COVID and Marketable Title:
Statutes of Limitation & Emergency Remote Ink Notarization (RIN)
Limitations: As Andy and Liz have reported to you, Section 6 of Governor Scott's Emergency Order (EO) re Covid, tolled the expiration dates of Statutes of Limitation and Repose for instruments whose enforceability would otherwise have expired between 4/28/2020 and 6/15/2021.
For any instrument affected by that Order, the tolling period was extended by 60 days such that tolling expires on August 14, 2021.
For purposes of certificating title and issuing title insurance, be sure to add 60 days to any Statute of Limitations or Repose affected by the EO.
RIN: The Office of Professional Regulation has posted notice on its website that the Emergency Administrative Rules for Notaries Public and Remote Notarization are currently set to expire on 9/15/21. Unless renewed, RIN will not be permitted after that date. It is unclear how the Legislature will deal with this issue and its cousin, Remote Online Notarization.
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CATIC Back Title - The who, what, when...
Who can use back title and what are the limitations? Back title is provided as an aid to CATIC members. It is provided with the understanding that, and with the requirement that, the policy will be used solely to issue another CATIC policy. We do not authorize use of CATIC policies to issue policies written on our competitors.
When can you rely on it? Notwithstanding contractual or other obligations to the contrary, for title insurance purposes and with the consent and understanding of all Insureds, if you have a back title OP (or a long form MP) with full schedules including Sch. B, Exceptions, you may rely on the back title as follows:
- Exact match: If you have an exact match of E-911 addresses, you need only search the property forward from Date of Policy, copy over Schedule B, Exceptions from the old policy, and add any new encumbrances to Schedule B, Exceptions.
- Non-exact match: If do not have an exact address match but your search property is in a community that has a common chain of title (e.g. condominium project or subdivision), you need to search the property back to the common developer, bring it forward, copy over Schedule B, Exceptions from the back title (unless you determine that they don't apply), and add any new encumbrances to Sch. B, Exceptions.
What about using a competitor's policy? The foregoing policy applies to policies written by our competitors with the only difference being that you need to attach that policy to the final CATIC policy when you remit the CATIC policy to us.
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VATC Webinars
We wrapped up our online webinar series on June 23rd. All previously recorded webinars can be accessed here. We will resume in-person webinars in the Fall. We are very excited to see everyone!
CLE Reporting
As you know, VATC requires all agents and approved attorneys to complete a minimum of 6 hours of Real Estate Specific CLE during their two year VT Supreme Court reporting cycle.
These credits may be obtained through VATC-sponsored seminars, the VBA, other underwriters, or any other accredited continuing legal education provider.
If you are an attorney who is reporting to the SCOVT this year, please click here to complete the CLE reporting form or email a copy of your Supreme Court reporting form to Jayne by July 12th
Note: We are NOT able to tell an attorney whether or not they attended our program. Attorneys are responsible for maintaining their own CLE attendance. We provide certificates for every program we offer. Thank you.
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Ransomware Attacks - A Concern for All
CATIC and CATICPro have alerted you in the past to ransomware attacks, and as you hear on the news today, the criminals are still at it. Ransomware is a type of malicious software, or malware, designed in part to deny access to a computer system or data until a ransom is paid. It also is a way for the criminals to steal data. Among other ways, ransomware typically spreads through phishing emails or visits to an infected website. Recovery can be a difficult process; there is no guarantee that you will recover files or data if you pay the ransom, and there is always a concern about what else the criminals may do with information they have obtained.
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Lau's Corner & Title Tips
Manufactured Homes
If you have a loan transaction involving a Manufactured Home, ASSUME that the lender wants an ALTA 7 series endorsement (e.g. a MH endorsement), even if the lender doesn't ask you for one. In other words, always issue the endorsement on a MH transaction!
Why? Well, for some unknown reason, lenders always wait until AFTER the closing to ask for the endorsement. This causes problems for you, to wit: you'll need to chase down and collect the required Affidavit and the $100 endorsement fee. Good luck with that!
Bottom line: Save time, energy, and money by anticipating the lender's post-closing lender demand by procuring the affidavit, and the endorsement fee, AT closing.
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 only post information with your permission and we will not act as an intermediary. If you would like to add a FREE posting for a job opening or a job sought, please email Katie with the information as you would like to appear on our website.
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