Because the name of our company is “Loudoun Commercial Title” we sometimes get asked the question: “Do you handle residential transactions?” The answer is, certainly, we do a substantial amount of residential settlement work.

We emphasize the more complex commercial transactions as an area of particular expertise, but we are constantly involved in the purchase, sale, and refinance of residential properties for our valued customers. In addition, the dividing line between residential and commercial transactions gets a little fuzzy when you are talking about the purchase and sale of expensive estate and farm properties, the type of transaction we often handle for our clients, in which the customer appreciates a detailed review of the title background of a property.

Residential transactions present some issues not found in commercial transactions, and in addition, there are opportunities to obtain a much greater degree of protection than would be available in a commercial transaction. First, a purchaser of a single family residential property has the opportunity to purchase an Enhanced” Owners Policy of Title Insurance, which affords many types of protection that are not available for commercial properties.

Also, the construction of a residential dwelling presents the opportunity to designate a Mechanics' Lien Agent which provides important protection to the owner and the construction lender against potential mechanics' lien claims from unpaid subcontractors or material suppliers. If you are considering construction of a new home with equity or with funds provided by a construction lender, please ask us about the benefits of appointing a Mechanics' Lien Agent.

Loudoun Commercial Title is a strictly independent settlement company. We do not participate in any “Controlled Business Arrangements” or “Affiliated Business Arrangements.” These are arrangements in which a homebuilder or real estate brokerage company, or less frequently a lending institution, will have an ownership position in a settlement company and share in the profits of the company, in exchange for routing all its business to that company. Although these arrangements may be legal, it is very difficult to see how they benefit the consumer. If you are considering a purchase or refinance of a residential property, and your real estate broker or lender is pushing you to use a particular settlement company, ask whether the brokerage company or lending institution has an ownership interest in the settlement company. You, as the consumer, have the right to designate the settlement company of your choice, and we suggest that you pick an independent settlement company, one which is more likely to be mindful of your interests, not those of the builder or lender.

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