Legislative Refresher - Day to Day Operations
- Land Records recording fee: $15.00 per page
- PTTR filing fee: $15.00 per return
- Mylar recording fee: $25.00 per mylar
- Land Record examination fee: $4.00 per hour
- Return postage can no longer be demanded by clerk
- Town Clerk required to index recording within 3 days of endorsement
Effective 7/1, the recording of an application for enrollment in the Current Use program in the land records no longer results in a lien against the enrolled land. Instead, a recorded application is deemed to be a "contingent lien". An actual lien is created only if the State subsequently files a "Notice of Development" in the land records. This statutory
change is retroactive and applies to all recorded applications.
Upon belief, lenders will no longer require subordination from the State.
Sale of land held for less than six years is NOT subject to land gains tax, regardless of acreage, so long as seller DID NOT SUBDIVIDE the property. Under these circumstances, it is not necessary to file a LG return. (32 V.S.A. §10002)
Direct Operations - 2019 First-Quarter Results
What is Direct Operations? National Title Insurance Companies contract directly with lenders and provide them with title insurance (at substantially different filed rates) by
eliminating the attorney agent and retaining 100% of the title insurance premium. The underwriter is profitable because it keeps 100% of the premium.
What types of transactions are affected by Direct Operations? All kinds - including residential purchases and refinances. Increasingly, Direct Operations are being done by national underwriters on commercial transactions (large and small).
How many Direct Operation files are we talking about?
A recent article published in
ALTA's TitleNews provides the following statistics for the first quarter of 2019:
First American Direct Operations:
pened 3,734 non-commercial orders per day. On the commercial side, it opened 491 orders in the quarter.
Fidelity Direct Operations:
pened 7,200 orders
. The Fidelity National Family includes Fidelity, Chicago, Ticor and other companies.
Stewart: Opened 82,260 orders in the quarter..
CATIC: None. CATIC
is bar-related™ and
does not engage in Direct Operations.
Source: TitleNews June 2019: 28-29. ALTA.Org. 26 June 2019.
As you know, because we want our attorney members to be the best and the smartest in the industry, VATC requires that attorneys attend a minimum of 6 hours of Real Estate specific CLE during their 2-year CLE reporting cycle. These credits may be obtained through programs sponsored by: VATC, the VBA, other underwriters, or any other accredited CLE provider.
If you are an attorney who is reporting for the 2018-19 biennium, please click
to complete the CLE reporting form. Return the completed form to
Benoit by July 12th. Thank you.
A Night of fun at the Ballpark
VATC's Annual Night with the Lake Monsters is just around the corner! Join fellow VATC members, their staff and families for a BBQ and an evening under the lights as the Lake Monsters take on the Brooklyn Cyclones (NY Mets affiliate).
We'll provide tickets to the game, BBQ dinner and $10 in ballpark spending money!
|Friday, July 26, 2019
This event is free and is open to attorneys and staff who work in the real estate departments of active VATC members. All family members are welcome!
Gates/BBQ open at 6:00 pm; first pitch at 7:05 pm
Centennial Field (98 University Road, Burlington)
1. We ask that you reserve spaces ONLY if you plan to attend the game. In the past we have experienced numbers of "no-shows" on game night. We realize that sometimes family plans change but since this event sells out every year (and we have to buy all of the tickets), we ask that you call us - with lead time, if possible - to let us know if you cannot get to the game.
2. This event is targeted at the real estate personnel (attorneys, staff, paralegals) in the firm as well as their respective families. We ask that responses be limited accordingly.
3. There is a limit of 10 people per firm OR prior VATC approval for a larger group.
Thank you for your courtesies.
Closing Protection Letter:
- Users now have the ability to void a CPL. When in a file, go to Actions and scroll down to CPL void.
- The ability to update Lender information has also been added to the revise CPL screen.
Pre-closing: As you are know, policies over $1 Million require a written rate quote from the VATC office. Let us know the transaction amount and, if it's a commercial transaction please let us know of any endorsement/coverage requests from the lender.
Post-closing: Please be sure to include a copy of the rate quote when remitting to our office. Also, if you were given a NET rate quote, please write the Gross premium you charged on the quote.