Real Estate has some terminology that may throw you off if you are a first time homebuyer. Below sets forth some common terms used in Real Estate Transactions and what each means in lay terms. ALTA- Stands for American Land Title Association, the national trade association for the title insurance industry. ALTA member companies include businesses that conduct your closing and …
It is always our goal to get to the closing table as seamlessly as possible; however, there are some things that can go on in the background that may be overlooked but that are very important to the process.
PICRA stands for Property Inspection Contingency Removal Addendum and it is something that comes up in a lot of Residential Real Estate deals.
To protect possibly the most important investment you’ll ever make – the investment in your home. With a title insurance policy, you as owner, have an indemnity contract that will reimburse you for loss in the event someone asserts a claim against your property that is covered by the policy. How can there be a title defect if the title …
A lot of attention is given to the seller side of a short sale transaction, and rightfully so. The bulk of the complexities involved in a short sale take place on the listing side. The correspondence with the lender in order to obtain approval is the driving force of the transaction. But, selling agents and buyers should be equipped prior …
To help fix the problem of “delayed disbursements” in a real estate transaction, the VA code was amended in 1980 to require settlement agents to disburse funds within two days of closing. While there is more to this “Wet Settlement Act” than just disbursement, it helped pave the way to Virginia attorneys and title companies conduct settlements, recordings and disbursements. …