Virginia Affordable Housing Title Services 101. What in the World is... Virginia Affordable Housing...

Virginia Affordable Housing

Title Services

101

What in the World is ...

Virginia Affordable Housing

Title Services(a.k.a. VAHTS)

Lesson Plan

•Affordable Housing Promotion

•Fundraising

•Real Estate Services

SubjectKey Concept:

Transactions with

Virginia Affordable Housing Title Services, LLC

raise funds for

Virginia Housing Coalition

Objective #1:

DESCRIBE Virginia Affordable Housing Title Services, LLC

Partnership between Stewart Title and VHC

Staffed by Stewart Title

Proceeds benefit VHC

Objective #2:

IDENTIFY the Benefits to Virginia Housing Coalition

40% of the Title Insurance Fee from

each transaction with VAHTS goes to

VHC

BASIC FACT 1

•Title Insurance is required by lenders

A Title Insurance Policy protects the lender against financial loss in case there are any unknown

title defects

BASIC FACT 2

•The Fee for a TITLE INSURANCE POLICY is one of your Closing Costs

BASIC FACT 3

• What does the Title Company do in the Property Closing Process?

Searches public records to make sure there are no problems in the property title’s ownership and history; issues the Title Policy.

Clarifies for the new owner and lenders that there are no liens, claims, easements or restrictions on the property – other than those that have been agreed upon

Ensures that all funds are properly transferred and all the parties involved in the transaction meet their financial obligations in the deal

BASIC FACT 4

• Under Federal Law, the Real Estate

Settlement Procedures Act (RESPA), the buyer is permitted to choose the title insurer

Any requirement by seller, real estate agent, mortgage lender, or closing attorney to

buy title insurance from a particular company is a

violation of RESPA

CHOOSE

Virginia Affordable

Housing Title

Services!

HOMEWORK

Get Started!

Direct your Closing Attorney to use VAHTS for your next project

More Information

• Websitehttp://www.virginiahousingcoalition.org/support-us/title-company/

• Call VAHTS Toll Free: 1-800-459-7516

• Email the Virginia Housing Coalition: vahousingcoalition@gmail.com