70 DCNCS.CTIC.COM VA – ALTA COMMITMENT FOR TITLE INSURANCE This page is only a part of a 2021 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; Schedule B, Part II-Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA Commitment for Title Insurance w-VA Mod (07/01/2021) Printed: 11.09.23 @ 06:14 PM Page 3 DC-CT-FA61-02100.141018-SPS-1-23-SampleVAACC CHICAGO TITLE INSURANCE COMPANY COMMITMENT NO. SampleVAACC SCHEDULE B, PART I - Requirements All of the following Requirements must be met: 1. The Proposed Insured must notify the Company in writing of the name of any party not referred to in this Commitment who will obtain an interest in the Land or who will make a loan on the Land. The Company may then make additional Requirements or Exceptions. 2. Pay the agreed amount for the estate or interest to be insured. 3. Pay the premiums, fees, and charges for the Policy to the Company. 4. Documents satisfactory to the Company that convey the Title or create the Mortgage to be insured, or both, must be properly authorized, executed, delivered, and recorded in the Public Records. A. Deed from the current owner to the Proposed Insured. B. Deed of Trust from the Proposed Insured, securing indebtedness and obligations in favor of the Proposed Insured Lender. Note: The Office of the Recorder of Deeds will assess the following charges in connection with transfers submitted for recordation, unless an exemption can be established: 1. Grantor’s Tax (Deeds) calculated at the rate of $1.00 per $1,000.00 of consideration or the assessed value, whichever is greater and $1.90 per $1,000.00 for the Regional Washington Metropolitan Area Transit Authority (WMATA) Capital Fee, calculated on the consideration or the assessed value, whichever is greater. Note: Effective May 1, 2021, the Grantor’s tax will be will include an additional $1.00 per $1,000.00 Regional Congestion Relief Fee for property located in the following jurisdictions: City of Alexandria, Arlington County, City of Falls Church, City of Fairfax, Fairfax County, Loudoun County, City of Manassas and Manassas Park and Prince William County. Note: Effective July 1, 2020, there will be an additional grantor’s tax of $.06 per $100.00 for the Hampton Roads Regional Transit Program for property located in the following jurisdictions: Newport News, Hampton, Norfolk, Portsmouth, Virginia Beach, and Chesapeake 2. Grantee’s Tax (deeds and deeds of trust) calculated at the rate of: $3.333 per $1,000.00 of Consideration, or the assessed value, whichever is greater. NOTE: Deeds of Trust over $10,000,000.00 are taxed on a graduated scale. Use this link to calculate transfer and recordation taxes: http://ccdeedcalc.courts.state.va.us/ NOTE: ANY REMOTE NOTARIZATION PROCEDURE MUST BE PRE-APPROVED BY THE COMPANY. PLEASE CONTACT THIS OFFICE PRIOR TO ENGAGING IN ANY SUCH PROCEDURE. Chicago Title NCS DC l MD Page 98
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