Title insurance is boring, but Allied Title & Escrow is here to decode the jargon and make it (somewhat) more interesting. This biweekly feature will explore the mundane (but very necessary!) world of title insurance while sharing interesting stories of two friends’ entrepreneurial careers.
Title Tip of the Week
If a resident of Virginia dies without a will (intestate), then according to Virginia Code § 64.2-200, the real estate passes directly to the heirs at law. The person who qualifies as Administrator of the estate does not have title to the real estate or the power to sell it.
The sale of the real estate can only be accomplished in two manners:
- Petition the court for power of sale
- By agreement of all the heirs
Therefore, in the case of an intestate estate, if possible, it’s often best to have all the heirs sign the listing agreement and contract, then convey the property at Settlement. This avoids the necessity of filing a Petition with the Court for Power of Sale.