Colony Title Group, Ltd.

Maryland Real Estate Title Insurance : MD : DC : VA

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!

You can also follow Colony Title on FacebookTwitter, and LinkedIn.

 

Closing Time: A Checklist for Closing

The closing date on your home is approaching, and you’ve got a lot of things on your mind. Closing is an exciting time, you’re on the brink of homeownership! With a little planning and foresight, you can make sure the events leading up to closing and those that follow go smoothly. Use this closing checklist to make sure you’ve got your priorities in order when it comes time to close.

Your Closing Checklist

Figure out what work needs to be done.

Chances are you’re looking at making your own improvements on the home in many areas. Make a list during your final walk-through of some things you want to get started on as soon as you’re moved in. Then start looking for contractors and getting bids and estimates, so when the keys are yours, you can get the ball rolling quickly.

Make sure utilities are in order.

Sometimes utilities companies offer grace periods in between the time the old owner leaves and the new owner moves in, but they may not. Call up local utilities companies before the closing to get things straightened out so you’re not stuck with no power when you move in.

Change the locks.

The seller most likely has several sets of keys circulating among real estate agents, neighbors, friends, and family members. Arrange for the locks to be changed as soon as you move in for peace of mind.

Get a cleaning crew together.

The seller may or may not do a thorough cleaning of the house before they move out. As soon as you close, enlist the services of a cleaning crew. It will make moving in that much easier.

Get someone to sweat the small stuff.

There are tons of tasks large and small to be accomplished when you move in. Having a handyman to help you with the small stuff will save you a lot of time and trouble.

closing checklist

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!

You can also follow Colony Title on FacebookTwitter, and LinkedIn.

Source

http://www.zillow.com/blog/most-important-things-to-do-before-and-after-closing-109962/

Three Questions to Ask a Title Company

Looking for a title company in Columbia, Maryland? There are many title companies out there, which is why it’s a good idea to prepare yourself for the search with a few questions to ask potential title companies. These questions will give you an insight as to the nature of the company and will shed light on their experience in the realm of home titles.

Three Questions to Ask A Title Company

How Many Transactions Do You Do?

As a rule of thumb, the more transactions the title company has done, the better. More transactions shows that the company has more experience doing title research and with the closing process, which will make the whole process easier for you. It also means that the company stays up to date with the latest regulations in order to continue to perform title searches and issue title insurance in compliance with regulations.

How Many Employees Do You Have?

A one man operation is not what you’re looking for here. You want a title company with enough employees to handle the volume of business they do. This shows that your title process will be done with the attention to detail it requires.

How Are Settlements Conducted in the Area?

Different states have different regulations as to how the settlement is conducted. This process may even differ from county to county. You want a title company that knows the ropes in your area so everything is done as it should be per regulations.

title company Columbia

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!

You can also follow Colony Title on FacebookTwitter, and LinkedIn

Source

http://www.homeclosing101.org/shopping.cfm

Why do I need Title Insurance in Columbia?

When you own a title to a house, it is always a good idea to have title insurance. A title is a document that shows your ownership of a house or property. When selling your home or property in Columbia, you want to make sure your interest is protected. Title insurance in Columbia will help to protect you and your interests when it comes to selling your home or property.

In order to understand why you need title insurance, you must first understand what title insurance actually is. Title insurance was created in the United States in order to protect the interest of property lenders and owners. If a problem were to occur with the actual title of a piece of property, the financial interest of the lender or seller is then protected through the title insurance. If your title should be rejected, you are protected from any damage that could be done financially. Title insurance in Columbia can also protect the buyer of a house or property. If there is any significant damage to the title of the real estate being purchased, the buyer will not have to worry about any major financial losses. Title insurance has the ability to protect the heirs of property as well.

 

title insurance

 

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!

You can also follow Colony Title on FacebookTwitter, and LinkedIn

Source:

http://www.oldrepublictitle.com/newnational/resources/primer/benefitsoftitle.asp

What Does a Title Insurance Company Do?

A title insurance company provides you the homeowner and your mortgage lender with title insurance to protect both parties from title claims against the property. The insurance protects you and the lender from financial loss and legal costs associated with title claims. How does the process of title insurance work? Read on to find out.

What Does a Title Insurance Company Do?

When you enlist the services of a title insurance company in Columbia, the company begins what is known as a title examination. This process involves extensive research of the ownership history of the property to search for any potential issues with the title. This includes issues such as unpaid liens and taxes, or judgments or outstanding mortgages against the property. The title company may also do a property survey to determine the boundaries of the land and if there are any conflicts with these boundaries and the boundaries of neighboring properties.

It’s important to note that despite the title examination, there are issues which cannot be accounted for. Human error or malicious intent can result in everything from filing errors to fraudulent filings that could later result in a potential title claim. It is for this reason that it’s important to have title insurance, in order to protect yourself from title claims that could not have been predicted during the title examination.

Once the title examination and the property survey, the title company coordinates all parties involved (buyer, seller, lender, agents) at closing time to distribute funds, transfer ownership of the property and issue insurance. During your ownership of your home, if a title claim is made against your property, your Columbia title insurance company will cover the costs of legal proceedings and or losses arising as a result of the claim.

Columbia title insurance company

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://colonytitle.com/maryland_real_estate/faqs_owners_lenders_title_insurance.html

Should I Get Title Insurance in Baltimore?

So you’re in the process of buying a new home in Baltimore, and the issue of title insurance comes up. Should you get title insurance? You are not obligated to purchase title insurance for yourself, but you are obligated to purchase title insurance for the lender. (Read about owners and lenders title insurance here). So, because you don’t have to buy title insurance, you may consider forgoing it. This is an option, but not a very wise one. Title insurance may not seem necessary now, but it could end up saving you your home further down the line. Here’s why you should get title insurance in Baltimore.

Why You Should Get Title Insurance in Baltimore

Title insurance protects you from claims against your title by those who have a legitimate claim to it. Even those who have illegitimate claims that manifest themselves in fraud, can attempt to claim a right to your home’s title. In both cases, title insurance protects you from these claims by paying the legal fees associated with dealing with the claims. It may be that many years ago there was a filing error that was just recently discovered, allowing a third party to lay claim to the title. Or it could be that a lien was placed on the property, forgotten, and recently rediscovered. Without title insurance, the burden of this would be on you as the current owner. With title insurance, you’re free from financial obligations.

Baltimore is an old city where titles to properties have often changed many, many times. Mistakes can be made in this process, and even if they occurred many years ago, their consequences can fall on you. What’s more, is that the title search can’t account for these mistakes such as filing errors that could make your title vulnerable. That’s why title insurance is important, and why you should get title insurance and get your Baltimore home covered.

 

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!

You can also follow Colony Title on FacebookTwitter, and LinkedIn

 

What Can and Can’t a Title Search Find?

The title search, also known as a title examination, is the process by which a title company researches the history of a home’s title using a variety of databases including deeds, court records, property and name indexes. This process is meant to uncover potential problems with the title that could result in a third-party’s claim on the ownership. However, while a title search can reveal many potential problems, it cannot uncover everything that could put a home’s title at risk. This is why it’s important to have title insurance. In the event that an unforeseen and undetectable claim arises, title insurance protects against this threat. In this week’s blog, we’ll discuss what a title search can and can’t find.

 

What a Title Search Can Find

Title researchers can find many potential title problems. These include things like taxes or mortgages that were left unpaid by previous owners. There could also be judgments pending against the seller, or restrictions limiting the use of the land. There many be an issue with property lines or boundaries that needs to be addressed.

 

What a Title Search Can’t Find

A title search can’t find problems that are the result of human error. This include things like fraud and forgery, or clerical errors in record filing. Records with similar or identical names can also produce problems. Insufficient reporting of information by previous owners can also cause issues. “For instance, the previous owner could have incorrectly stated his or her marital status, resulting in a possible claim by a legal spouse.

 

 

Because there are some things that a title search just can’t uncover, it’s important to have title insurance to protect against any unforseen claims on your home’s title. Title insurance brings with it peace of mind in knowing that if someone files a claim against your title, you won’t have to pay for it.

 

title search findings

 

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!

You can also follow Colony Title on FacebookTwitter, and LinkedIn

Source

http://www.titlemanagement.org/common/faq.htm#Are there any problems