Escrow & Title
A Virginia title company issues an ALTA (American Land Title Association) policy rather than a state-specific policy. ALTA policies are:
AProhibited in Virginia
BNationally standardized title insurance forms widely used in Virginia✓ Correct
COnly available for commercial properties
DIssued by the state of Virginia
Explanation
ALTA policies are nationally standardized title insurance forms developed by the American Land Title Association. They are widely used in Virginia for both residential and commercial transactions.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
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