Colony Title Group, Ltd.

Maryland Real Estate Title Insurance : MD : DC : VA

Reading Your Title Insurance Policy

Looking for title insurance in Maryland? You’re probably aware that having title insurance protects you from third-party claims against your home’s title and could save you a considerable amount of money if a problem ever arises with your home’s title. Reading over your title insurance policy will help you get to know the specifics of your situation, which will help you be a more informed homeowner. In addition, you may need to know this information well if at some point in the future a claim arises. Here’s how to read over your title insurance policy.

Reading Your Title Insurance Policy

Face Amount

This is the amount for which you’re covered. Make sure this amount is correct and matches what your property was appraised for when you bought it. Remember that your property’s value may change over the years, and you may need to work with your title insurance company to adjust this.

The Date

The date that the insurance goes into effect should match the closing date of the escrow.

The Property

The policy should describe in detail the property and interests that you are purchasing and that it will protect. This includes the boundaries of the property. Title insurance protects not just your home, but your entire property.

 

If you have any questions about title insurance policies, contact Colony Title Associates today!

title insurance facts

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings in Washington DC and the Delmarva area every year. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the Baltimore area. If you have any questions concerning issues that Baltimore title insurance protects you from, feel free to contact us at 410 884-1160 or visit ColonyTitle.com today!

Source

http://wallethub.com/edu/title-insurance-guide/892/

How Title Insurance Protects You From the Seller

Sometimes title insurance is thought of as protection for recording errors or unpaid liens that happened long ago and have been obscured by the passage of time. However, there are plenty of current problems with the property and its current owners that can make life difficult for a buyer. A title company can help you avoid unwanted situations with current property owners that could lead to extended court battles and expensive legal fees. Here’s how title insurance protects you from the seller.

How Title Insurance Protects You From the Seller

Fraud

Though we’d like to think the people we’re doing business with are honorable and upstanding, the reality is that this isn’t always the case. Fraud is a possibility in a real estate transaction, and if you’re on the receiving end, you can face some serious problems once the jig is up. A good example of this can be found here, in a sale of a property after divorce. Normally, this would not be an issue, but if one of the spouses moved to another state and filed for divorce there, there would be no record of the divorce in the state where the property is located. Tenancy records would not change, and the remaining party could conceivably have another party pose as the second rightful tenant in order to sell the property. The buyer, unfortunately would be stuck with a property that was not theirs, and if the estranged spouse returned, he or she would claim entitlement to the property. Title insurance would make this situation considerably less difficult for the buyer, who would have a legal defense prepared by the title company as opposed to having to seek legal counsel and fight the battle on his or her own.

Debts, Loans, and More

If the seller has unpaid debts, outstanding loan judgments, unpaid bills, or other “financial or legal obligations that can’t be satisfied at closing,” you could incur the burden of their creditors as any judgments against the property will pass on to you. Having title insurance ensures that you are protected against these and other scenarios.

title insurance

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings in Washington DC and the Delmarva area every year. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the Baltimore area. If you have any questions concerning issues that Baltimore title insurance protects you from, feel free to contact us at 410 884-1160 or visit ColonyTitle.com today!

 

Real Estate Settlement Services in Washington DC

Ready to settle? With real estate settlement services in Washington DC from Colony Title, settling on a property has never been easier. Our team conducts more than 2,000 real estate closings every year throughout the Delmarva area. How do we do it? Our closing process is carefully regimented to ensure it proceeds smoothly and efficiently and of course, to the satisfaction of all parties involved.

Real Estate Settlement Services in Washington DC

The first order of business is the title order. After the title order is placed, the title abstract is ordered in ordered to determine the history of the title. The title search is conducted in order to find and potential issues with the title that could hinder the process. If necessary, a location survey is also taken in order to determine the boundaries of the property.

After the title search and location survey are completed, the next step of real estate settlement services is securing the mortgage payoff and any other necessary figures such related to tax, water, and homeowners associations. Necessary documents including the deed, title insurance commitment, loan documents and settlement sheet are all collected and accounted for.

Once all of the documentation is in place, it’s time to close. We coordinate and conduct the closing and disburse funds as needed. Documentation of the deed and mortgage are filed in the county jurisdiction. The final title policy is issued, and the closing is complete! If you’re looking for real estate settlement services in Washington DC, contact Colony Title today for a smooth and easy closing.

real estate settlement services Washington DC

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings in Washington DC and the Delmarva area every year. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the Baltimore area. If you have any questions concerning issues that Baltimore title insurance protects you from, feel free to contact us at 410 884-1160 or visit ColonyTitle.com today!

 

Do Home Title Searches Find Anything?

A title search is the process of searching public records to assess the history of a home’s title. These records include deeds, court records, property and name indexes. As we’ve written before, there are things that a title search can find and things that it can’t find. Title insurance serves as added protection against the potential problems that a title search can’t find, making it a valuable asset for your home.

But what about the things that a title search can find? Do title searches often find problems in public records that could lead to a claim against a home? It might seem counterintuitive that public records could be incorrect or that some problem could exist there that could lead to a title issue. These are public records after all, they should be correct, right? As much as we would like to think so, the fact is that this is often not the case.

Problems are frequently discovered during a home title search. According to Jeremy Yohe, spokesman for the American Land Title Association and quoted on Bankrate.com, “One out of every three searches reveals a title or public record defect that’s fixed before the transaction closes.”

To put this another way, if you and two friends each bought a home, one of you would encounter a problem during the title search. Gambling that there won’t be any problems with your home’s title isn’t a chance you want to take. For more information on home title searches and title insurance in Maryland, contact Colony Title Associates today.

home title search

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the Baltimore area. If you have any questions concerning issues that Baltimore title insurance protects you from, feel free to contact us at 410 884-1160 or visit ColonyTitle.com today!

Source

http://www.bankrate.com/finance/mortgages/6-questions-to-ask-about-title-insurance-1.aspx

 

Do I Need Title Insurance in Baltimore?

Title insurance is one of most important purchases you can make during the process of buying a home. And in fact, you’ll have to buy title insurance for your lender. While you’re not required to purchase it for yourself, it is very beneficial to have and may end up saving you a lot of money in the event that a discrepancy with your home’s title leaves it open to a claim. Here’s why you need title insurance in Baltimore.

Do I Need Title Insurance in Baltimore?

The purpose of title insurance is to protect your property against claims on the title by a third party. So how does this work? How could anyone claim to own a property that you bought? There are a number of different ways this could happen, all of which point back to a problem with the property’s title at some point during the history of its existence. The title could have been improperly filed, or a previous owner could have committed forgery or fraud to obtain ownership. The title may have changed hands improperly when the property was lost or sold. These are just a few of the possibilities, but essentially, there are many things that can go wrong with a property’s title.

When title problems occur, they can come back to be your problem when you gain ownership of the property. If the title is not clean, a third party can claim ownership of the property, costing you a considerable amount in legal fees and possibly even ownership of your house.

Title insurance protects you from these claims. If you choose to purchase title insurance for yourself, the Baltimore title insurance company will conduct extensive research into the history of the property’s title, called a title search or title examination. This will reveal potential problems with the title, before you even assume ownership. However, the title search cannot uncover all potential problems. Therefore, title insurance serves as protection against these problems, and protects you from claims against your title. Overall, while you might not be required to purchase title insurance for yourself, it’s highly advisable to do so.

title insurance Baltimore

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the Baltimore area. If you have any questions concerning issues that Baltimore title insurance protects you from, feel free to contact us at 410 884-1160 or visit ColonyTitle.com today!

Source

http://www.zillow.com/home-buying-guide/what-is-title-insurance/

What is Tenancy By the Entirety in Maryland?

Tenancy by the entirety is one of the options you have to title your home in Maryland if you are married and own a property with your spouse. In fact, unless the deed specifies otherwise, the state will presume that you are holding your property by tenancy by the entirety. Maryland is one of a relatively small number of states that allow married couples to hold residential property as tenants by the entirety, and in recent years the protections that this status afforded residential property owners have been waning. Nevertheless, it is still a viable option for titling your home, and offers all the protections of joint tenancy with the addition of more protection against creditors.

Tenancy by the Entirety in Maryland

The basic premise of tenancy by the entirety is that the married couple own the residential property as one unit, not two people. This has several consequences. First, if one of the spouses passes away, the other will receive full possession of the property without it having to pass through probate. Second, both spouses must consent to sell the property together in the event they wish to do so. Essentially, the main benefits of tenancy by the entirety are the same as those of joint tenancy.

The main difference between the two is the additional protection tenancy by the entirety offers against creditors. If one spouse has problems with debt, defaults on a loan, etc., the creditors cannot come after the house because it is not owned by the one spouse but by the two together as a unit.

However, this immunity from creditors is not as strong as it used to be. A 2002 Supreme Court ruling held that “the IRS can go after tenancy by the entirety property even if only one of the spouses has an unpaid tax debt.” And of course, if the spouses hold a joint debt, the property is not protected against creditors.

It’s important to go into your real estate closing knowing the pros and cons of each option for holding title to your home in Maryland. Colony Title Associates can answer all of your questions about home title’s, title insurance, settlements, and more, as well as provide you with title insurance and real estate settlement services. Please contact us today for more information.

tenanacy by the entirety Maryland

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the Baltimore area. If you have any questions concerning issues that Baltimore title insurance protects you from, feel free to contact us at 410 884-1160 or visit ColonyTitle.com today!

 

Sources

http://www.houlonberman.com/faq/what-is-tenancy-by-the-entirety-2/

http://estateplanninginfoblog.com/2010/08/tenancy-by-the-entirety-ownership-between-spouses/

How to Ensure a Smooth Real Estate Closing

In a perfect world, every real estate closing would go off without a hitch. The last pieces of business would be taken care of, and the process would take under an hour. In the real world, however, this isn’t always the case. Unforeseen problems throw snags into the proceedings, and suddenly a closing takes hours, or worse, has to be canceled and rescheduled. While there’s no way to absolutely guarantee that this won’t happen, there are several steps you can take in advance to increase the likelihood that your real estate closing will go smoothly.

How to Ensure a Smooth Real Estate Closing

Review Documents

If the information on any document is found to be incorrect, even a simple misspelling, it can delay or even necessitate the rescheduling of a closing. Ask to see all paperwork in advance and check and recheck every piece of information until it is verified.

Down Payment

Transfer the down payment to the closing agent a few days in advance to eliminate the possibility of a last minute problem at the bank. Don’t worry if you send too much, you’ll get a refund. An alternative to transferring the funds is to bring a certified or cashier’s check to the closing.

Expedite Loan Documents

If the closing agent doesn’t receive the loan documents in time, this will put a major snag in the proceedings. You can avoid this by asking the closing agent and the lender in advance if they have everything they need including bank statements and tax returns. Call again on the day of your closing to confirm that everything is ready to go.

Title Trouble

To avoid last minute title trouble, get your own copy of the preliminary title report (completed after escrow opens) to review. Your title company will inform you of any problems they find during the title search, but there are some things that can’t be found, making it important to purchase title insurance at the time of closing.

Final Walk-Through Problems

If you find any problems with the home during your final walk-through, tell you agent immediately so he or she can work towards a solution with the sellers agent.

Enlist a Real Estate Settlement Service

A real estate settlement service can take care of many of these pre-closing tasks for you and coordinate parties and documents so that the closing can go smoothly.

real estate closing

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the Baltimore area. If you have any questions concerning issues that Baltimore title insurance protects you from, feel free to contact us at 410 884-1160 or visit ColonyTitle.com today!

Source

http://www.zillow.com/home-buying-guide/closing-issues/

Real Estate Settlement Services in Baltimore

As a real estate agent, it’s a great feeling when your client is finally ready to settle. The long road to closing time has almost reached its end. Now it’s time to contact Colony Title for real estate settlement services in Baltimore. Our experienced team conducts more than 2000 real estate closings every year, so we know how to administer your closing efficiently and effectively, and most importantly, so that all parties are satisfied.

Real Estate Settlement Services in Baltimore

Our comprehensive real estate closing services will ensure that as a realtor, your client is satisfied. We coordinate all steps of the settlement process, and our law firm can help prepare and review all legal documents. We also offer a cost estimate calculator for a quote on the process. In addition, we offer our direct link service over the internet so you can send all of your closing information online without having to come to us with the paperwork.

Title insurance is another aspect of the closing process in Baltimore which we cover. Title insurance is a necessity to protect both buyers and lenders against claims against the property. Our experienced title team will conduct an exhaustive title search and provide both the lender and the buyer with the insurance, and file relevant paperwork with the local county records. If your buyer needs a lender, we can use our network of qualified and experienced mortgage bankers to provide this service as well.

Baltimore real estate settlement

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the Baltimore area. If you have any questions concerning issues that Baltimore title insurance protects you from, feel free to contact us at 410 884-1160 or visit ColonyTitle.com today!

Title Insurance Facts You May Not Have Known

Title insurance is one of the most important purchases you can make for your home. By purchasing title insurance, you protect yourself from claims against your home in the event that a filing error or other problem opens up a claim on your home’s title. We’ve talked extensively about why title insurance is a necessity for your home and how the title search process works. This week, we’d like to share a few facts about title insurance that you may not have been aware of. The more you know, the better equipped you’ll be when it comes time to close your home.

Title Insurance Facts You May Not Have Known

Adjusting for Inflation

When you purchase title insurance at closing, you’re paying for a policy that covers the full sales price of your home. (If you’re not, consider increasing the value of the policy to cover the full price.) However, your home’s value may increase over time due to inflation and other factors. In order to account for this, ask your title company about adding an inflation rider to your policy.

You Must Purchase Lenders Title Insurance

There are two kinds of title insurance. One covers your lender for the value of the mortgage, and the other covers you, the homeowner, for the value of the home. You are not obligated to buy title insurance for yourself, but you are obligated to do so for the lender. Of course, it is strongly recommended that you do purchase both lenders and homeowners title insurance.

Your Policy Takes Effect on Closing Day

After the closing is completed, your title company will take the deed to the local county office, where it will be filed and become public record. Your title insurance policy is now in effect.

title insurance facts

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the Baltimore area. If you have any questions concerning issues that Baltimore title insurance protects you from, feel free to contact us at 410 884-1160 or visit ColonyTitle.com today!

Source

http://www.zillow.com/home-buying-guide/what-is-title-insurance/

What Happens If I Don’t Have Title Insurance?

Title insurance is an essential component of home-ownership. It protects you from claims against your title, which could result in significant financial loss and even the loss of your home. Because of this, you are required to purchase lenders title insurance for your lender, so they are insured against any claim. However, you are not required to buy title insurance for yourself, the homeowner. While this option is on the table, it carries with it a lot of risk, and is not advisable. Here’s why.

What Happens if I Don’t have Title Insurance?

If you don’t purchase title insurance, you are not protected from a claim against your title. You may think, well, the title company did a thorough title search and nothing came up, so I’m in the clear right? The answer is, not necessarily. While a title search can reveal potential title issues with your property, there are some things that it simply cannot find. These are mainly human errors, such as erroneous filing due to similar names, or incorrect recording of data. It may also be a result of fraud carried out by a previous owner which went undiscovered.

Whatever the case, the fact is that even if a title search comes back clean, there is still the potential that a claim could be brought against your title at some point in the future. When this happens, you will be forced to pay the legal fees out of your own pocket and engage in what will most likely be a lengthy and expensive legal process. If you’re lucky, you will come out of it with your home, but it is possible that a title claim could result in the loss of your home. It is for this reason that purchasing title insurance for yourself, the homeowner, is so important. Protect yourself from title claims with title insurance in Baltimore.

title insurance Baltimore

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the Baltimore area. If you have any questions concerning issues that Baltimore title insurance protects you from, feel free to contact us at 410 884-1160 or visit ColonyTitle.com today!

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