Current Use Liens - Policy Preparation Update

Before 7/1/2019, the filing of an application in the land records constituted a lien. On 7/1/2019 legislation was enacted such that the filing of an application in the land records became a contingent lien. The law is retroactive and all Current Use applications, whenever filed, are now continent liens.
If there is a Current Use application of record, for title insurance purposes, the following Schedule B, Exception should be taken:  

Terms and conditions of enrollment in Vermont's Current Use program as evidenced by instrument recorded in Book ___, Page ____.

Other background

If the enrolled land is ever developed, a Land Use Change Tax is due and the State must file a Notice of Development providing the tax amount due.The tax is calculated as 10% of the fair market value of the developed parcel, or portion thereof.
Development includes any of the following:  
  • Subdivision so that one or more of the resulting parcels is less than 25 acres
  • Construction of buildings, roads, or structures not used for forestry purposes
  • Commercial mining, excavation or landfill activity, or cutting timber contrary to the management plan or contrary to state standards 
If a tax becomes due, the obligation to pay   the   tax runs with the land. The  t ax is not due unless and until the land is developed; however, it may be prepaid if the landowner wishes to clear the title. Additionally, there is a payment due if/when the property is withdrawn from the Program.

For more information visit the State's website or call the VATC office.
1031 Like-Kind Exchanges

One of the most important aspects of any exchange is the "safety of your funds." You need a Qualified Intermediary that  you can trust. 

CATIC Exchange will deposit the Exchanger's funds in a segregated, interest-bearing, liquid escrow account at an FDIC-insured depository. Funds will be co-commingled with operating accounts or used for investment purposes. In addition, CATIC Exchange maintains a fidelity bond and professional liability insurance. 

Click here for Types of Exchanges handled by CATIC Exchange. For additional information email or call 860.904.2108.
Client Education: How an Owner Title Insurance Policy Protects Their Ownership.

Since we live in a digital world, your first contact with prospective clients could be via email or it could be a client visiting your website. Studies show that the earlier in the process a buyer is informed about the importance of an Owner Policy and how it protects them, the more likely they are to purchase a policy. One option to mailing a hard copy to your client with your engagement letter is to send them a link in an email or to post a pamphlet on your website. 

Click here to download the digital pamphlet.
If the payoff statement comes from an entity other than the last mortgagee of record in the land records, use this link  to  c heck the 18-digit MIN (mortgage identification number) on the MERS website. This will help to hopefully confirm a link between the payoff statement and the current holder of the mortgage (or its loan servicer) and  could help avoid paying off the wrong entity or loan.
PrepExpress Online® - Lines 106 & 210 on the HUD

The "M" button on Line 106 controls both Lines 106 & 210. If you would like to manually enter the information for either of these fields, please click on the "M" button on Line 106. If you do not click on the "M" button, both Lines 106 & 210 will populate information based on what was entered in the Taxes Tab under General Information. 

Back Title:

If you are using the back title service available on the CATIC website and are receiving an error message while loading back title, please try using Internet Explorer® rather than  Google  Chrome™.

Career Network:

We often hear of firms who are hiring. While we welcome phone calls or emails, we have added a career network posted under News and Announcements (bottom right hand corner) of the VATC website. We will only post information if we have permission and we will not act as an intermediary. If you would like to add a post, please email Katie the information as you would like it to appear on our website.