mistake or problem can prolong the process, adding stress to an already challenging experience. While the seller’s agent has made every effort to show the house to at its best, and to make the pre-contract phase easy on the seller, once the offer is ratified, the transaction moves into the hands of the buyer’s agents, lenders, and other individuals who make up the complex process of settlement.
A seller side only counsel acts as a key advocate for the seller, facilitating the process and making the closing aspects that impact the seller happen on the seller’s terms. When selecting seller-side only counsel, the seller establishes an attorney-client relationship with the attorney, so there is no question that their interests are represented in the closing process.
Generally selected at the recommendation of the seller’s real estate agent, the seller side counsel should be a trusted colleague, selected because of his or her expertise in the local real estate market, dedication to client service, and ability to deliver a pleasant closing experience for the seller. With expertise, the seller side counsel will know local customs, correct fees, when taxes are due and other details that are critical to an accurate and mistake-free closing.
The seller side only counsel can review the many documents to be signed at closing to be certain that they are accurate. With so much happening, it is not surprising that mistakes occasionally happen. The seller side counsel acts as a shield for the seller, making sure that problems are spotted and fixed as soon as possible. This extra set of experienced eyes can spell the difference in a smooth or bumpy closing. Furthermore, by splitting the buyer and seller sides of the transactions, the seller can schedule the closing with their attorney at a convenient date (as Sellers can side prior to the contract settlement date) and at a convenient time.
Seller side closing representations are performed through the Law Office of Jeffrey M. Nowak, PLC which is affiliated with Cobalt Settlements, LLC. Please reach out to Becky Taylor at [email protected] or Attorney Jeff Nowak if you have questions about seller side closing at [email protected] or Attorney Peter McKelroy at [email protected] .