Ready for Some Fun?

Grab a cup of coffee, pen and a piece of scrap paper. After jotting down your answers, please scroll down to the bottom of this page for the correct answers (no peeking).

1. You must send Andy Mikell or Liz Smith an email asking for permission to remove the general exceptions from either an Owner Policy or a Standard Loan Policy? True or False?

2. If a court-issued License to Sell is recorded, a Death Certificate does not have to be recorded. True or False?

3. Always issue an Expanded Coverage Policy if the property type is ______________________ unless title will be held by _____________.

4. In the commitment or final policy, where would you include a shared easement that benefits and burdens the property?

A. Property Description
B. Schedule B, Part I - Exceptions
C. No need to include a benefitting easement
D. Both A & B

Scroll down for answers. Be sure to read the VATC Newsletter next month for more FUN! Thanks for playing!
Property in Multiple Towns?

If your closing involves recording documents in more than one town, best practice is to execute the appropriate number of duplicate originals and send one set of documents to EACH town simultaneously.

It is not sufficient to mail them to "the fastest town" and await their return before mailing off to Purgatory (town #2).

For policy preparation assistance, please visit the VATC website.
Lau's Corner & Title Tips

1099-S Proceeds from Real Estate Transactions:  

The Form 1099-S, along with the Form 1096 transmittal, must be submitted to the Internal Revenue Service no later than February 28, 2022 if filing on paper or by March 31, 2022, if filing electronically. 

When filing, be sure to use "official forms or forms that meet the specifications for substitute forms." While CATIC's PrepExpress software contains a Solicitation/Substitute Form 1099-S that form has NOT been approved by the IRS and therefore should NOT be used for official filing purposes.

Transactions Involving Manufactured Homes:   

If your loan transaction involves a Manufactured Home, please ASSUME that the lender wants an ALTA 7.1 MH endorsement. Even if the lender doesn't ask you for one BEFORE the closing, it will likely come back AFTER the closing for one! Best practice: proceed on course from day #1 and issue the endorsement for every MH transaction!

Why do lenders wait? Who knows - but what we DO know is that the post-closing headache is a serious hassle because you would not have: (a) obtained the required Affidavit of Affixation; or (b) collected the $100 endorsement fee at the closing. Collecting the affidavit and endorsement fee at closing will save your office time, energy and money.

**Reminder: The VATC website is a great resource for policy preparation tips and explanations of endorsements, etc. 
Answers
Q1: True
Q2: True
Q3: Blank #1: 1-4 Family Residential Property;
Blank #2: LLC, corporation, or entity are acceptable
Q4: D. The easement goes in the Property Description to become an insured interest. It goes in as an Exception for "Rights of others, if any, in easement dated ..."