I’ll believe it when I see it.
Title Insurance Woes – Southern Title Suspends New Policies
Southern Title suspends issuance of new policies (PDF)
Southern Title Insurance Corporation, a regional title underwriter based in Richmond, VA, announced that it would voluntarily suspend issuance of new title policies effective as of September 15, 2011 and will focus continuing efforts on the resolution of claims received on previously issued policies.
Despite a an influx of new agents, new market opportunities and a solid management team, Southern Title has continued to incur higher than normal claims arising from policies issued by now-cancelled agents in the years between 2005 and 2008. That situation, in conjunction with a substantial recent agent defalcation, made a suspension of operations the most prudent course of action.
The reason for the closure: a former Southern Title agent in Texas who embezzled escrow funds, according to Brad Dantic, general counsel for Southern Title’s parent company, ALPS.
“We are working closely and voluntarily with the Virginia Bureau of Insurance to get our hands around what was an agent defalcation in the state of Texas that triggered substantial claims for Southern Title,†Dantic said.
So – higher claims and embezzlement. Bad combination.
What Questions do you Have for the Charlottesville and Albemarle Candidates?
Once again, Charlottesville Tomorrow proves how to: 1) Provide tremendous value to the community. 2) Try to get the public engaged in the political process. Using Google Moderator they’re asking voters for their questions. Here’s one way to find out: this month, we’ll be co-hosting with The Daily Progress a series of candidate forums. This time, we don’t just want you to come – we…
BeCamp in Charlottesville
BeCamp is this weekend in Charlottesville. So far, 60 have signed up for the 100 slots. I love how geeky and innovative Charlottesville folks are.
If you Want to Sell your House (In Charlottesville) – Do it Now
You may be well advised to try to sell it now. The surge is coming. In addition to the above, these are five excellent reasons to sell your house now … five reasons that I have been telling my clients since well before I read the article. #5 may be the best reason: You Get to Move On with Your Life.
More about the Mortgage Interest Deduction
(Did you know that you can subscribe to updates from RealCentralVA? It’s easy to subscribe.) This is a good article in today’s HooK that succinctly defines the debate about the Mortgage Interest Deduction.* So what does all this mean for the Charlottesville area? Realtor Jim Duncan, who blogs about the local housing market at realcentralva.com, believes the elimination of the mortgage interest deduction is not…
Will Stonefield Hurt Barracks Road?
Dave McNair at the HooK poses the question: “what effect might the coming shops at Stonefield (known for some time as Albemarle Place) have on our existing centers?” Personally, I don’t mind Barracks Road shopping center. As far as shopping areas go, it’s not bad – it’s open air, has good stores – Blue Ridge Mountain Sports, Greenberry’s Coffee, Barnes and Nobles, Five Guys are…