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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: [email protected]
